Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). Next, I will update you on our corporate rebranding initiative. Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. 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? Please go ahead. In his role as a Partner, he managed global consulting teams working with some of the largest asset and wealth managers in the world on topics related to strategy, distribution, marketing, international expansion, mergers and acquisitions, and product development. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. 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. Yes. He was also a member of the CDPQ asset allocation committee. I think we're ahead of schedule relative to what we would have initially anticipated. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Thank you, Kurt. SG&A in the wealth segment moved up slightly to $30.4 million even though incremental SG&A from RIAs acquired this year was more than $2.9 million in the quarter. In fact, all of the businesses we have acquired this year have grown organically. A discussion of the highlights and challenges of the third quarter, a review of our financial performance during the quarter, an update on our sales to date for the fourth quarter, an update on the execution of select items of our corporate strategy, then we will take your questions. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. So any M&A that you would see us doing would be in one of those two areas aligned against the three strategic priorities that we had outlined. So take Harbour as an example. Thank you all for the time today. That's great. 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 don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. 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. This slide provides a snapshot of our new investment management organizations. So if we're not additive to the process on the client front, we're not interested. 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. 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. 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. I don't like to give guidance on anything as I think oftentimes it's just guessing. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. 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. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. 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. After submitting your request, you will receive an activation email to the requested email address. In the past 10 days, we have announced three new transactions: Stavis & Cohen, a U.S. $570 million women-owned Houston based RIA with a focus in financial planning and servicing corporate executives in the oil and gas industry; Doyle Wealth Management a U.S. $1.1 billion RIA based in the Tampa Bay Area a popular destination for Canadian retirees; and Roosevelt Investments a U.S. $2.7 billion RIA based in New York City our first acquisition in the world's largest financial market. SG&A declined nearly $16 million, or 13% from a year ago, and was flat on a sequential basis despite on-boarding several new businesses. So, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. Congratulations! Yes, thanks very much. 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. And is there a portion of that AUM that you think would be unlikely to be brought in-house in the future? Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. In his role as a Partner, he managed global consulting teams working with some of the largest asset and wealth managers in the world on topics related to strategy, distribution, marketing, international expansion, mergers and acquisitions, and product development. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. 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. 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. So you're right, it's not a cost-cutting effort. And I think we're off to a really great start in Liquid Alternatives. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. Kurt Macalpine, 62 Lives in For the best Barrons.com experience, please update to a modern browser. On the sales front, although the company continues to be in redemptions, we generated strong gross sales results, which increased 23% from a year ago and 8% sequentially. Thank you for the question. 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. How can we help you? 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. And I was just wondering, if you could provide an update or progress on that initiative. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. 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. We appreciate the interest in CI Financial. 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. The next question will come from Tom MacKinnon with BMO Capital. in mathematics and physics from Universit de Montral. And I think when I look across our 12 platforms take Stavis & Cohen as an example. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. Thank you for the question. 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. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. We do think that our share price is significantly undervalued. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. 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. Mr. MacAlpine you may begin. 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. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. As 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. So it depends, Gary on when you're having a conversation. So Tom, we don't typically break out the margin. I did share some additional guidance on the institutional business in that breakdown. In addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. After the speakers remarks, there will be a question-and-answer session. Please go ahead. 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. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. So growing and building and improving the business is critically important to our strategy. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. View Reputation Profile. Core average assets under management, which represent the assets managed by CI in Canada, and GSFM in Australia were up 5% in the quarter to $126.4 billion. var CurrentYear = new Date().getFullYear() 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 also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. So, the three transactions, plus Bowling which we announced earlier in the quarter, so it would be the combination of those four plus Aligned. Over 300,000 families many of whom have assets in the month are Alternatives. Could provide an update or progress on that initiative also previously worked PwC. I look across our 12 platforms take Stavis & Cohen as an example that our share price significantly! 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