Thank you. 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. Yes. I believe that number right now in terms of the assets at risk is probably in the range of $2.50 billion to $3 billion total. I'd say, it's directionally in the right direction, Gary. 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. You must click the activation link in order to complete your subscription. 100 University Avenue, Eighth Floor. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. So when you look at holistically the combination of the pivots we've made on the sales front, the enhancements we've made to the product lineup through the Liquid Alternatives and DoubleLine plus the re-platforming of our investment organization to really make it more modern and integrated. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. And then on top of that if you look at the marketplace, I'd say somewhere around $0.90 on the dollar ex-CI of money in the space right now is private equity or private equity related. It might be, it might not be. Our content is free but available only to wealth management professionals. Thank you. MacAlpine takes over from Peter Anderson on Sept. 1. Thanks and good morning. WebKurt Macalpine was born in 1960 and is currently 63 years old. 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. So, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. So when we look at opportunities there's two things that have to remain intact for us to be willing to do a deal. 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? There's a scenario where all of it redeems and every scenario in between. Please go ahead. 15 York Street, Second Floor Toronto, Ontario M5J 0A3 (416) 364-1145 (800) 268-9374. 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. These instruments preserve capital, offer stable income and protect against volatility. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U. There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. So by leveraging the best of what they do while integrating, we're going to get the best of all of the platforms we've acquired, as opposed to pushing them on to a platform that already exists. The next question will come from Graham Ryding with TD Securities. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. So I had a high degree of confidence in them and they had a working familiarity with me. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. Thanks very much. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. On one hand you'd see more call it financially oriented buyers that are essentially looking to take equity stakes in individual's businesses and then participating in the ongoing cash flows of those business. CI's SG&A in the third quarter was $108.8 million down from $109 million last quarter and $124.6 million in the third quarter last year. 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. 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Please go ahead. So growing and building and improving the business is critically important to our strategy. 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. Newcom Media Inc. We use cookies to make your website experience better. Fast forwarding to today, our rebranding effort is well underway. So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. 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. India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk recruits team to develop OpenAI rival - The Information, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, French tycoon Niel hikes stake in Millicom to 19.6%, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. We just need a little more information to create your account. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. He succeeds current CEO 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. 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. Yes. And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. 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. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. The asset management we do look at things opportunistically, but it really has to fit what we're building on the integrated asset and wealth management side. And what we're trying to do Gary and Scott, just to clarify the reason this is important is, we're obviously transforming our business relatively quickly from all of our economic profits coming from asset management to more balance. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. Kurt Macalpine, 62 Lives in Boston, MA. It's designed to deliver a better experience and ultimately better investment performance. And what's the difference between that and the institutional that might not be at risk? CONTACT US. Is there an opportunity to continue to streamline your fund lineup? And this is CI's third best quarterly earnings per share number, since converting back to a corporation a decade ago. So as we continue -- now that we have this integrated investment platform where we have clarity and consistency, we do have some gaps in our platform. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. One of the I guess, call it more minor reasons based upon interest from RIAs is the ability to take stock as part of the transaction. We reported total assets of $202.4 billion, up 4% from September and another all-time high for CI. 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. Mr. MacAlpine you may begin. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. As for its expansion, it appears CI has no plans to slow down. So, it is not panning the majority or a meaningful portion of that number. 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. Bloomberg Markets Americas. Net income and adjusted net income of $130.6 million is up 9% from $120.2 million last quarter. So we had a working relationship. 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. CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. It is a profitable business on a stand-alone basis. We remain focused on controlling costs even as we continue to execute on our strategic priorities. I would say the vulnerabilities remain the vulnerabilities that we currently have. Please go ahead. Copyright 2023 Surperformance. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. This copy is for your personal, non-commercial use only. 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. 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. We rolled out what we believe is Canada's first machine learning model or predictive algorithm for sales and marketing process in Canadian asset and wealth management. So you're right, it's not a cost-cutting effort. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). Good morning, Geoff. 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. So the approach would be different. The first one is in the segments of advisers that we're selling products to. This copy is for your personal, non-commercial use only. Because every -- the one thing is we see a lot of businesses as you could imagine given the number of transactions we've done, every single firm that we come across, I guarantee does something better than every other firm. The next question will come from Tom MacKinnon with BMO Capital. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. 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. Good morning. Finally, I will discuss changes that we've made to our investment function. Joining me on today's call is our CFO, Doug Jamieson; and our new Vice President of Investor Relations and Strategy, Jason Weyeneth. That is helpful. 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. Computershare Investor Services. Is that something that is -- well how does that prioritize for you? So, I would say Scott, it's still very early days. And I think just if you look at not only the number of deals we've done, but the quality of the firms that deals with us, I think, we're really starting to differentiate and stand out as the preferred buyer or partner for these RIAs in the market. And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. As a reference, this slide provides an overview of the legacy organizational structure we had in place before the changes. 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 So we're doing things more digital. I mean, the biggest challenge was we would constantly get feedback from clients that, it's complex and challenging to do business with CI. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. If I look at just the pipeline of firms that we are having conversations with it's really increasing on an ongoing basis. How can we help you? 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. We retired $26 million of debt, and we paid $39 million in dividends. After the speakers remarks, there will be a question-and-answer session. 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. 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. If you rewind to January this isn't even a segment or a market that we were in. Please go ahead. Good morning, ladies and gentlemen. So, the three transactions, plus Bowling which we announced earlier in the quarter, so it would be the combination of those four plus Aligned. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. Please. 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. And there is a few firms that fit this mold and may be called serial aggregators or something like that. Hi. All rights reserved. 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. And investor relations teams $ 120.2 million last quarter relations teams an opportunity to continue streamline... Your information with any third party and then from there you 'd have to determine, obviously, what do. 12, 2020 10:00 AM ET earnings Call Transcript November 12, 2020 10:00 AM ET in. With BMO capital the difference between that and the institutional that might not be growing their businesses they... 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