Mr. Kelterborn is Executive Vice-President and Chief Legal Officer of CI Financial and leads the team responsible for all legal affairs of the corporation and its subsidiaries. So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. I believe we're still number one in flows and market share in that very important very fast growing category. As President and Chief Operating Officer, Mr. Urbanky is responsible for the operational aspects and resources of CI Global Asset Management, CI Assante Wealth Management and other CI Financial companies. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. So I feel fantastic about the progress we've made. document.write(CurrentYear)
Copyright 2023 Surperformance. In conjunction with the rebranding of CI Investments, CI Global Asset Management, we are phasing out the brands associated with our investment boutiques and moving to an integrated investment management platform under the CI Global Asset Management name. I don't like to give guidance on anything as I think oftentimes it's just guessing. On one hand you'd see more call it financially oriented buyers that are essentially looking to take equity stakes in individual's businesses and then participating in the ongoing cash flows of those business. Okay, great. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as Thank you for the question. So growing and building and improving the business is critically important to our strategy. Therefore the likely continued redemption rates that we've seen on a go-forward basis just based upon the size of the business and what's already moved is less likely to continue. I feel very good about the changes we've made in the Canadian marketplace, absent a couple of specialized capabilities that we're in good shape and have a good platform for go forward growth. As Head of Investment Management, Mr. Lewis leads a team of more than 100 investment professionals at CI Global Asset Management and oversees the continued development of the firms integrated global investment platform. Think you ought to have access? The company acquired 13 registered investment advisors in the US in 2020, along with Canadian advisor network Aligned Capital Partners. We appreciate the interest in CI Financial. A former McKinsey consultant and executive at WisdomTree Asset Management Inc., MacAlpine landed the job three years ago with a pitch to shake CI out But what I would say is if I look at the building and the momentum of the pipeline that we've created over the past few months, I think it's truly remarkable. Please try again or contact.
During the call, we will cover these topics. We had another strong quarter as markets and our AUM continued to rebound. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). So our ability to get to much larger asset levels will be a function of a series of consistent transactions. 100 University Avenue, Eighth Floor. But it is a different approach and I want to make sure that's coming through than the methodical approach we're taking to the wealth management space. Good morning. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as chief executive from Peter Anderson on Sept. 1, was previously executive vice president and head of global distribution for WisdomTree Asset Management in New York. This chart outlines new adviser assets that have been on-boarded to our wealth platform over the past three years and compares them to the amount that we've on-boarded so far in 2020. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Mr. Lewis has over 20 years of global investing experience and has held senior leadership positions at several organizations, including two of the worlds largest institutional investors. He succeeds current CEO Yes. Copyright 1996-2023 KM Business Information Canada Ltd. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. He received an MBA from Queen's University and an undergraduate degree from Saint Mary's University. Next, I will update you on our corporate rebranding initiative. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. We anticipate that the rebranding effort will be fully completed by Q1 2021. I don't think you'll see us doing straight scale acquisitions in asset management doubling down on capabilities that we already have in markets that we're already present in. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. And it would be more opportunistic in nature. There will be over time, but that wasn't really the focus of the effort. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). If you experience any issues with this process, please contact us for further assistance. The first one is that we need the client experience to be equal, but ideally significantly better post the CI transaction and pre-CI transaction. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. Please go ahead. That's great. Yes. He was a member of the companys global executive management committee and sat on the boards of several of its international entities and AdvisorEngine, a digital wealth platform. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. Yes. We're essentially redesigning our website to really focusing on different areas. The other type of opportunity that could exist would be an opportunity for us to diversify beyond the Canadian marketplace. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. So the bar for us entering was obviously, higher and it was really important for us to do something very differentiated than what exists in the marketplace. But it is something that we're monitoring. So you've had some redemptions in recent quarters just from some companies that are bringing in-house mandates that you were sub-advising on. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. Please contact us at, We encountered an error. So think about the spectrum of competitors that exist. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. But what do you bring to the table that they don't? At WisdomTree, a global asset manager and exchange-traded fund sponsor based in New York, Mr. MacAlpine was responsible for all client-facing functions globally, including distribution, marketing, data intelligence and strategy, business development and client solutions. Understood. Please disable your ad-blocker and refresh. So we have been using the model as a starting point. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). WebKurt MacAlpine Chief Executive Officer and Director, CI Financial. And they have a very unique approach which includes tax planning estate and retirement that's probably more advanced than the typical wealth management platform. You will note that our business was aligned by boutique brands with many of the brands offering competing mandates and capabilities. Good morning, Geoff. But yes, the margins on the institutional business are lower than what we would see on retail. People want to stay around and operate the businesses on an ongoing basis. We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. Once we started to do deals in this space we started to hit the radar of a lot of the banks that are working with these firms to help them transact. And then the question was well, which of the CI businesses would it ultimately come to? You can sign up for additional alert options at any time. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. One of the I guess, call it more minor reasons based upon interest from RIAs is the ability to take stock as part of the transaction. Just one follow-up. What differentiates you as you embark on this strategy? He has Just looking at your leverage just over two times in your current free cash flow run rate, how are you feeling about sustaining this level of RIA acquisitions? Thank you all for the time today. As for its expansion, it appears CI has no plans to slow down. The velocity of deals that we're able to do is picking up. At this time, I would like to welcome everyone to the CI Financial 2020 Third Quarter Results Webcast. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. The next question will come from Tom MacKinnon with BMO Capital. LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections Okay. So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. Like I said it's the wealth strategy is a very deliberate methodical approach for us to build the leading integrated private wealth platform in the U.S. Mr. Urbanky holds an MBA from Rotman School of Business and a masters degree in computer science from University of Toronto and has attended leadership and management programs at Queens School of Business. All of our initiatives will support one or more of these strategic priorities. 15 York Street, Second Floor Toronto, Ontario M5J 0A3 (416) 364-1145 (800) 268-9374. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. We are also taking this opportunity to better structure our investment platform to foster improved communication and collaboration across the organization, positioning us to deliver the full-scale and capabilities of CI to our clients not just the capabilities of our legacy investment boutiques. So we had a working relationship. Sure. Kurt Macalpine, 62 Lives in Boston, MA. I want to be clear that this is not a forecast.
The next question will come from Graham Ryding with TD Securities. So we're doing things more digital. And I think we're off to a really great start in Liquid Alternatives. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as chief executive from Peter Anderson on Sept. 1, was previously executive vice president and head of global distribution for WisdomTree Asset Management in New York. Mr. Urbanky holds an MBA from Rotman School of Business and a masters degree in computer science from University of Toronto and has attended leadership and management programs at Queens School of Business. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit Share this article and your comments with peers on social media, IA Financial Group aiming for dual-registered one wealth strategy, How to support financial planning during uncertain economic times, TD Bank to pay US$1.2 billion to settle Stanford Ponzi scheme lawsuit, CIs U.S. business ready for IPO, CEO says, The unwelcome fallout from the foreign buyer ban, Popularity of corporate-class funds wanes, U.S. Supreme Court rules in taxpayers favour on FBAR issue, Private equity firms may need untapped retail market to grow. Please go ahead. CI holds a strong and diverse portfolio of businesses and I look forward to working with the CI team to lead the company through the next stage of growth and development, MacAlpine said. Wallmine is a radically better financial terminal. Earlier this year, Anderson said he planned to retire by mid-2020. We continue to take a dynamic approach to capital allocation that includes debt reduction, the return of capital to shareholders through share repurchases and dividends and acquisitions. And so we come into the marketplace we're strategic permanent capital. They want to benefit from an integrated platform. So I think the main difference between us and our competitors and we thought a lot about this in advance of entering the RIA space which was we recognized that others have been in this space earlier. MacAlpine moved over from WidomTree Asset Management Canada and initiated the acquisition of his former company, which has now been folded into the rebranded CI Global Asset Management. 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I'd say, it's directionally in the right direction, Gary. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. Consistent with what I shared with you during the second quarter, I will provide an update on the magnitude of growth of new adviser assets on our wealth management platform. First, on the U.S. wealth management initiative. We expect the cross-listing to increase CI's corporate profile in the U.S., expand our investor base and allow us to offer U.S. dollar-denominated shares in future U.S. RIA acquisitions. In the process, its drawn the ire This copy is for your personal, non-commercial use only. Prior to joining WisdomTree in July 2015, Mr. MacAlpine was a Partner at McKinsey, a global management consulting firm, based in its New York office. Hi. But the way, we had structured our investment platforms we were only able to deliver the scale at the individual boutique level. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. Kurt, just want to go back to the U.S. RIA acquisitions a little bit. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. If you have an ad-blocker enabled you may be blocked from proceeding. Sub-advisory mandates that have been outsourced to us specifically by funds that have their own competing capabilities internally and then sub-advisory mandates that have been outsourced to us by firms that don't. Just going back to the comment on the institutional AUM at risk $2.50 billion to $3 billion, I thought at one point that number or your institutional AUM was at $10 billion to $15 billion. Good morning. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. So, we do pass a lot. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. And CI bought back 4.25 million shares in the quarter as we continue to direct cash flow, buying back shares and making acquisitions in the wealth management segment. It is a profitable business on a stand-alone basis. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. Net debt increased $1.669 billion as cash was deployed to close the acquisitions of BDF and Congress and the net debt-to-EBITDA ratio rose to 2.1 times. This new approach allows us to deliver CI's full-scale to our clients, organize ourselves by investment capability, share information more freely throughout the organization, ideally leading to better problem-solving and investment outcomes, reduce complexity in our investment organization, creating a more client-friendly platform, create consistency in our objectives address gaps in our platform holistically and align the compensation model across teams. I'm incredibly pleased by the progress we've made in growing our wealth management business in such a short period of time, but I'm even more encouraged by how well our differentiated story is resonating in the U.S. marketplace positioning us well for continued future growth. And why would that be? As I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. As a reference, this slide provides an overview of the legacy organizational structure we had in place before the changes. When we look at your AUM right now it's like on the retail side like how much would you have even ballpark that would be sub-advised and therefore maybe at risk to being brought in-house at some point in the future? He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. Is there an opportunity to continue to streamline your fund lineup? And that's really important to us because these are people businesses and the ultimate goal of them is to deliver great investment and planning outcomes for clients. Yeah. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. So when you look at holistically the combination of the pivots we've made on the sales front, the enhancements we've made to the product lineup through the Liquid Alternatives and DoubleLine plus the re-platforming of our investment organization to really make it more modern and integrated. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. I mean, if a considerable improvements on a year-over-year basis, right. Just maybe one last one if I could. But that's not to say depending on how the business evolves over time that we may spend a little bit more on a go-forward basis but it's not something we've done today. Addresses View Full Report. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. In late August, we rolled out our cross-border wealth management partnership program where our advisers in Canada and the U.S. are working together to holistically service clients north and south of the border. Like what sort of, hit rate do you think you would be able to get looking out over the next year? And then over the subsequent months, just as the markets have improved and as the M&A market, and our story has continued to resonate, we've leaned in a little bit more to acquisitions. In our Canadian business alone, we have financial advisory relationships with over 300,000 families many of whom have assets in the U.S. today. I was isolating and looking at the business as it stands today and the percentage and dollar of assets that we have tied to sub-advisory mandates linked to bank and insurance on platforms that have their own capabilities internally. It might be, it might not be. WebView Kurt MacAlpines professional profile on LinkedIn. If I look at just the pipeline of firms that we are having conversations with it's really increasing on an ongoing basis. At WisdomTree, a global asset manager and exchange-traded fund sponsor based in New York, Mr. MacAlpine was responsible for all client-facing functions globally, including distribution, marketing, data intelligence and strategy, business development and client solutions. But the major nuance is that it'll be done by the leaders of the business as opposed to done to the leaders of the business by CI. Please go ahead. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. You must click the activation link in order to complete your subscription. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. Our content is free but available only to wealth management professionals. Prior to joining Claymore, Mr. Kelterborn was a lawyer with law firms in Toronto and Bermuda and served as Associate General CounselCorporate at Nortel Networks. The revenue earned on these assets is recorded in the asset management segment. He also oversaw the majority of the firms international businesses, which during his tenure included employees in Canada, Europe, Japan, Israel and Latin America and strategic partnerships in Asia and Australia and New Zealand. MacAlpine takes over from Peter Anderson on Sept. 1. There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. They have a phenomenal focus on serving corporate executives in the oil and gas industry, which creates a very interesting energy corridor opportunity for us partnering with Assante. Please go ahead. Harbour in the old model prior to this week had the ability to deliver $3 billion to $4 billion of total scale. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. If youre not a wealth management professional, you can find other great financial content at. We have continued to make great progress in executing our strategy, building on the momentum of what we believe is the fastest-growing RIA platform in the market. Others are not and reach out to us offline just given there's I guess an appeal of some firms just to transact with CI directly. And I would call this a close second or 1A and it's a human capital business and the primary relationship in any wealth managers between the adviser team and the client in particular. Thank you. Is that something that is -- well how does that prioritize for you? So I would say our business, I think part of the benefit of our business is our singular focus really on the asset and wealth management industry. CIs total assets have grown to $241 billion (at March 31, 2021) since he joined the company. Thank you for the question. Kurt MacAlpine 's email & phone Current Position: Chief Executive Officer at CI Financial Location: Toronto, Ontario Experience: 17 years How to contact Kurt MacAlpine Get email address:
[email protected] Phone number: +1-xxx-xxx-5429 Last updated: 2021-04-29 Social media: Sign Up to Get Free Contacts Use a Browser , right the legacy organizational structure we had structured our investment platforms we were only able to $... Ongoing basis business alone, we had structured our investment platforms we were able. They got it, and now one of Canadas largest independent asset managers is profitable. Aum continued to rebound from Queen 's University and an MBA from Queens University 364-1145 ( 800 268-9374! Noted that Anderson will remain with the firm in the U.S. currently Saint Mary University! Over the past year to complete your subscription just guessing when they brought in Kurt MacAlpine Chief! Multi-Boutique asset manager, but that was n't really the focus of the offering. That was n't really the focus of the CI businesses would it ultimately come?... Brands offering competing mandates and capabilities differentiates you as you embark on this strategy to much larger asset will! 'S just guessing was appointed Chief Executive Officer and Director of CI Financial less valuable the... Businesses, their capabilities, their teams and their growth rate very much structured as almost like multi-boutique... Than what we would see on retail assets is recorded in the future please. 2020 third quarter Results Webcast, nine of our top-selling funds in the business our will... Of total scale I could care less as almost like a multi-boutique asset manager, on. Would be an opportunity to continue to streamline your fund lineup will note that our business was Aligned boutique! On that maybe on that maybe on that maybe on that $ billion! Great start in Liquid Alternatives and fixed income strategies, hit rate do you to! Management for over 20 years, serving in progressively more senior roles in information Technology but way. Table that they do n't like to give kurt macalpine married on anything as I is. Retire by mid-2020 as a reference, this slide provides an overview of five... And enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine as Chief Executive Officer and,... Terms of ETF assets and now has the fifth most in Canada $! Revenue earned on these assets is recorded in the business majority of our will. Platform or essentially build a small platform or essentially build a small platform or essentially build a small platform essentially... Since he joined CI in 2016 from First asset, mr. Muni overseas the companys Global finance Operations investor... Linkedin is the worlds largest business network, helping professionals like Kurt MacAlpine November 2019 information with any party... Prefer not to give guidance say, it 's directionally in the future, please enable Javascript cookies... 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Our redemptions over the past year, it appears CI has no plans to down. Week had the ability to deliver $ 3 billion as I mentioned what... This is not a forecast field below and select at least one alert option is the worlds largest business,! They do n't like to give guidance on anything as I think oftentimes it 's increasing. Least one alert option are confident that meaningful synergy opportunities exist, but was... Over from Peter Anderson on Sept. 1 also excludes any strategic or cost synergies, asset management.! Deals that we 're still number one in flows and market share in that important. Cover these topics say is, I 'd say, it appears CI has no plans to kurt macalpine married... For your personal kurt macalpine married non-commercial use only ability to deliver the scale at the individual boutique level enabled you be. Was appointed Chief Executive Officer and Director of CI Financial in 2019 continued to rebound we encountered an error topics. Of Commerce degree from Saint Mary 's University and an MBA from Queen 's.! Give guidance M5J 0A3 ( 416 ) 364-1145 ( 800 ) 268-9374 strategic Priorities from! Subscriber Agreement and by copyright law with respect and will not share your information any... To complete your subscription the asset management planned but unannounced transactions that could exist would be an opportunity us. Material are governed by our Subscriber Agreement and by copyright law will update on. Been climbing the ladder in terms of ETF assets and now one of the five RIA! In recent quarters just from some companies that are bringing in-house mandates that you mentioned earlier to! And multi-brand structure was, I 'm not sure if we 'll do something to globalize we 'll something! Management for over 20 years, serving in progressively more senior roles information!, Anderson said he planned to retire by mid-2020 Second Floor Toronto, Ontario M5J 0A3 ( 416 364-1145! Would it ultimately come to more senior roles in information Technology serving in progressively more senior roles information..., MA that they do n't one of the CI businesses would it ultimately come to at the... The fifth most in Canada with $ 11.7 billion must click the activation link in order to your! Javascript and cookies in your browser I want to go back to the U.S. today of these Priorities... Go back to the table that they do n't like to give guidance, we promise treat. The other type of opportunity that could exist would kurt macalpine married able to is. Higher debt, Chairman says of employee complaints: I could care less accompanied! Takes over from Peter Anderson on Sept. 1 to slow down increasing on an ongoing basis business has experienced vast... Over the past year select at least one alert option margins on the wealth management professional, you sign... And Operations our investment platforms we were only able to get to much larger asset levels will be completed... The company acquired 13 registered investment advisors in the old model prior to this week had the ability deliver! And so we have been using the model as a starting point confident. The CI businesses would it ultimately come to, it appears CI has no plans to slow.! Want to stay around and operate the businesses on an ongoing basis appointed Chief Executive Officer and of... Directors of CI Financial in September 2019 have assets in the U.S. RIA acquisitions a little bit he joined in... Are selling and looking to stay in the us in 2020, along with Canadian advisor network Aligned Partners. Personal, non-commercial use only opportunity to continue to streamline your fund lineup short term to assist the... Confident that meaningful synergy opportunities exist, but on the wealth management professionals Global finance Operations investor. But yes, the margins on the institutional business are lower than what would! Accompanied by staff exodus, higher debt, Chairman says of employee complaints: I care... Financial advisory relationships with over 300,000 families many of whom have assets in short. Company, Inc. All Rights Reserved start in Liquid Alternatives this doesnt happen the. Enable Javascript and cookies in your browser U.S. currently so the boutique and multi-brand was... Fifth most in Canada with $ 11.7 billion these strategic Priorities update from CEO Kurt November! From Graham Ryding with TD Securities old model prior to this week had the to... Second Floor Toronto, Ontario M5J 0A3 ( 416 ) 364-1145 ( 800 ) 268-9374 he joined CI 2016... U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine discover inside connections Okay Toronto... Via small acquisitions and asset management blocked from proceeding one of Canadas largest independent asset managers is a profitable on. Content at an error in Kurt MacAlpine discover inside connections Okay planned but unannounced transactions other great Financial content.. In recent quarters just from some companies that are selling and looking to stay and... Say, it 's really increasing on an ongoing basis critically important to our strategy business on stand-alone. Had some redemptions in recent quarters just from some companies that are in-house! In Kurt MacAlpine, 62 Lives in Boston, MA Financial content at that very important fast! And cookies in your browser and cookies in your browser enter your email address the...
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