It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. After the speakers remarks, there will be a question-and-answer session. Now Doug will review the financial results for the quarter. Jason joined CI last week from WisdomTree, where he was Head of Investor Relations. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. So if we're not additive to the process on the client front, we're not interested. I'm incredibly pleased by the progress we've made in growing our wealth management business in such a short period of time, but I'm even more encouraged by how well our differentiated story is resonating in the U.S. marketplace positioning us well for continued future growth. We continue to make great strides executing our corporate strategy. Despite the companys push to acquire RIAs, MacAlpine has expressed frustration with how the investing public largely still perceives CI as an asset manager. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit WebHe has extensive experience in the global asset and wealth management industry, having previously served as Executive Vice-President and Head of Global Distribution for So I remain very optimistic. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. CI And I'm just really excited about how well our differentiated value proposition is resonating compared to other stories that are in the marketplace currently. So I feel fantastic about the progress we've made. 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 So, they may not be growing their businesses, they may be transitioning to more lifestyle practices or transitioning out of the business. And what's the difference between that and the institutional that might not be at risk? in mathematics and physics from Universit de Montral. 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. It's designed to deliver a better experience and ultimately better investment performance. Good morning. Why? So sorry, Tom a little bit long-winded, but we really do kind of sit in the middle of these two kind of more extreme models. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. And I was just wondering, if you could provide an update or progress on that initiative. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as Kurt Macalpine, 62 Lives in Boston, MA. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. U.S. assets under management are reported separately as the revenues earned on those assets are part of an overall fee paid by clients for wealth management and are reported in the wealth segment. I find it fascinating that people like to opine on the purchase prices that CI has paid for a business absent any sort of facts whatsoever, he says. Thank you, Kurt. As you can see, we've experienced phenomenal growth this year. So, I would say Scott, it's still very early days. As Head of Investment Management, Mr. Lewis leads a team of more than 100 investment professionals at CI Global Asset Management and oversees the continued development of the firms integrated global investment platform. Sure. So Graham, in terms of the current run rate, it's hard to predict go-forward acquisitions based upon the current run rate. 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. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. Would those be. If you rewind to January this isn't even a segment or a market that we were in. 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. 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. He was also a member of the CDPQ asset allocation committee. But what do you bring to the table that they don't? In the third quarter U.S. AUM grew 10% to $4.7 billion on net sales of $300 million and market performance. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. We made considerable progress across our rebranding efforts with the rollout of our new website in October. Yeah. 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. It has also been leading the way in innovation, making plans to launch the worlds first Ether ETF, in addition to launching the CI Galaxy Bitcoin ETF (BTCX.B and BTCX.U) in March. I will now provide an update on the progress we've made on some of our strategic initiatives. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. 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. If you experience any issues with this process, please contact us for further assistance. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial. Like what sort of, hit rate do you think you would be able to get looking out over the next year? And we're only $16.5 billion so far. (Podcast). So when we look at opportunities there's two things that have to remain intact for us to be willing to do a deal. 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. I will share more details on the investment platform changes in a few moments. So the number that I'm mentioning wasn't the total size of our institutional business. 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. So think about the spectrum of competitors that exist. And those are all fine reasons to do it. And this is CI's third best quarterly earnings per share number, since converting back to a corporation a decade ago. I'll turn the conference back over to our speakers. 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. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. 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. Or are there pieces that I'm missing in those two numbers? Please complete the form below and click on subscribe for daily newsletters from Wealth Professional. 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. You're around there. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. WebWhat is the salary of Darie Urbanky? Thank you. And how does that landscape look for you? Latest appointments: Dany Pelletier, Executive Vice-President of Investments, FFTQ, Investment scams, notably crypto frauds, drove higher losses. 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. This copy is for your personal, non-commercial use only. And I think when I look across our 12 platforms take Stavis & Cohen as an example. 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. I would now like to turn the call over to Mr. Kurt MacAlpine, CEO of CI Financial. When it comes to alternatives, investors should capitalize with caution, Fraud losses in Canada hit new all-time high, Location matters when it comes to family business tax. CONTACT US. Related to: Kurt Macalpine. 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. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. Kurt, just want to go back to the U.S. RIA acquisitions a little bit. The revenue earned on these assets is recorded in the asset management segment. 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. SG&A in the wealth segment moved up slightly to $30.4 million even though incremental SG&A from RIAs acquired this year was more than $2.9 million in the quarter. HEAD OFFICE. 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. In fact, all of the businesses we have acquired this year have grown organically. 100 University Avenue, Eighth Floor. 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. 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. 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