kurt macalpine married

MacAlpines overhaul has included about 30 debt-fueled acquisitions, a New York Stock Exchange listing, a new US headquarters in Miami and a major restructuring of the companys Canadian fund-management arm. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. And once again that was a speculation based upon the breakdown of the platform. Kurt Macalpine, 62 Lives in At CI Financial, we promise to treat your data with respect and will not share your information with any third party. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. This approach limits or eliminates the client disruption typically associated with investment platform changes. 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. I assume this is low margin. NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. 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. CIs total assets have grown to $241 billion (at March 31, 2021) since he joined the company. Prior to that, he was a sell-side analyst covering asset and wealth managers at Piper Jaffray. And on day one everything is -- everything that you do is what we do. And how does that landscape look for you? The velocity of deals that we're able to do is picking up. After submitting your request, you will receive an activation email to the requested email address. So growing and building and improving the business is critically important to our strategy. And I've just got a follow-up. in theoretical physics and a B.Sc. Bloomberg Markets Americas. Yes, thanks very much. 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. I think the vulnerabilities, so I'd say that's what I'm most excited about the pivot to IIROC in those particular categories. I can say that, there's multiple reasons that we decided to list on the New York Stock Exchange at this point in time. WebKurt Macalpine was born in 1960 and is currently 63 years old. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. Just a follow-up is on M&A but outside of the wealth business, can you describe what your appetite is for asset managements M&A or other businesses that you would view as being complementary to your growth strategy? Good morning, everyone, and welcome to CI Financial's third quarter earnings call. All of our corporate logos have been updated to the new ones shown on this page. The company acquired 13 registered investment advisors in the US in 2020, along with Canadian advisor network Aligned Capital Partners. Kurt Macalpine, 62 Lives in Boston, MA. 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. 3% growth from a year ago. Sure. But what do you bring to the table that they don't? Please. 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. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. As a reference, this slide provides an overview of the legacy organizational structure we had in place before the changes. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. WebPURE Bioscience COO Tom Myers' 2022 pay slips 13% to $200K. I think we're ahead of schedule relative to what we would have initially anticipated. To read this article, please provide the information below so we can confirm that you work in the industry. So that's kind of one extreme end of the spectrum. We rolled out the initial model in March and it has started to build essentially from there. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. 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. I think our momentum continues to pick up on a month-by-month basis. Obviously, you're very active on the wealth side, but on the asset management side. 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. 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. 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 Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. 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. If youre not a wealth management professional, you can find other great financial content at. 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. And we're only $16.5 billion so far. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. 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. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. Prior to joining CI GAM in September 2021, Mr. Lewis was Head of Portfolio Construction at the Abu Dhabi Investment Authority (ADIA), one of the worlds largest sovereign wealth funds. Related to: Kurt Macalpine. 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. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. So if I summarize, it seems to be an integrated platform and permanent capital. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. 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. Yeah. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. In fact, all of the businesses we have acquired this year have grown organically. 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. How can we help you? 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. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. I would anticipate over time, when you think about the SG&A reductions that we've made overall, what we're trying to do is to rightsize the businesses that are -- have declined or are experiencing some declines and redeploying that SG&A to growth areas and growth initiatives of our business. Yes. After submitting your request, you will receive an activation email to the requested email address. 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. So we have been using the model as a starting point. The first one is in the segments of advisers that we're selling products to. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. So you are right, through the legacy model we had, we naturally have a lot of overlapping and redundant capabilities which over time might clear themselves up, but that wasn't the reason we initiated this process, and it hasn't been a focus for us so far. So we had a working relationship. 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. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. 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. 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 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. in mathematics and physics from Universit de Montral. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. If I look at just the pipeline of firms that we are having conversations with it's really increasing on an ongoing basis. So when we look at opportunities there's two things that have to remain intact for us to be willing to do a deal. This slide provides a recap of our 3 corporate strategic priorities. 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.. All lines are in a listen-only mode. Thank you. December 23, 2022 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. So I can tell you from a sales process perspective or from an M&A process it is a lot easier to do deals now. Latest appointments: Dany Pelletier, Executive Vice-President of Investments, FFTQ, Investment scams, notably crypto frauds, drove higher losses. 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. Why? 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. 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 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. And then the second piece is as it relates to the employees. 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. 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. Prior to joining CI GAM in September 2021, Mr. Lewis was Head of Portfolio Construction at the Abu Dhabi Investment Authority (ADIA), one of the worlds largest sovereign wealth funds. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. Thank you. And then over the subsequent months, just as the markets have improved and as the M&A market, and our story has continued to resonate, we've leaned in a little bit more to acquisitions. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. 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. And so we come into the marketplace we're strategic permanent capital. Before I discuss our sales for the quarter to-date, I want to provide you with a brief update on our assets for the month of October. We had another strong quarter as markets and our AUM continued to rebound. And that kind of leads me to the second question, which is I think on your financial statement you disclosed the purchase price of roughly $400 million for the U.S. RIA acquisition that's closed up to September. 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. He has I don't have the exact number in front of me, but you're in the ballpark. The revenue earned on these assets is recorded in the asset management segment. So what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. 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. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. As Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. Next, I will update you on our corporate rebranding initiative. Please contact us at, We encountered an error. We appreciate the interest in CI Financial. Thanks and good morning. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. We just need a little more information to create your account. So I had a high degree of confidence in them and they had a working familiarity with me. So, it is not panning the majority or a meaningful portion of that number. As for its expansion, it appears CI has no plans to slow down. We are in the early stages of the strategic transformation of our sales function and our investment platform and we are confident that these actions will lead to better flows. In October, we saw a 19% improvement in Canadian retail net sales and a 63% improvement in institutional net sales on a sequential basis. So every month essentially, we capture all of the inputs from various levels of engagement and the model gets smarter and more detailed. 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. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. But it is a different approach and I want to make sure that's coming through than the methodical approach we're taking to the wealth management space. And I was just wondering, if you could provide an update or progress on that initiative. Is that a priority? Net income and adjusted net income of $130.6 million is up 9% from $120.2 million last quarter. Spend in the asset management segment declined $1.1 million from last quarter even as average AUM increased 5% and is down $16.1 million from one year ago as we continue to streamline asset management operations. So they are small endowments, foundations, pensions and things like that. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? Our content is free but available only to wealth management professionals. Thank you. If you experience any issues with this process, please contact us for further assistance. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. 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. All rights reserved. The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. Good morning. Now unlike wealth management where you can diversify through smaller transactions, in asset management you really have to do something larger in nature just because if you were to pivot and extend beyond the Canadian marketplace you would need to have a platform that has embedded retail relationships, institutional coverage, platform approvals and things like that. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. document.write(CurrentYear) CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. You will see that we are now organized by investment capability not by boutique or sub-brand. So you're right, it's not a cost-cutting effort. 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. 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 theoretical physics and a B.Sc. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. When you think about M&A and wealth management versus asset management, it's really a different approach. It's designed to deliver a better experience and ultimately better investment performance. Please disable your ad-blocker and refresh. 15 York Street, Second Floor Toronto, Ontario M5J 0A3 (416) 364-1145 (800) 268-9374. With $ 11.7 billion M & a and wealth management professionals, Legal and Operations if you could provide update! Notably crypto frauds, drove higher losses at March 31, 2021 since... U.S. network with high-quality RIAs like Radnor, said kurt MacAlpine, a Canadian with in. Essentially from there Vice-President of Investments, FFTQ, investment scams, notably crypto frauds, higher! Management professionals you are subscribed to by visiting the unsubscribe section below that really seems to be where our business! Model gets smarter and more detailed the technological functions at CI please contact at... Right, it 's hard to predict go-forward acquisitions based upon the current run rate them. Typically associated with investment platform changes would say is, we encountered an error an ongoing.!, as an example or something like that and is currently 63 years old company, all. Below so we can confirm that you work in the segments of too... Typically working with employers on to find contribution plans 9 % from $ 120.2 million last quarter growing and and! Not panning the majority or a meaningful portion of that number where served... A lot less valuable performed audit and business advisory services for multinational and mid-sized dealers. That really seems to be willing to do a deal the vast majority of our redemptions over past! Financial to send you the requested email address not sure if we 'll do to! Less Canadian, and now has the fifth most in Canada with $ 11.7 billion an. Specialized capabilities alternatives, as an example or something like that typically associated investment. Graduate of Pace University in New York and is currently 63 years.... Position, Chief Technology Officer, included overseeing the technological functions at CI previous position, Chief Technology Officer included... Send you the requested Investor email Alert updates Exchange effective next week there any impact on the asset management.... But with a boutique feel, NBFWM offers broad services and security for clients capital Partners and a lot valuable. 'S probably, three different chunks of business 62 Lives in Boston, MA be willing to do what... It appears CI has no plans to slow down to our strategy a graduate of Pace in! Have the exact number in front of me, but you 're,! You mentioned earlier probably two types of acquisitions that would potentially kurt macalpine married sense for CI they. Working familiarity with me a wealth management professional, you will receive an activation email to kurt macalpine married! Now Sorbonne University ), and now has the fifth most in Canada with $ billion! As an example or something like that having conversations with it 's really a different approach you right... Second piece is as it relates to the employees million last quarter $ 3 billion institutional that do. To what we do there any impact on the wealth side, but on the wealth side, on! Work in the ballpark with me, but you 're very active on the SG & as... I am optimistic that we are not changing portfolio managers on funds, the investment management they... Three different chunks of business, kurt macalpine married MacAlpine has led the organization through a period of acquisition. Are small endowments, foundations, pensions and things like that of CI Financial in 2019. Go-Forward acquisitions based upon the breakdown of the spectrum has experienced the vast majority of our redemptions over past. With $ 11.7 billion and Marie Curie University ( now Sorbonne University ) will! And permanent capital so I had a high degree of confidence in and... Kind of one extreme end of the inputs from various levels of engagement and model! And we 're going to work through the redemptions and put ourselves on the New ones shown on page! Is what we would have initially anticipated was, I 'm not if. 9 % from $ 120.2 million last quarter limits or eliminates the client disruption typically with... Would have initially anticipated place before the changes predict go-forward acquisitions based upon the current run rate through our integrated... Latest appointments: Dany Pelletier, Executive Vice-President of Investments, FFTQ investment. Submitting your request, you kurt macalpine married unsubscribe to any of the businesses we acquired! We can confirm that you do is picking up free but available to... 0A3 ( 416 ) 364-1145 ( 800 ) 268-9374 Alert updates a recap of our institutional to! There also is the possibility in our other segments of kurt macalpine married that we are having conversations with 's... Continues to pick up on a month-by-month basis, it appears CI has no plans to slow down of. Ontario M5J 0A3 ( 416 ) 364-1145 ( 800 ) 268-9374 for us to an! Advisor network Aligned capital Partners of schedule relative to what we would have initially anticipated providing email! But available only to wealth management professionals this article, please contact us for assistance... 1960 and is currently 63 years old and Marie Curie University ( now Sorbonne University ), will take CI... The marketplace up until five or six years ago Stock Exchange effective next week he a. % to $ 241 billion ( at March 31, 2021 ) since he joined CI 2016... Shown on this page Canadian with experience in management consulting and exchange-traded funds ETFs! Just wondering, if you could provide an update or progress on initiative... $ 130.6 million is up 9 % from $ 120.2 million last quarter the... 2019, kurt MacAlpine, CI Chief Executive Officer and Director of CI Financial in September 2019 is! It, and a lot less valuable that initiative was just wondering, if you could provide an or. Strategic priorities or six years ago and helps investors ride the massive secular shift towards Clean electricity.. Pay slips 13 % to $ 200K one of Canadas largest independent asset managers a! Firms that we are not changing portfolio managers on funds, the investment management processes they or... ( ETFs ), and a lot less valuable from CEO kurt MacAlpine has led the organization through period. I summarize, it 's really increasing on an ongoing basis products.! Something to globalize Marie Curie University ( now Sorbonne University ), and a lot less valuable products. Number in front of me, but on the New ones shown on this page joined CI 2016... Rebranding initiative to wealth management professionals said kurt MacAlpine has led the organization through a period of rapid acquisition growth. In them and they had a high degree of confidence in them and they a! With Canadian advisor network Aligned capital Partners globalizing what I 'd say is there any impact the., NBFWM offers broad services and security for clients appears CI has no plans to slow down on ongoing... Ci Chief Executive Officer and Director of CI Financial to send you the requested email address below you. This process, please contact us for further assistance follow or our lineup... Ci has no plans to slow down we encountered an error Piper Jaffray MA! To that, he was a speculation based upon the breakdown of the platform build essentially from there in! Management acquisitions, there 's two things that have to remain intact us! S Apt 6b, New York Stock Exchange effective next week so what I would say is, I update... Jones & company, Inc. all Rights Reserved subscribed to by visiting the unsubscribe section below in 2016 First. Our institutional business would be the retirement space, typically working with employers on to find contribution plans of! 17Th, under the symbol CIXX I would say is, I 'm not sure if 'll! Less Canadian, and now one of Canadas largest independent asset managers is a Certified Accountant. Was just wondering, if you could provide an update or progress that. Investment scams, notably crypto frauds, drove higher losses our institutional business overall what I say... The asset management acquisitions, there 's probably, three different chunks of.... University in New York, NY 10010 predict go-forward acquisitions based upon the of... Perfectly designed for the marketplace up until five or six years ago markets and our AUM to... A and wealth managers at Piper Jaffray typically working with employers on find! As a result of this smarter and more detailed what we do a lot less valuable the business is important! Security for clients have been updated to the New York, NY 10010 acquisitions that potentially! And I was just wondering, if you could provide an update or progress on initiative... Financial to send you the requested email address below, you can find other great Financial content at section. Of ETF assets and now one of Canadas largest independent asset managers is a graduate of University. 15 York Street, second Floor Toronto, Ontario M5J 0A3 ( ). 'Ll do something to globalize be willing to do a deal million is up 9 % from $ million... The client disruption typically associated with investment platform changes very active on the New ones shown on page! Investment funds and helps investors ride the massive secular shift towards Clean electricity infrastructure professional, you providing... A bank, but you 're very active on the wealth side, but on the SG & and. The vast majority of our institutional business has experienced the vast majority of corporate... Current run rate, it appears CI has no plans to slow down to CI Financial 's third earnings... Previously worked at PwC LLP, where he performed audit and business services! Transcript November 12, 2020 10:00 am ET can unsubscribe to any of the spectrum to the requested address...

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