And by us, focusing on, essentially just fitting a framework or fitting that firm to a framework, we're losing a lot of the individuality or the specialty that they bring to us. 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. in mathematics and physics from Universit de Montral. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. Is this happening to you frequently? Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. 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. So I had a high degree of confidence in them and they had a working familiarity with me. We do think that our share price is significantly undervalued. Understood. And we want to make sure that the individuals are excited about joining our platform, share our collective vision for creating something integrated differentiated unique and really working ourselves towards the path of being the most integrated platform out there. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. When it comes to alternatives, investors should capitalize with caution, Fraud losses in Canada hit new all-time high, Location matters when it comes to family business tax. They want to benefit from an integrated platform. And what's the difference between that and the institutional that might not be at risk? On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. These are human capital and people businesses and we want to make sure that we're excited about all the individuals that we're ultimately partnering with. And then the second piece is as it relates to the employees. The program is off to a strong start and acquisitions such as Stavis & Cohen with their focus on the energy business and Doyle with their strategic location in Florida will be great additions to this program. 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. We have a very high concentration of Canadian equity and Canadian balanced funds that have been higher redeemed categories in the industry and the concentration of advisers that are holding them tend to be those, as I mentioned, that are older MFDA advisers that might not be in growth mode on their businesses. The company acquired 13 registered investment advisors in the US in 2020, along with Canadian advisor network Aligned Capital Partners. What I would say, we have sized the potential at-risk opportunity through sub-advised mandates that exist on bank or insurance owned platforms that have their own capabilities internally. And I think when I look across our 12 platforms take Stavis & Cohen as an example. Free cash flow was up 12% to $143.9 million from $128.3 million last quarter. 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 know it sounds like a minor distinction, but that is very different from us, doing an acquisition and saying, we're going to buy your business. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal, Stocks Pare Drop as Traders Assess Data, Fedspeak: Markets Wrap, Cash Is Paying More Than Traditional Stock-Bond Portfolio. I think we're ahead of schedule relative to what we would have initially anticipated. I will share more details on the investment platform changes in a few moments. And if you're not like what would be the reasons why you're not completing them? And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. Please try again or contact. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. CI Financial Corp.s CIX-T chief executive Kurt MacAlpine saw one of the largest jumps in total compensation, to $10.60-million, up more than 75 per cent from Maybe if I could ask in another way then is -- so when you are in discussions with potential acquisition so obviously you may get pitched up or you may for whatever reason decide not to do it. And then the question was well, which of the CI businesses would it ultimately come to? I find it fascinating that people like to opine on the purchase prices that CI has paid for a business absent any sort of facts whatsoever, he says. (Podcast). Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. So it is a lever that, we could use, but we'll do it in a very disciplined manner when they do. 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. This number only includes our current interest in these companies and does not include any growth or market assumptions. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. CIs total assets have grown to $241 billion (at March 31, 2021) since he joined the company. And now we're at a fascinating place where I probably get a couple of firms reaching out every week directly bypassing a bank or a process just looking to do a deal with CI specifically. I don't have the exact number in front of me, but you're in the ballpark. Mr. MacAlpine you may begin. You can sign up for additional alert options at any time. Now Doug will review the financial results for the quarter. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. All of our initiatives will support one or more of these strategic priorities. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial. He has If youre not a wealth management professional, you can find other great financial content at. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. We are getting feedback that we are not necessarily the highest bidder on these but I think it's really our value proposition that's differentiating ourselves. Okay, great. Despite the companys push to acquire RIAs, MacAlpine has expressed frustration with how the investing public largely still perceives CI as an asset manager. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U. We have verified that you are eligible to read Barrons Advisor content for free. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. You're around there. CI's gross debt finished the quarter at $1.96 billion and a reported debt-to-EBITDA ratio of 2.4 times as EBITDA rebounded 10% in the third quarter to $204.6 million from $186.6 million last quarter. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy. Thanks. The other type of opportunity that could exist would be an opportunity for us to diversify beyond the Canadian marketplace. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. This slide provides a snapshot of our new investment management organizations. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. During the quarter, we spent $78 million to repurchase 4.3 million shares. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. He joined CI Financial in May 2021 from WisdomTree Investments, Inc., a publicly traded asset manager where he served as Executive Vice President and CFO since 2008. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced MacAlpine takes over from Peter Anderson on Sept. 1. Or are there pieces that I'm missing in those two numbers? The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. 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. After the speakers remarks, there will be a question-and-answer session. We just need a little more information to create your account. The next question will come from Scott Chan with Canaccord. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). Kurt MacAlpine Thank you, Amit. 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. Free cash flow in the quarter of $144 million exceeded dividends and buybacks of $116 million by $28 million. 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. WebHe has extensive experience in the global asset and wealth management industry, having previously served as Executive Vice-President and Head of Global Distribution for Under the current model, the Harbour business is part of broader CI Global Asset management benefits from that scale, partnership, access to better resources and things like that. There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. And where do you see the process perhaps being a longer effort to turn the ship around? We have no further questions at this time. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. Sure. Good morning. 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. 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. Comparable SG&A expenses, which excludes expenses from the 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. Prior to WisdomTree, Mr. Muni served as Chief Accounting Officer of International Securities Exchange Holdings, Inc (ISE), one of the worlds leading electronic options exchanges, where he lead ISEs successful public offering in 2005. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. It is more dynamically priced. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. In the third quarter U.S. AUM grew 10% to $4.7 billion on net sales of $300 million and market performance. So we needed to evolve our investor platform. Jason Weyeneth, CFA Vice-President, Investor Relations & Strategy, Chief Executive Officer and Director, CI Financial, Executive Vice-President and Chief Financial Officer, CI Financial, Executive Vice-President and Head of Investment Management, Executive Vice-President and Chief Legal Officer, CI Financial, Executive Vice-President and Chief Human Resources Officer. WebKurt Macalpine was born in 1960 and is currently 63 years old. His responsibilities included strategic asset allocation, quantitative research and alternative indexing activities, as well as sitting on the executive and tactical asset allocation committees for its Strategy and Planning Department. We believe these changes will improve the client experience, not only through the potential for improved performance, but by simplifying our offering, while strengthening our value proposition. It also shows the magnitude of the opportunity for growth and profitability going forward. Earnings per share of $0.62, was up $0.06 per share from the second quarter and up $0.02 from the third quarter last year. Thank you. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. So we're doing things more digital. Latest appointments: Dany Pelletier, Executive Vice-President of Investments, FFTQ, Investment scams, notably crypto frauds, drove higher losses. And I think we're off to a really great start in Liquid Alternatives. I would now like to open up the call for questions. 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. I think that includes the cash consideration and the contingent payment. The next step is an initial public offering of as much as 20% of its US wealth management business. It really depends. I think our momentum continues to pick up on a month-by-month basis. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. CI Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. This slide provides a recap of our 3 corporate strategic priorities. The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. So when we look at opportunities there's two things that have to remain intact for us to be willing to do a deal. First, on the U.S. wealth management initiative. How can we help you? So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. 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. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. 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