For every deal that weve done, we felt that we paid a fair price thats reflective of the quality of the platform that were acquiring, he added. Is that a priority? It might be, it might not be. But the major nuance is that it'll be done by the leaders of the business as opposed to done to the leaders of the business by CI. So if I go back to the same slide last quarter where you had the $40 million EBITDA lift so am I wrong to think that's the EBITDA contribution related to that $400 million acquisitions? And we're operating a very differentiated value proposition which is the goal is to build the leading integrated platform in the U.S., but instead of just focusing on the financial element or pursuing a full integration, we are working with our partners to collectively build that platform. As everyone knows M&A in and of itself is quite lumpy. The next question will come from Graham Ryding with TD Securities. 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. Okay, great. Our marketing expense to date, we've essentially been self-funding this initiative within the existing marketing expense base. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. 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. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. So take Harbour as an example. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. But yes, the margins on the institutional business are lower than what we would see on retail. Sure. We are making these changes while protecting the elements of our investment platform that make us unique. But what do you bring to the table that they don't? 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. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive During the call, we will cover these topics. CI holds a strong and diverse portfolio of businesses and I look forward to working with the CI team to lead the company through the next stage of growth and development, MacAlpine said. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. So, the three transactions, plus Bowling which we announced earlier in the quarter, so it would be the combination of those four plus Aligned. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. At WisdomTree, MacAlpine was responsible for all client-facing functions and oversaw most of its international businesses. During the quarter, we spent $78 million to repurchase 4.3 million shares. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. Please go ahead. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. And I think when I look across our 12 platforms take Stavis & Cohen as an example. MacAlpine takes over from Peter Anderson on Sept. 1. And so we come into the marketplace we're strategic permanent capital. Good morning, ladies and gentlemen. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. I believe we're still number one in flows and market share in that very important very fast growing category. Kurt MacAlpine has been on an eye-opening run of RIA deals -- $16 billion in managed assets-- in less than ten months, but some industry watchers say he's flying too high in an overvalued market. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. First, on the U.S. wealth management initiative. It does. 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. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. And there is a few firms that fit this mold and may be called serial aggregators or something like that. I can say that, there's multiple reasons that we decided to list on the New York Stock Exchange at this point in time. So, we do pass a lot. In the process, its drawn the ire of rivals who say CI has overpaid to take elite firms off the market. All of our corporate logos have been updated to the new ones shown on this page. And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. 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. CI's gross debt finished the quarter at $1.96 billion and a reported debt-to-EBITDA ratio of 2.4 times as EBITDA rebounded 10% in the third quarter to $204.6 million from $186.6 million last quarter. December 23, 2022 All lines are in a listen-only mode. After closing the transactions, we've announced over the past few days, we will have added $31.2 billion in new assets to our platform so far this year with two months left to go. Thanks very much. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. 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. And so that's been helpful. Like what sort of, hit rate do you think you would be able to get looking out over the next year? After submitting your request, you will receive an activation email to the requested email address. After submitting your request, you will receive an activation email to the requested email address. 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. 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. 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. Hi. Current Address: 254 Park Avenue S Apt 6b, New York, NY 10010 Has Lived In: 101 Canal Street Apt 512, Boston, MA 02114. 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. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. CI As a reference, this slide provides an overview of the legacy organizational structure we had in place before the changes. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. 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. And that's really important to us because these are people businesses and the ultimate goal of them is to deliver great investment and planning outcomes for clients. He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. I will now provide an update on the progress we've made on some of our strategic initiatives. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. When you think about M&A and wealth management versus asset management, it's really a different approach. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. Is that something that is -- well how does that prioritize for you? CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. 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