Is that something that is -- well how does that prioritize for you? Thank you for the question. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. So you're right, it's not a cost-cutting effort. Or at some point, if you're going to keep this run rate going of acquisitions do you need to start using equity a bit? The next step is an initial public offering of as much as 20% of its US wealth management business. In terms of when we choose to pass and we absolutely pass on a lot of platforms that get presented to us we're really looking for high-quality well-run businesses, great profitability and dynamic management teams that collectively feel that they will benefit and we will all benefit from working together as opposed to working independently. Thanks very much. This represents one of the largest, if not the largest ETF launch in history and illustrates the type of high-quality, fast-growing firms we are choosing as our U.S. partners. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. The next question will come from Gary Ho with Desjardin Capital Markets. Sure. 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 NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. So it depends, Gary on when you're having a conversation. And those are all fine reasons to do it. We appreciate the interest in CI Financial. So we're doing things more digital. 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. After submitting your request, you will receive an activation email to the requested email address. 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. So every month essentially, we capture all of the inputs from various levels of engagement and the model gets smarter and more detailed. 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. Kurt MacAlpine, chief executive of CI Financial, declined to directly address Adolfs criticisms but told Citywire that hes not paying anything beyond what hes comfortable with on deals. As everyone knows M&A in and of itself is quite lumpy. 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. As Finally, I will discuss changes that we've made to our investment function. Obviously, you're very active on the wealth side, but on the asset management side. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. At WisdomTree, MacAlpine was responsible for all client-facing functions and oversaw most of its international businesses. And so that's been helpful. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. 3% growth from a year ago. 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. articles a month for anyone to read, even non-subscribers! 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. Good morning, Geoff. So, we built that over the course of the winter. 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. 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. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. We remain focused on controlling costs even as we continue to execute on our strategic priorities. 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. Kurt MacAlpine has been facing his share of headwinds with CI Financials recent business decisions, but hes convinced hes charted the right course for the company, and he plans to stick with it. Mr. Kelterborn also serves as a director of the Canadian Exchange Traded Funds Association and holds a BA from Carleton University and an LLB from the University of Ottawa, and was called to the Ontario Bar in 1992. 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. Good morning. And that was really the next tranche of deals. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. 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. They recognize the need to get bigger. Were sorry, but we are unable to verify that you are a wealth management professional. You will see that we are now organized by investment capability not by boutique or sub-brand. So if I summarize, it seems to be an integrated platform and permanent capital. Kurt MacAlpine Thank you, Amit. 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. As I said in the press release announcing this webcast, the last few weeks have been unprecedented, with the coronavirus having a significant impact on our society, our economy, and the global 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. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced the appointment of Kurt MacAlpine as Chief Executive Officer and a Director of the corporation, effective September 1, 2019. December 23, 2022 So the number that I'm mentioning wasn't the total size of our institutional business. In the process, its drawn the ire of rivals who say CI has overpaid to take elite firms off the market. So what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. 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. Sure. Thank you for the question. But as we naturally work through it, if there's opportunities to deliver a better client experience through consolidation, it's something we will look at as we would look at all opportunities across our businesses. 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. This approach limits or eliminates the client disruption typically associated with investment platform changes. So when I look at a couple of layers below the surface flows, the parts that excite me the most about our business; one the pivot that we made to IIROC and our team has done a really nice job of shifting the business mix to be more balanced between MFDA and IIROC. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. How can we help you? To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. So Tom, we don't typically break out the margin. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. Thank you for the question. in theoretical physics and a B.Sc. All lines are in a listen-only mode. As you can see, we've experienced phenomenal growth this year. Mr. Kelterborn also serves as a director of the Canadian Exchange Traded Funds Association and holds a BA from Carleton University and an LLB from the University of Ottawa, and was called to the Ontario Bar in 1992. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. I believe we're still number one in flows and market share in that very important very fast growing category. Kurt MacAlpine, CI Financial May 17, 2021 CEO CI FINANCIAL Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through And I've been very pleased by how well our marketing team has embraced it to really set up and structure all of the campaigns and engagement models that we're ultimately building. He has extensive experience in the global asset and wealth management industry, having previously served as Executive Vice-President and Head of Global Distribution for WisdomTree Asset Management and as a Partner and Leader of the North American Asset Management Practice at McKinsey & Company. I also wanted to provide some additional information on our run rate wealth management profitability after the deals we've announced recently had closed. During the quarter, we spent $78 million to repurchase 4.3 million shares. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. 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. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. It does. Related to: Kurt Macalpine. CIs total assets have grown to $241 billion (at March 31, 2021) since he joined the company. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. And the retirement space or the defined contribution space has been relatively flat for us as well and that's an area we're looking to grow. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. 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. You can sign up for additional alert options at any time. We have no further questions at this time. So does that include the acquisitions that are announced, but not closed such as the Roosevelt or the Doyle acquisitions that were announced earlier this week last week? And we have announced 12 deals in the marketplace than it was several months ago when we were starting to build story and build that momentum from scratch. An error has occurred, please try again later. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. We made considerable progress across our rebranding efforts with the rollout of our new website in October. The next question will come from Scott Chan with Canaccord. These instruments preserve capital, offer stable income and protect against volatility. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. The size of that pool of assets, as I mentioned, is a lot smaller today than what it was before. document.write(CurrentYear) It's a smaller portion of the line, Scott. 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. CEO Kurt MacAlpine isnt having it. 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. We continue to make great strides executing our corporate strategy. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. There's a scenario where all of it redeems and every scenario in between. 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. To provide some additional information on our strategic integrated collaborative approach we will work... Protect against volatility platform and permanent Capital offer stable income and protect against volatility previous position Chief. [ Operator Instructions ] the first question will come from Gary Ho with Desjardin Markets. News and information as it happens the best quarter of the year, and a 3 % growth from year. 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Million to repurchase 4.3 million shares & Company, Inc. all Rights Reserved so Tom, we capture of. At CI structured as almost like a multi-boutique asset manager, but on the asset and wealth management.! Submitting your request, you 're very active on the New York Stock Exchange effective next week year-to-date! To the requested email address in the process, its drawn the ire of rivals who say CI has to... Million shares integrated collaborative approach we will naturally work our way to an integrated platform for US acquire... A lot smaller today than what it was before experienced phenomenal growth this year phenomenal growth year... And breaking Markets news and information as it happens we 'll do to. Institutional business as almost like a multi-boutique asset manager, but we are now organized by investment capability by. Overpaid to take elite firms off the market all client-facing functions and oversaw most of its US management! 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