Please go ahead. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. So, we built that over the course of the winter. We've detected you are on Internet Explorer. WebPURE Bioscience COO Tom Myers' 2022 pay slips 13% to $200K. You must click the activation link in order to complete your subscription. People want to stay around and operate the businesses on an ongoing basis. So we needed to evolve our investor platform. (Podcast). WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. Were sorry, but we are unable to verify that you are a wealth management professional. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. Kurt Macalpine, 62 Lives in So for wealth management, because of the fragmentation of the RIA marketplace in order for us to create scale, we really have to do a lot of acquisitions. Think you ought to have access? I've been very pleased by how well our sales team has embraced the model, in terms of using the insights to identify and prioritize the opportunities in their territories. In particular, Kurt is familiar with using digital strategies to enhance efficiencies and build new services and businesses, a key plank in CIs strategic plans.. Please go ahead. Just maybe one last one if I could. It has also been leading the way in innovation, making plans to launch the worlds first Ether ETF, in addition to launching the CI Galaxy Bitcoin ETF (BTCX.B and BTCX.U) in March. Please go ahead. And then the third part of our institutional business would be sub-advisory mandates, which is really broken into two pieces. So, it's not easy to say here's the specific number because, it really depends upon the mandate, the strategy, the platform size and things like that. But it is something that we're monitoring. To the extent that, we can use our stock accretively to do these types of transactions, it is something we would consider using as part of the purchase price which would reduce our free cash flow obligations. A lot of those benefits corporate class changes that have been pushed through the dynamics of the distribution marketplace, where some of those exclusive distribution arrangements have changed a lot of the bank-owned platforms are prioritizing their own strategy. In fact, all of the businesses we have acquired this year have grown organically. 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. CONTACT US. So I would say the focus so far has been wealth management clearly given the velocity of deals we've done in the RIA space. 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. For every deal that weve done, we felt that we paid a fair price thats reflective of the quality of the platform that were acquiring, he added. The company acquired 13 registered investment advisors in the US in 2020, along with Canadian advisor network Aligned Capital Partners. But the way, we had structured our investment platforms we were only able to deliver the scale at the individual boutique level. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U. He succeeds current CEO After all these announced transactions closed, we will have accumulated RIA assets of U.S. $16.5 billion or CAD 22 billion this year alone. acquisitions we have made this year were down $19.4 million, or almost 16% from the third quarter of 2019, and down $1.7 million sequentially. Hi. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. Is there an opportunity to continue to streamline your fund lineup? So when we look at opportunities there's two things that have to remain intact for us to be willing to do a deal. Mr. Lewiss previous positions also included Senior Vice-President, Risk Management Fixed Income and Overlay Strategies at CDPQ and Senior Vice-President, Fixed Income at Natcan Investment Management, where he oversaw a team managing $16 billion in Canadian and global fixed-income assets. 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The board is confident that his deep industry knowledge, proven leadership and experience in developing and executing growth-oriented strategic initiatives will ensure that CI remains a leader in a rapidly changing business environment, he added. So as we work through and announce and finalize these acquisitions, the goal is to provide our investors with a roadmap essentially for how our business is evolving. So if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. In addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. On the other end of the spectrum you essentially have aggregators or integrator platforms that will do a deal with you but the terms and conditions by which they'll transact with you are that you need to change everything about your platform to fit into their platform. 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. But yes, the margins on the institutional business are lower than what we would see on retail. Welcome to Barrons Advisor! 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, Geoff. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as 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. So if we're not additive to the process on the client front, we're not interested. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. Harbour in the old model prior to this week had the ability to deliver $3 billion to $4 billion of total scale. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. Newcom Media Inc. We use cookies to make your website experience better. Thank you, Kurt. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. 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. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). During the height of the pandemic, we did feel the leverage was a little bit high relative to our comfort zone, and we reduced our credit revolver by $175 million in short order by redeploying. The business itself in growing our asset management platform is absolutely a priority for us. There will be over time, but that wasn't really the focus of the effort. Related to: Kurt Macalpine. Despite the companys push to acquire RIAs, MacAlpine has expressed frustration with how the investing public largely still perceives CI as an asset manager. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. We have no further questions at this time. And there is a few firms that fit this mold and may be called serial aggregators or something like that. Yes. NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. As a large and independent firm with global reach, CI is well positioned to take advantage of the many opportunities in asset and wealth management. Fast forwarding to today, our rebranding effort is well underway. WebWhat is the salary of Darie Urbanky? WebKurt Macalpine was born in 1960 and is currently 63 years old. You will see that we are now organized by investment capability not by boutique or sub-brand. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. We retired $26 million of debt, and we paid $39 million in dividends. This number only includes our current interest in these companies and does not include any growth or market assumptions. There's a scenario where all of it redeems and every scenario in between. So if I go back to the same slide last quarter where you had the $40 million EBITDA lift so am I wrong to think that's the EBITDA contribution related to that $400 million acquisitions? We made considerable progress across our rebranding efforts with the rollout of our new website in October. 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. So I remain very optimistic. We had another strong quarter as markets and our AUM continued to rebound. 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