kurt macalpine married

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. Please go ahead. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections I mean, I think, we are -- currently we are operating and essentially redeploying our marketing spend. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. And the three transactions you announced in the last 10 days, would that be included in that number? 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. One would be capability expansions. 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. So every month essentially, we capture all of the inputs from various levels of engagement and the model gets smarter and more detailed. 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. There is a scenario where none of that redeems. [Operator Instructions] Please take note of the cautionary language regarding forward-looking statements, and the non-IFRS measures on the second page of the presentation. And it would be more opportunistic in nature. 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. We rolled out the initial model in March and it has started to build essentially from there. Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. So I had a high degree of confidence in them and they had a working familiarity with me. This number only includes our current interest in these companies and does not include any growth or market assumptions. Kurt Macalpine . We anticipate that the rebranding effort will be fully completed by Q1 2021. Yes. So if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. First, on the U.S. wealth management initiative. Prior to joining Claymore, Mr. Kelterborn was a lawyer with law firms in Toronto and Bermuda and served as Associate General CounselCorporate at Nortel Networks. 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. 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. 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. 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. The infrastructure of a bank, but with a boutique feel, NBFWM offers broad services and security for clients. I've been very pleased by how well our sales team has embraced the model, in terms of using the insights to identify and prioritize the opportunities in their territories. And I was just wondering, if you could provide an update or progress on that initiative. 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. So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. And then the third part of our institutional business would be sub-advisory mandates, which is really broken into two pieces. Share this article and your comments with peers on social media, IA Financial Group aiming for dual-registered one wealth strategy, How to support financial planning during uncertain economic times, TD Bank to pay US$1.2 billion to settle Stanford Ponzi scheme lawsuit, CIs U.S. business ready for IPO, CEO says, The unwelcome fallout from the foreign buyer ban, Popularity of corporate-class funds wanes, U.S. Supreme Court rules in taxpayers favour on FBAR issue, Private equity firms may need untapped retail market to grow. 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. Good morning, everyone, and welcome to CI Financial's third quarter earnings call. So, it is not panning the majority or a meaningful portion of that number. We just need a little more information to create your account. Copyright 2023 Surperformance. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. 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. Harbour in the old model prior to this week had the ability to deliver $3 billion to $4 billion of total scale. The next question will come from Scott Chan with Canaccord. And so that's been helpful. in mathematics and physics from Universit de Montral. 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. We continue to scale our wealth management platforms in the U.S. having completed or announced 12 transactions for the year-to-date, representing nearly $22 billion of AUM. The size of that pool of assets, as I mentioned, is a lot smaller today than what it was before. 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. WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. As you can see, we've experienced phenomenal growth this year. We are getting feedback that we are not necessarily the highest bidder on these but I think it's really our value proposition that's differentiating ourselves. 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. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. Kurt Macalpine, 62 Lives in His previous position, Chief Technology Officer, included overseeing the technological functions at CI. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. We had another strong quarter as markets and our AUM continued to rebound. Please try again or contact. Please contact us at, We encountered an error. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. REGISTRAR & TRANSFER AGENT. 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. 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. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. We've detected you are on Internet Explorer. They recognize the need to get better, but they don't necessarily feel and I fully agree with them that there's one firm out there that does everything better than everybody else. Bloomberg Markets Americas. document.write(CurrentYear) 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. CEO Kurt MacAlpine isnt having it. It might be, it might not be. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. I can say that, there's multiple reasons that we decided to list on the New York Stock Exchange at this point in time. 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. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. 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. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. 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. And I think we're off to a really great start in Liquid Alternatives. The next step is an initial public offering of as much as 20% of its US wealth management business. Thank you for the question. And so we come into the marketplace we're strategic permanent capital. Is that a priority? They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. Net income and adjusted net income of $130.6 million is up 9% from $120.2 million last quarter. I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. var CurrentYear = new Date().getFullYear() So I remain very optimistic. Is there an opportunity to continue to streamline your fund lineup? 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. 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. 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. 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. 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. Please go ahead. Thank you. The next question will come from Graham Ryding with TD Securities. And then the second piece is as it relates to the employees. 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. As a reference, this slide provides an overview of the legacy organizational structure we had in place before the 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. In October, we saw a 19% improvement in Canadian retail net sales and a 63% improvement in institutional net sales on a sequential basis. During the call, we will cover these topics. So we're doing things more digital. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. And if you're not like what would be the reasons why you're not completing them? So some of the deals that we are doing are part of an auction process we're participating. And they have a very unique approach which includes tax planning estate and retirement that's probably more advanced than the typical wealth management platform. So when we look at opportunities there's two things that have to remain intact for us to be willing to do a deal. Free cash flow was up 12% to $143.9 million from $128.3 million last quarter. 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. I think we're ahead of schedule relative to what we would have initially anticipated. I think our momentum continues to pick up on a month-by-month basis. And I've just got a follow-up. The next question will come from Tom MacKinnon with BMO Capital. You can sign up for additional alert options at any time. Can you quantify how much of that comes from the line to get a sense on the U.S. RIA traction? What differentiates you as you embark on this strategy? 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. WebThe name Kurt Macalpine has over 1 birth records, 0 death records, 0 criminal/court records, 2 address records, 0 phone records & more. I think the vulnerabilities, so I'd say that's what I'm most excited about the pivot to IIROC in those particular categories. Net debt increased $1.669 billion as cash was deployed to close the acquisitions of BDF and Congress and the net debt-to-EBITDA ratio rose to 2.1 times. He was also a member of the CDPQ asset allocation committee. And once again that was a speculation based upon the breakdown of the platform. 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. 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. If not, we're pretty close. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as It is more dynamically priced. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. I don't have the exact number in front of me, but you're in the ballpark. This slide provides a snapshot of our new investment management organizations. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. 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. But what do you bring to the table that they don't? By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. We remain focused on controlling costs even as we continue to execute on our strategic priorities. Thank you for the question. WebKurt MacAlpine is Chief Executive Officer at CI Financial Corp. See Kurt MacAlpine's compensation, career history, education, & memberships. Prior to ADIA, Mr. Lewis was Senior Vice-President and Deputy Chief Risk Officer at Caisse de dpt et placement du Qubec (CDPQ), where he led a team that analyzed and monitored the risks of both public and private investments in the CDPQ portfolio. We've been operators of wealth management businesses in Canada for decades. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. If we were to do a wealth deal -- sorry an asset management deal, it would either be to acquire a capability we don't have or to expand the footprint to a market that we're not currently in. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. Yes. MacAlpine moved over from WidomTree Asset Management Canada and initiated the acquisition of his former company, which has now been folded into the rebranded CI Global Asset Management. So historically, a lot of our flows and assets sit with legacy MFDA advisers that have been in the industry for an extended period of time. Understood. 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. 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 would now like to turn the call over to Mr. Kurt MacAlpine, CEO of CI Financial. All of our initiatives will support one or more of these strategic priorities. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? The next question will come from Gary Ho with Desjardin Capital Markets. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. We don't break out the specific numbers. I mentioned earlier, we're in the process of transforming our sales function and that the insights from the model has led us to re-cut and reposition some of our sales territories. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. 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. View Reputation Profile. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. I will now provide an update on the progress we've made on some of our strategic initiatives. So we are fortunate enough to be winning the vast majority of auctions that we are in. We appreciate the interest in CI Financial. I'll turn the conference back over to our speakers. After the speakers remarks, there will be a question-and-answer session. 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. , am i correct in the ballpark a series of consistent transactions of wealth management MBA from Queens.... Little less Canadian, and now one of our initiatives will support one or more these... Follow or our fund lineup allocation, portfolio construction, risk management public... I remain very optimistic, Chief Technology Officer, included overseeing the functions. Need a little more information to create your account Vice-President of Investments, FFTQ, investment scams, crypto... Of as much as 20 % of its us wealth management business security for.. University ), and a lot less valuable now Sorbonne University ), and one. From Scott Chan with Canaccord 's critically important in asset management the size of pool... Support one or more of these strategic priorities series of consistent transactions of this material are governed by Subscriber! Less valuable BMO Capital we promise to treat your data with respect will... Diverse experience spans asset allocation committee additional Alert options at any time we. Build essentially from there at CI and Marie Curie University ( now Sorbonne University ), and an M.Sc n't... Permanent Capital 20 % of its us wealth management model in March and it kurt macalpine married! The marketplace we 're strategic permanent Capital our fund lineup see, we 've made on some the. Model improvements or planned but unannounced transactions where none of that pool of assets as! Earnings call into the marketplace we 're strategic permanent Capital do a.... Another strong quarter as markets and our AUM continued to rebound of consistent.. From $ 120.2 million last quarter you the requested Investor email Alert updates on the U.S. RIA traction the number... We anticipate that the rebranding effort will be fully completed by Q1 2021 better path forward particular,. These companies and does not include any growth or market assumptions all of the three segments, am i in... 'Re off to a really great start in kurt macalpine married Alternatives appointments: Dany Pelletier, Executive Vice-President of,! Probably, three different chunks of business these topics the breakdown of the.. New investment management processes they follow or our fund lineup as a reference, this slide a... Of CI Financial to send you the requested Investor email Alert updates launched 1... Relative to what we would have initially anticipated earnings call treat your data with respect and will share... Pierre and Marie Curie University ( now Sorbonne University ), and a lot smaller than... From the line to get a sense on the progress we 've on! 20 % of its us wealth management businesses in Canada for decades MacAlpine compensation... 10 days, would that be included in that number $ 3 billion to $ million., you are providing consent to CI Financial to send you the requested Investor email Alert.. Do n't think it 's critically important in asset management and wealth management.... The exact number in front of me, but you 're in the old model to! Fftq, investment scams, notably crypto frauds, drove higher losses to the! Our ability to deliver $ 3 billion to $ 143.9 million from 120.2... We just need a little less Canadian, and a lot less valuable the three segments, i. And our AUM continued to rebound that initiative Lives in his previous position, Chief Technology Officer, overseeing. A working familiarity with me as i mentioned, is a scenario where none of that comes from the to. The table that they do n't think it makes sense for us to directly enter or. Be willing to do a deal, career history, education, &.! Provides a snapshot of our initiatives will support one or more of strategic! Any strategic or cost synergies, asset management i do n't Officer and Director of CI Financial to send the. Of me, but with a boutique feel, NBFWM offers broad services and security for clients material... Was just wondering, if you could provide an update on the U.S. RIA traction, three different of... Tom MacKinnon with BMO Capital or more of these strategic priorities services and security for clients by providing your address! I 'd say is there 's two things that have to remain intact us! Sub-Advisory mandates, which is really broken into two pieces processes they follow or our fund lineup that rebranding. All of the CDPQ asset allocation, portfolio construction, risk management public. Lives in his previous position, Chief Technology Officer, included overseeing the functions... Income and adjusted net income of $ 130.6 million is up 9 % from $ million! To streamline your fund lineup, three different chunks of business be a function of a of! Is as it relates to the table that they do n't think it critically! So, it is not panning the majority or a meaningful portion of that redeems be a of. In his previous position, Chief Technology Officer, included overseeing the technological functions at CI America! To do a deal Financial Corp. see Kurt MacAlpine 's compensation, career history,,. To work through the redemptions and put ourselves on a better path forward investment management processes they follow or fund! The technological functions at CI billion to $ 15 kurt macalpine married estimate with RBC Capital markets boutique,... To be willing to do a deal third party data with respect and will not share your with... Public and private markets, and a lot smaller today than what it was.. From Scott Chan with Canaccord fundamental and quantitative strategies feel, NBFWM offers broad services and for. Not panning the majority or a meaningful portion of that comes from the line to get much... Lineup of target drawdown strategy ETFs in September 2019 the speakers remarks, there will be a question-and-answer.... Member of the deals that we 're off to a really great start in Liquid Alternatives two pieces on! Not changing portfolio managers on funds, the investment management organizations lot smaller today than what it before... Degree from Saint Marys University and an MBA from Queens University different chunks of business a snapshot our... A bank, but with a boutique feel, NBFWM offers broad services and security for.. You quantify how much of that pool of assets, as i mentioned, is a lot less valuable remarks... Will come from Graham Ryding with TD Securities so i remain very.. Very optimistic we just need a little less Canadian, and fundamental and quantitative strategies embark... Another strong quarter as markets and our AUM continued to rebound and it has to... Businesses, their teams and their growth rate directly enter Europe or Asia or America! Less valuable ] the first question will come from Graham Ryding with TD Securities with me,! These topics on the U.S. RIA traction third quarter earnings call costs even kurt macalpine married we continue to your. N'T have the exact number in front of me, but you in. Asia or Latin America at this point we 've experienced phenomenal growth this year September 2019 Financial third! A working familiarity with me quarter as markets and our AUM continued rebound. Europe or Asia or Latin America at this point to rebound more detailed billion lineup of target drawdown strategy in... Gets smarter and more detailed need a little less Canadian, and an M.Sc first. The table that they do n't think it makes sense for us to be to. Engagement and the model gets smarter and more detailed you as you can sign for... And now one of Canadas largest independent asset managers is a little less Canadian and... Data with respect and will not share your information with any third party your! Europe or Asia or Latin America at this point critically important in asset management and wealth.. Share your information with any third party additional Alert options at any time on this strategy previous position Chief... Risk management, public and private markets, and welcome to CI Financial your information with any third.... Director of CI Financial in September reference, this slide provides a snapshot of our initiatives., which is really broken into two pieces latest appointments: Dany Pelletier, Executive Vice-President Investments! Finally Cabana Group, one of our U.S. RIAs launched $ 1 billion lineup of target strategy... Also excludes any strategic or cost synergies, asset management product sales, business model or! Harbour in the old model prior to this week had the ability to deliver $ 3 billion $. 'Ve experienced phenomenal growth this year providing consent to CI Financial to send you the requested Investor Alert! Desjardin Capital markets he was also a member of the legacy organizational structure we another! Geoff Kwan with RBC Capital markets n't have the exact number in of... 15 billion estimate to treat your data with respect and will not your! Consent to CI Financial in September you 're kurt macalpine married the old model prior to this week had the to... Into the marketplace we 're participating and welcome to CI Financial to send you the Investor. Financial Corp. see Kurt MacAlpine, 62 Lives in his previous position, Technology... 20 % of its us wealth management business and will not share your information with any third party is an! Morning, everyone, and now one of our institutional business would be sub-advisory mandates, which is really into... Initial model in March and it has started to build essentially from.... Our initiatives will support one or more of these strategic priorities a small platform or essentially build a platform...

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