document.write(CurrentYear) Thank you for the question. As for its expansion, it appears CI has no plans to slow down. 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. Okay. 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. Thank you. And so that's been helpful. So I remain very optimistic. The business itself in growing our asset management platform is absolutely a priority for us. 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We rolled out the initial model in March and it has started to build essentially from there. They have a phenomenal focus on serving corporate executives in the oil and gas industry, which creates a very interesting energy corridor opportunity for us partnering with Assante. Youre almost done. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. We are making these changes while protecting the elements of our investment platform that make us unique. 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. But it is something that we're monitoring. So growing and building and improving the business is critically important to our strategy. Earlier this year, Anderson said he planned to retire by mid-2020. Thank you for the question. 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. The next question will come from Gary Ho with Desjardins Capital Market. We just need a little more information to create your account. 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. WebView Kurt MacAlpines professional profile on LinkedIn. Please go ahead. Live from New York, is focused on bringing you the most important global business and breaking markets news and information as it happens. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. And is there a portion of that AUM that you think would be unlikely to be brought in-house in the future? So through our strategic integrated collaborative approach we will naturally work our way to an integrated platform. So I would say part of our institutional business is traditional institutional asset owners essentially and those that don't have capabilities themselves internally. CI Financial Corp.s CIX-T chief executive Kurt MacAlpine saw one of the largest jumps in total compensation, to $10.60-million, up more than 75 per cent from And those are all fine reasons to do it. We don't break out the specific numbers. People want to stay around and operate the businesses on an ongoing basis. 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. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. 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. I think we're ahead of schedule relative to what we would have initially anticipated. In fact, all of the businesses we have acquired this year have grown organically. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. So they are small endowments, foundations, pensions and things like that. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. We had another strong quarter as markets and our AUM continued to rebound. But if you look at what we disclosed last quarter, what we've disclosed this quarter, Aligned was not in last quarter, they are in this quarter, as are a few other businesses. And I think just if you look at not only the number of deals we've done, but the quality of the firms that deals with us, I think, we're really starting to differentiate and stand out as the preferred buyer or partner for these RIAs in the market. Can you quantify how much of that comes from the line to get a sense on the U.S. RIA traction? If youre not a wealth management professional, you can find other great financial content at. 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. It really depends. So, we do pass a lot. Thank you all for the time today. After the speakers remarks, there will be a question-and-answer session. Yes. Is that a priority? Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. Newcom Media Inc. We use cookies to make your website experience better. And why would that be? Hi. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. Just one follow-up. So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. 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 Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). The next question will come from Gary Ho with Desjardin Capital Markets. 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. Why? 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. 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. Did I remember that correctly? 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. 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. NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. We do think that our share price is significantly undervalued. In our Canadian business alone, we have financial advisory relationships with over 300,000 families many of whom have assets in the U.S. today. 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 The other type of opportunity that could exist would be an opportunity for us to diversify beyond the Canadian marketplace. So any M&A that you would see us doing would be in one of those two areas aligned against the three strategic priorities that we had outlined. 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. I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. I believe we're still number one in flows and market share in that very important very fast growing category. And if I take the total of the three segments, am I correct in the $10 billion to $15 billion estimate? 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. We remain focused on controlling costs even as we continue to execute on our strategic priorities. Finally, I will discuss changes that we've made to our investment function. 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. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. You must click the activation link in order to complete your subscription. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. If you rewind to January this isn't even a segment or a market that we were in. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. I think our momentum continues to pick up on a month-by-month basis. The impact is a $58 million increase in our run rate wealth management EBITDA, which translates to $73 million annualized or 387% improvement from 2019. 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. An error has occurred, please try again later. So what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. So that really seems to be where our institutional business has experienced the vast majority of our redemptions over the past year. On the other end of the spectrum you essentially have aggregators or integrator platforms that will do a deal with you but the terms and conditions by which they'll transact with you are that you need to change everything about your platform to fit into their platform. Our content is free but available only to wealth management professionals. CIs total assets have grown to $241 billion (at March 31, 2021) since he joined the company. So it is a lever that, we could use, but we'll do it in a very disciplined manner when they do. Bloomberg Markets Americas. Like what sort of, hit rate do you think you would be able to get looking out over the next year? 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. At WisdomTree, MacAlpine was responsible for all client-facing functions and oversaw most of its international businesses. And I think that's really resonating. 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. To that end, CI is spinning out its RIA business through an IPO that will open up 20% of the division to the public markets. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. 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. Just looking at your leverage just over two times in your current free cash flow run rate, how are you feeling about sustaining this level of RIA acquisitions? Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. The first one is in the segments of advisers that we're selling products to. 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. The next question will come from Scott Chan with Canaccord. And I was just wondering, if you could provide an update or progress on that initiative. 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. We continue to make great strides executing our corporate strategy. Understood. SG&A declined nearly $16 million, or 13% from a year ago, and was flat on a sequential basis despite on-boarding several new businesses. 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. If not, we're pretty close. So when you look at holistically the combination of the pivots we've made on the sales front, the enhancements we've made to the product lineup through the Liquid Alternatives and DoubleLine plus the re-platforming of our investment organization to really make it more modern and integrated. The second thing is that we when you look at our individual businesses we're a $202 billion company. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. 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. Independent basis years, serving in progressively more senior roles in information Technology the future client and... Of advisers kurt macalpine married we when you look at our individual businesses we have Financial advisory relationships over... 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