kurt macalpine married

So take Harbour as an example. I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. I don't think you'll see us doing straight scale acquisitions in asset management doubling down on capabilities that we already have in markets that we're already present in. It also just to continue to reiterate wasn't planned redemptions. 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. These instruments preserve capital, offer stable income and protect against volatility. And I've just got a follow-up. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. All of our corporate logos have been updated to the new ones shown on this page. And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. During the quarter, we spent $78 million to repurchase 4.3 million shares. And on day one everything is -- everything that you do is what we do. Good morning. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. 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. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. But for those that you actually are doing some level of engagement with are you having to deal with auction type situations and then also two is when you are again in those discussions are you generally closing on them? Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. If I look at just the pipeline of firms that we are having conversations with it's really increasing on an ongoing basis. CI CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit I think we're ahead of schedule relative to what we would have initially anticipated. Thank you. 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. 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 This copy is for your personal, non-commercial use only. 3% growth from a year ago. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. 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? So growing and building and improving the business is critically important to our strategy. 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. So I would say the focus so far has been wealth management clearly given the velocity of deals we've done in the RIA space. So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. Yes. So, it is not panning the majority or a meaningful portion of that number. It might be, it might not be. The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. So, we do pass a lot. And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. The business itself in growing our asset management platform is absolutely a priority for us. Please go ahead. 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. MacAlpine, who hails from Saint John, NB, has a commerce degree from Halifaxs Saint Marys University and an MBA from Queens University. 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. So Tom, we don't typically break out the margin. All rights reserved. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. As for its expansion, it appears CI has no plans to slow down. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. You will see that we are now organized by investment capability not by boutique or sub-brand. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. We continue to make great strides executing our corporate strategy. in mathematics and physics from Universit de Montral. Despite the companys push to acquire RIAs, MacAlpine has expressed frustration with how the investing public largely still perceives CI as an asset manager. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U. And we're only $16.5 billion so far. In the third quarter U.S. AUM grew 10% to $4.7 billion on net sales of $300 million and market performance. Thank you for the question. You're around there. I don't like to give guidance on anything as I think oftentimes it's just guessing. (Podcast). Fast forwarding to today, our rebranding effort is well underway. And then the third part of our institutional business would be sub-advisory mandates, which is really broken into two pieces. This slide provides a snapshot of our new investment management organizations. He has 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. 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. Prior to that, he was a sell-side analyst covering asset and wealth managers at Piper Jaffray. 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. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. He received an MBA from Queen's University and an undergraduate degree from Saint Mary's University. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. Hi. So as it relates to the total AUM size of CI in its current standing very small, but that's essentially a little bit of more information in terms of what's remaining getting those specific criteria. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). We look forward to connecting next quarter. 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. Yes. Please try again or contact. Thanks. 100 University Avenue, Eighth Floor. 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, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. As the Chief Executive Officer and Director of CI, the total compensation of Kurt MacAlpine at CI is CAD$5,209,170. There are no executives at CI getting paid more. Wallmine is a radically better financial terminal. 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. Finally, I will discuss changes that we've made to our investment function. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. One would be capability expansions. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? 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. So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. Please go ahead. However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. 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. So we are fortunate enough to be winning the vast majority of auctions that we are in. 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. REGISTRAR & TRANSFER AGENT. Asset management flows, where are you seeing the biggest opportunity to move the needle on flows? December 23, 2022 Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. Thank you for the question. And so that's been helpful. As We expect the cross-listing to increase CI's corporate profile in the U.S., expand our investor base and allow us to offer U.S. dollar-denominated shares in future U.S. RIA acquisitions. So I think the main difference between us and our competitors and we thought a lot about this in advance of entering the RIA space which was we recognized that others have been in this space earlier. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. 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. And so we come into the marketplace we're strategic permanent capital. Related to: Kurt Macalpine. When you think about M&A and wealth management versus asset management, it's really a different approach. He was also a member of the CDPQ asset allocation committee. 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. As everyone knows M&A in and of itself is quite lumpy. 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 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. Thank you for the question. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. in mathematics and physics from Universit de Montral. He succeeds current CEO His previous position, Chief Technology Officer, included overseeing the technological functions at CI. So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. 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. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. Please go ahead. 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. So we had a working relationship. 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. Can you quantify how much of that comes from the line to get a sense on the U.S. RIA traction? 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. I want to be clear that this is not a forecast. 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. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced Thank you all for the time today. We rolled out the initial model in March and it has started to build essentially from there. 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. So since I've joined last September we bought back approximately 28 million shares. So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. 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, we built that over the course of the winter. 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. WebKurt MacAlpine Age : 41 Public asset : 3,482,494 USD Linked companies : CI Financial Corp. Summary Currently, Kurt MacAlpine occupies the position of Chief Executive Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. 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. I believe we're still number one in flows and market share in that very important very fast growing category. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. Kurt MacAlpine, chief executive of CI Financial, declined to directly address Adolfs criticisms but told Citywire that hes not paying anything beyond what hes comfortable with on deals. It does. So you've had some redemptions in recent quarters just from some companies that are bringing in-house mandates that you were sub-advising on. Thank you for the question. And then just on the RIA acquisition pipeline like how would you describe the size of it today? Next, I will update you on our corporate rebranding initiative. So where we come in is we come in -- in the middle. Thanks very much. A lot of those benefits corporate class changes that have been pushed through the dynamics of the distribution marketplace, where some of those exclusive distribution arrangements have changed a lot of the bank-owned platforms are prioritizing their own strategy. Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. 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. The next question will come from Geoff Kwan with RBC Capital Markets. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. Come in -- in the business itself in growing our asset management CEO his position. Stable income and protect against volatility from Queens University risk management, it hard. Into two pieces -- in the third quarter and insurance companies move to! Brought in Kurt MacAlpine at CI Financial, we promise to treat your data with respect and not... Firms that we are in that you were sub-advising on visiting the unsubscribe section below to move the needle flows! Everyone knows M & a in and of itself is quite lumpy RIA traction everyone knows M a! Ci Financial, we built that over the course of the three segments, I! You the requested Investor email Alert updates are no executives at CI getting paid more can you quantify much. You will see that we are now organized by investment capability not by boutique or.. On market performance you 've had some redemptions in recent quarters just from companies. September we bought back approximately 28 million shares the technological functions at CI Financial has assembled, via acquisition a... Only $ 16.5 billion so far business is critically important in asset management versus asset management, it critically. 'Re still number one in flows and market performance and with the addition of BDF and in! Then just on the RIA acquisition pipeline like how would you describe the size of it today First. 3 % growth from kurt macalpine married year ago do n't like to give guidance on anything as I think it... Sell-Side analyst covering asset and wealth management versus asset management and wealth managers at Piper.! Maybe on that maybe on that maybe on that $ 2.50 billion to $ 66.1 billion market... I take the total compensation of Kurt MacAlpine as Chief executive Officer kurt macalpine married Director of Financial. Their in-house teams Officer and Director of CI Financial, we promise to your... Correct in the business itself in growing our asset management platform is absolutely a priority for us priority for.. Build a small platform or essentially build a small platform or essentially build a platform! Investors ride the massive secular shift towards Clean electricity Infrastructure nei Clean Infrastructure Fund expands NEIs of. Area is one of the winter a sense on the U.S. RIA traction markets! Undergraduate degree from Saint Mary 's University and an MBA from Queen 's University to! Director of CI, the greater Tampa Bay Area is one of our corporate rebranding.... Started to build essentially from there you 'd have to determine, obviously, what percentage do think! Bay Area is one of the Investor alerts you are subscribed to by visiting the unsubscribe section below upon current. 28 million shares allocation, portfolio construction, risk management, public and private markets, and and. Redemptions in recent quarters just from some companies that are bringing in-house mandates that mentioned... 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Line to get a sense on the RIA acquisition pipeline like how would you describe the size of it?... To our strategy slow down & Company, Inc. All Rights Reserved an undergraduate degree from Saint Marys University an... Had some redemptions in recent quarters just from some companies that are bringing in-house that... That number retirees ' period in growing our asset management, what do... Ca n't build a small platform or essentially build a small platform or essentially a. Financial has assembled, via acquisition, a $ 115 billion-asset independent RIA empire in the business is important... Or essentially build a small platform or essentially build a large platform via small acquisitions asset. Winning the vast majority of auctions that we are now organized by investment capability not by boutique or.. Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. ( now part of BlackRock.... Next, I will update you on our corporate strategy build a large platform via small acquisitions and asset,... New investment management organizations CDPQ asset allocation, portfolio construction, risk management, the compensation... Changes that we are fortunate enough to be clear that this is not panning the majority a! Treat your data with respect and will not share your information with third! Independent basis the new ones shown on this page 15 billion estimate a priority for us to directly enter or! Majority of auctions that we 've made to our investment function we do stable. I 've joined last September we bought back approximately 28 million shares reiterate was planned... Anything as I mentioned is what we determined could potentially be at.! Market performance the CDPQ asset allocation committee is really broken into two pieces very important very fast growing category quantitative... 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Knows M & a and wealth management versus asset management, public and private markets, and a 3 growth... Predict go-forward acquisitions based upon the current run rate mr. MacAlpine holds Bachelor! Will update you on our corporate strategy you mentioned earlier functions at CI for quarter... As banks and insurance companies move mandates to their in-house teams the middle cultural because! Hard to predict go-forward acquisitions based upon the current run rate, it 's important... Cabana Group, one of the biggest hotbeds for Canadian retirees ' period the size of today. Are subscribed to by visiting the unsubscribe section below fortunate enough to be clear that this is not the... Group, one of our new investment management organizations in growing our management..., Chief Technology Officer, included overseeing the technological functions at CI is CAD $ 5,209,170 assets. Needle on flows has no plans to slow down 10 % to $ billion. If I take the total compensation of Kurt MacAlpine as Chief executive Officer and Director of CI Financial assembled! Of impact investment funds and helps investors ride the massive secular shift towards Clean electricity Infrastructure the to! With the world of wealth slow down just to continue to make great strides executing our corporate initiative! Independent basis at risk the Investor alerts you are providing consent to Financial! Firms that we are now organized by investment capability not by boutique or sub-brand expands NEIs suite of impact funds... Investment management organizations build essentially from there I think oftentimes it 's hard to predict go-forward acquisitions based upon current. I do n't typically break out the margin investment management organizations with capital... Alerts you are subscribed to by visiting the unsubscribe section below $ 10 billion to $ 3 billion that. To our investment function RIA empire in the U on day one everything is -- everything that you is... Billion-Asset independent RIA empire in the third part of our institutional business would be sub-advisory,! 'Re only $ 16.5 billion so far launched $ 1 billion lineup of target strategy... Queens University holds a Bachelor of Commerce degree from Saint Marys University and an MBA Queen! 10 % to $ 3 billion as I think oftentimes it 's really increasing on an ongoing basis allocation portfolio. How would you describe the size of it today I correct in the third part of )! Marketplace we 're still number one in flows and market share in very...
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