And I've just got a follow-up. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. So since I've joined last September we bought back approximately 28 million shares. 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. It has informed our digital marketing campaigns, all of our e-mail campaigns that we're doing today are based off of insights that we're receiving from that model. 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. U.S. assets under management are reported separately as the revenues earned on those assets are part of an overall fee paid by clients for wealth management and are reported in the wealth segment. 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. And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. So if you think about, the nature of distribution at that point in time, the corporate class that we had some of the exclusive distribution partnerships business was coming to CI. That business has been relatively flat for us over the past little while and we have the new head of institutional now that's working to grow it. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. And I was just wondering, if you could provide an update or progress on that initiative. 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. WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. So we're doing things more digital. We are excited to welcome Jason to CI. 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. If you have an ad-blocker enabled you may be blocked from proceeding. In addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. The next question will come from Gary Ho with Desjardin Capital Markets. It's a smaller portion of the line, Scott. So I would say part of our institutional business is traditional institutional asset owners essentially and those that don't have capabilities themselves internally. 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. Think you ought to have access? The business itself in growing our asset management platform is absolutely a priority for us. To read this article, please provide the information below so we can confirm that you work in the industry. This copy is for your personal, non-commercial use only. Kurt Macalpine, 62 Lives in 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. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. 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. Kurt, just want to go back to the U.S. RIA acquisitions a little bit. 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. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. So where we come in is we come in -- in the middle. 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. But for those that you actually are doing some level of engagement with are you having to deal with auction type situations and then also two is when you are again in those discussions are you generally closing on them? We made considerable progress across our rebranding efforts with the rollout of our new website in October. So you will it is our intent to continue to show these two slides on an ongoing basis and you can really chart the journey that we're on. Current Address: 254 Park Avenue S Apt 6b, New York, NY 10010 Has Lived In: 101 Canal Street Apt 512, Boston, MA 02114. Sure. CEO Kurt MacAlpine isnt having it. At this time, I would like to welcome everyone to the CI Financial 2020 Third Quarter Results Webcast. Good morning, ladies and gentlemen. So we're doing it to better first off to simplify and create better client experience based upon feedback from advisers that we receive constantly that were just historically had been hard to do business with in today's environment. There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. As for its expansion, it appears CI has no plans to slow down. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. They see the benefits of scale collaboration a national platform and cross-border referrals. So we had a working relationship. The impact is a $58 million increase in our run rate wealth management EBITDA, which translates to $73 million annualized or 387% improvement from 2019. At WisdomTree, MacAlpine was responsible for all client-facing functions and oversaw most of its international businesses. You can sign up for additional alert options at any time. So as it relates to the total AUM size of CI in its current standing very small, but that's essentially a little bit of more information in terms of what's remaining getting those specific criteria. We appreciate the interest in CI Financial. It also just to continue to reiterate wasn't planned redemptions. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. Understood. And then on the integration of your investment management teams, it sounds like this is more about process and driving fund performance as opposed to surfacing cost synergies. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. There's a scenario where all of it redeems and every scenario in between. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. So the number that I'm mentioning wasn't the total size of our institutional business. This includes $125.4 billion of assets under management and $77 billion of wealth management assets. Finally, I will discuss changes that we've made to our investment function. Please go ahead. 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. 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. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. I would say in the auction process oftentimes there's an assumption that if you're in an auction process that the highest bidder ultimately is the winner. 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. And those are all fine reasons to do it. And the three transactions you announced in the last 10 days, would that be included in that number? (Podcast). Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Thanks. Thank you for the question. Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. 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. And then just on the RIA acquisition pipeline like how would you describe the size of it today? 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. Welcome to Barrons Advisor! You must click the activation link in order to complete your subscription. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. As I think there's probably a little bit more there than that plus everything that we've shared, and we'll continue to share will be pre-synergies just given my preference not to provide go-forward guidance or projections. So what I was trying to do in responding to the question was provide the visibility into the breakdown of the institutional and assigning the assets to that particular segment or sub-segment. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. Layan Odeh (Bloomberg) | Aug 30, 2022 The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. 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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. I don't have the exact number in front of me, but you're in the ballpark. The company acquired 13 registered investment advisors in the US in 2020, along with Canadian advisor network Aligned Capital Partners. Fast forwarding to today, our rebranding effort is well underway. Please disable your ad-blocker and refresh. The settlement comes as TD works its way through two major acquisitions in the U.S. MacAlpine declined to provide the share of the U.S. business it would spin off, Feds' effort to improve housing affordability is hurting broader property market, Changes in the market environment have made the structure less tenable six years after legislation removed a main tax advantage, The taxpayer's penalty for filing foreign account forms late was reduced to $50,000 from $2.72 million, The provincial budget forecasts years of deficits, but spends big on health, housing, families, A Bain report looks at private equity's uneasy courtship of individual investors. 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. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. in theoretical physics and a B.Sc. 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. If you experience any issues with this process, please contact us for further assistance. Yes. We look forward to connecting next quarter. 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. Or progress on that initiative 2023 Dow Jones & Company, Inc. all Rights Reserved changes! Where we come in is we come in -- in the middle, but 're!, three different chunks of business quarter represents the best quarter of the investor alerts you are subscribed to visiting! Over 20 years, serving in progressively more senior roles in information Technology a bit. 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