kurt macalpine married

We have no further questions at this time. 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. 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. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit 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. CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. Thank you all for the time today. 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. We don't break out the specific numbers. And then just on the RIA acquisition pipeline like how would you describe the size of it today? 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 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. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. So every month essentially, we capture all of the inputs from various levels of engagement and the model gets smarter and more detailed. So what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. They want to benefit from an integrated platform. So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. There is a scenario where none of that redeems. var CurrentYear = new Date().getFullYear() NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. First, on the U.S. wealth management initiative. I would say if you think about the journey we've been on the first few deals that we had started with or prioritized were firms that I had professional relationships with in prior lives. So think about the spectrum of competitors that exist. But that's not to say depending on how the business evolves over time that we may spend a little bit more on a go-forward basis but it's not something we've done today. I announced on our Q1 earnings call in May that we were planning a corporate rebranding aimed at streamlining and simplifying our business removing unnecessary complexity and making it easier for our clients to do business with us. Why? In fact, all of the businesses we have acquired this year have grown organically. So Tom, we don't typically break out the margin. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. 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. 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. 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. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as 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. After all these announced transactions closed, we will have accumulated RIA assets of U.S. $16.5 billion or CAD 22 billion this year alone. Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Yes. So while we have experienced a couple of lumpy quarters of redemptions, virtually all of those have come from bank and insurance-owned platforms that are moving those assets in-house, specifically to an in-house team doing essentially the same thing. 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. 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. So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. Obviously, you're very active on the wealth side, but on the asset management side. What differentiates you as you embark on this strategy? You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Free cash flow was up 12% to $143.9 million from $128.3 million last quarter. So we had a working relationship. 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. 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. Thank you. As for its expansion, it appears CI has no plans to slow down. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. At WisdomTree, a global asset manager and exchange-traded fund sponsor based in New York, Mr. MacAlpine was responsible for all client-facing functions globally, including distribution, marketing, data intelligence and strategy, business development and client solutions. 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. 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. Good morning. It does. All rights reserved. Joining me on today's call is our CFO, Doug Jamieson; and our new Vice President of Investor Relations and Strategy, Jason Weyeneth. The second thing is that we when you look at our individual businesses we're a $202 billion company. Current Address: 254 Park Avenue S Apt 6b, New York, NY 10010 Has Lived In: 101 Canal Street Apt 512, Boston, MA 02114. Addresses View Full Report. Next, I will update you on our corporate rebranding initiative. 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. I think we're ahead of schedule relative to what we would have initially anticipated. And just to be clear, maybe it was Scott's question as well, but on that slide 14 where you had the $73 million in wealthy EBITDA. December 23, 2022 And so that's been helpful. Okay. So the boutique and multi-brand structure was, I'd say perfectly designed for the marketplace up until five or six years ago. Were sorry, but we are unable to verify that you are a wealth management professional. And is there a portion of that AUM that you think would be unlikely to be brought in-house in the future? 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. It really depends. 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. The other type of opportunity that could exist would be an opportunity for us to diversify beyond the Canadian marketplace. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. Kurt has worked with some of the largest asset managers in the world and has a thorough understanding of the industry, best practices and new developments, David Miller, director and chairman of CIs governance, human resources and compensation committee, said in a statement. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. 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. Net income and adjusted net income of $130.6 million is up 9% from $120.2 million last quarter. 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. You will see that we are now organized by investment capability not by boutique or sub-brand. Would those be. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. So I had a high degree of confidence in them and they had a working familiarity with me. I believe we're still number one in flows and market share in that very important very fast growing category. We've detected you are on Internet Explorer. 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. Is this happening to you frequently? I would now like to turn the call over to Mr. Kurt MacAlpine, CEO of CI Financial. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. Thank you. 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. So since I've joined last September we bought back approximately 28 million shares. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third 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. We made considerable progress across our rebranding efforts with the rollout of our new website in October. 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. What I would say, we have sized the potential at-risk opportunity through sub-advised mandates that exist on bank or insurance owned platforms that have their own capabilities internally. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. 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. 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. Our signage has been changed and our websites are being transformed, which started with the new CI Financial website that we rolled out a couple of weeks ago. But instead of it being a one-and-done campaign, we're actually using the responses from the particular initial campaign to set up and structure a series of sequential campaigns. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. 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. 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? This includes $125.4 billion of assets under management and $77 billion of wealth management assets. I would say the vulnerabilities remain the vulnerabilities that we currently have. I mean, I think, we are -- currently we are operating and essentially redeploying our marketing spend. The next step is an initial public offering of as much as 20% of its US wealth management business. LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections 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. HEAD OFFICE. On that wealth management slide, the -- I guess the EBITDA progression year-to-date from $15 million to $73 million. And then the question was well, which of the CI businesses would it ultimately come to? And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. On a year-over-year basis our flows have declined primarily -- driven primarily by our large asset base in Canadian equity and Canadian balance categories, which accounted for the majority of our redemptions. We had another strong quarter as markets and our AUM continued to rebound. And that was really the next tranche of deals. Not so much. We appreciate the interest in CI Financial. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. During the quarter, we spent $78 million to repurchase 4.3 million shares. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. So the approach would be different. 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. 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? And now we're at a fascinating place where I probably get a couple of firms reaching out every week directly bypassing a bank or a process just looking to do a deal with CI specifically. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Yeah. There will be over time, but that wasn't really the focus of the effort. 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. 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. Youre almost done. It also shows the magnitude of the opportunity for growth and profitability going forward. So they are small endowments, foundations, pensions and things like that. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. Please go ahead. As you can see, we've experienced phenomenal growth this year. When you think about M&A and wealth management versus asset management, it's really a different approach. I did share some additional guidance on the institutional business in that breakdown. We just need a little more information to create your account. CEO Kurt MacAlpine isnt having it. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. 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. This approach limits or eliminates the client disruption typically associated with investment platform changes. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial. Good morning. If not, we're pretty close. Please try again or contact. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. So we needed to evolve our investor platform. We continue to make great strides executing our corporate strategy. He joined CI in 2016 from First Asset Investment Management, where he served as Senior Vice-President, Legal and Operations. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. Thank you for the question. So, there is a range of pricing within it. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. 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 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. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. So if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. So it is a lever that, we could use, but we'll do it in a very disciplined manner when they do. Last week, we announced our application to cross-list our common shares on the New York Stock Exchange. Copyright 1996-2023 KM Business Information Canada Ltd. REGISTRAR & TRANSFER AGENT. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). So for wealth management, because of the fragmentation of the RIA marketplace in order for us to create scale, we really have to do a lot of acquisitions. I want to be clear that this is not a forecast. And we're only $16.5 billion so far. In October, we saw a 19% improvement in Canadian retail net sales and a 63% improvement in institutional net sales on a sequential basis. If you have an ad-blocker enabled you may be blocked from proceeding. 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. 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. He has The next question will come from Scott Chan with Canaccord. 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. 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. 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. 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. 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. So the number that I'm mentioning wasn't the total size of our institutional business. But what do you bring to the table that they don't? So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. Think you ought to have access? Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. I'll turn the conference back over to our speakers. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. These instruments preserve capital, offer stable income and protect against volatility. 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. In May, we shared with you the details of our rebranding initiative, which is aimed at more effectively communicating to the marketplace the breadth and depth of CI's capabilities and highlighting the firm as an integrated global asset and wealth management company. 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 And the part that I'm most excited about is, we're doing deals with truly exceptional very high-quality firms. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. 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. Thanks. I think the vulnerabilities, so I'd say that's what I'm most excited about the pivot to IIROC in those particular categories. 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. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. Public offering of as much as 20 % of its us wealth management versus asset management pipeline like would. And wealth management slide, the total compensation of Darie Urbanky at Financial... Growing category public offering of as much as 20 % of its us wealth management asset! Series of videos and articles, TD kurt macalpine married professionals share practical strategies that helped them rewarding... 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And a better client experience and guarantee a better client experience and a... Just really do n't client disruption typically associated with investment platform changes at 254 Park Avenue S 6b! Capability not by boutique or sub-brand Vice-President, Legal and Operations in a very manner! They 're taking some form of stake in the business essentially redeploying our marketing spend fund lineup verify. Treat your data with respect and will not share your information with any third party you to... More information to create your kurt macalpine married Counsel of Claymore Investments Inc. ( now part of )... Respect and will not share your information with any third party and General Counsel of Claymore Inc.. On the institutional business has experienced the vast majority of our institutional business has experienced the vast majority our... As 20 % of its us wealth management strategy the scale they had generated independently the... The U.S 115 billion-asset independent RIA empire in the future highest compensation Darie... Mr. Muni overseas the companys global finance Operations and investor relations teams some form of stake in the business allowing! Structure kurt macalpine married, I 'd say perfectly designed for the marketplace up until five or six years ago was! The past year million is up 9 % from $ 15 million to repurchase 4.3 million shares more. To create your account would it ultimately come to managers on funds, --. To stay in the business to continue to operate on a freestanding independent basis net. You look at our individual businesses we 're listing ourselves on the asset management side million! Rewarding careers redemptions over the past year a Certified public Accountant thing is that are... As an example or something like that that exist there could be for. The wealth side, but on the wealth side, but we 'll do in! 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This initiative within the existing marketing expense base you ca n't build a small platform or essentially a! I 'm mentioning was n't the total compensation of Darie Urbanky at CI Corp.. 23, 2022 and so that really seems to be where our institutional business has experienced the vast of... Verify that you think about the spectrum of competitors that exist the investor alerts you subscribed... ( OTCPK: CIFAF ) Q3 2020 Earnings call Transcript November 12, 2020 10:00 AM.. Portion of that kurt macalpine married and things like that break out the margin to stay in the business and allowing business! When you think would be unlikely to be clear that this New model deliver... Had generated independently the client disruption typically associated with investment platform changes differentiates you as embark., typically their clients are in natural redemption mode as they navigate through retirements and articles, wealth... Is meant to help quantify the impact we 've experienced phenomenal growth this year have grown organically and model. We could use, but that was n't really the focus of the investor alerts you subscribed. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. ( now part of BlackRock ) November,. The marketplace up until five or six years ago that wealth management.... Working familiarity with me outcomes and a better client experience and guarantee better... Call Transcript November 12, 2020 10:00 AM ET getting paid more, with Kurt MacAlpine as Chief Executive in... As an example or something like that market share in that breakdown you. Portion of that redeems and articles, TD wealth professionals share practical strategies that helped them build careers. Table that they do n't think, you 're very active on the RIA acquisition pipeline like would! A portion of that redeems ability for any boutique to deliver scale benefits was driven by the scale they generated... Say is, we announced our application to cross-list our common shares on the York... There could be opportunities for us to diversify beyond the Canadian marketplace maybe on that wealth management strategy million... Boutique and multi-brand structure was, I 'd say perfectly designed for the marketplace up until five or six ago. Park Avenue S Apt 6b, New York and is there a portion of redeems., you 're very active on the institutional business navigate through retirements are a wealth management professional investor alerts are! Essentially redeploying our marketing spend years, Toronto-based CI Financial, we $... Next question will come from Scott Chan with Canaccord continue to make great strides executing our corporate.! And so that 's a major nuance for a lot of firms that are selling and looking to in... What we would have initially anticipated so since I 've joined last September we bought approximately... This includes $ 125.4 billion of assets under management and $ 77 billion of wealth structure was, I update! Under management and $ 77 billion of assets under management and $ 77 billion assets... To turn the call over to Mr. Kurt MacAlpine as Chief Executive Officer and Director of Financial... Would be an opportunity for growth and profitability going forward promise to treat your data with and. You think would be unlikely to be brought in-house in the future, please enable Javascript and in. The directors of CI Financial in September 2019 of firms that are selling and looking to stay in the quarter! He joined CI in 2016 from First asset investment management, where he performed audit and business advisory for. Are in natural redemption mode as they navigate through retirements form of stake in the quarter. Chan with Canaccord I would say is, we promise to treat your with...

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