The $2.5 billion to $3 billion as I mentioned is what we determined could potentially be at risk. In the third quarter U.S. AUM grew 10% to $4.7 billion on net sales of $300 million and market performance. At WisdomTree, MacAlpine was responsible for all client-facing functions and oversaw most of its international businesses. 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. 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. Harbour in the old model prior to this week had the ability to deliver $3 billion to $4 billion of total scale. Prior to WisdomTree, Mr. Muni served as Chief Accounting Officer of International Securities Exchange Holdings, Inc (ISE), one of the worlds leading electronic options exchanges, where he lead ISEs successful public offering in 2005. 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? I think that includes the cash consideration and the contingent payment. Yes. This approach limits or eliminates the client disruption typically associated with investment platform changes. Thanks. 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. We don't break out the specific numbers. I feel very good about the changes we've made in the Canadian marketplace, absent a couple of specialized capabilities that we're in good shape and have a good platform for go forward growth. So if we're not additive to the process on the client front, we're not interested. We are making these changes while protecting the elements of our investment platform that make us unique. 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. Prior to joining WisdomTree in July 2015, Mr. MacAlpine was a Partner at McKinsey, a global management consulting firm, based in its New York office. One would be capability expansions. https://www.barrons.com/advisor/articles/ci-financials-kurt-macalpine-were-just-getting-started-51641580578. So the number that I'm mentioning wasn't the total size of our institutional business. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. So they are small endowments, foundations, pensions and things like that. On that wealth management slide, the -- I guess the EBITDA progression year-to-date from $15 million to $73 million. Sure. In late August, we rolled out our cross-border wealth management partnership program where our advisers in Canada and the U.S. are working together to holistically service clients north and south of the border. Kurt Macalpine, 62 Lives in Boston, MA. Youre almost done. Sure. You will see that we are now organized by investment capability not by boutique or sub-brand. If you have an ad-blocker enabled you may be blocked from proceeding. So while we have experienced a couple of lumpy quarters of redemptions, virtually all of those have come from bank and insurance-owned platforms that are moving those assets in-house, specifically to an in-house team doing essentially the same thing. I will share more details on the investment platform changes in a few moments. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. Obviously, you're very active on the wealth side, but on the asset management side. 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. First, on the U.S. wealth management initiative. 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. And we want to make sure that the individuals are excited about joining our platform, share our collective vision for creating something integrated differentiated unique and really working ourselves towards the path of being the most integrated platform out there. Please go ahead. So our ability to get to much larger asset levels will be a function of a series of consistent transactions. They want to benefit from an integrated platform. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. And where do you see the process perhaps being a longer effort to turn the ship around? So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. WebView Kurt MacAlpines professional profile on LinkedIn. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive 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? As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. 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 you are right, through the legacy model we had, we naturally have a lot of overlapping and redundant capabilities which over time might clear themselves up, but that wasn't the reason we initiated this process, and it hasn't been a focus for us so far. 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. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. 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. 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. It also excludes any strategic or cost synergies, asset management product sales, business model improvements or planned but unannounced transactions. Kurt MacAlpine Thank you, Amit. Wallmine is a radically better financial terminal. Thank you. Prior to that, he was a sell-side analyst covering asset and wealth managers at Piper Jaffray. 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. So Tom, we don't typically break out the margin. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. I would now like to open up the call for questions. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. We are in the early stages of the strategic transformation of our sales function and our investment platform and we are confident that these actions will lead to better flows. That is helpful. So think about the spectrum of competitors that exist. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. 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. If youre not a wealth management professional, you can find other great financial content at. 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. People want to stay around and operate the businesses on an ongoing basis. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. Thanks very much. 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. 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. 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. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. I don't like to give guidance on anything as I think oftentimes it's just guessing. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. In the process, its drawn the ire of rivals who say CI has overpaid to take elite firms off the market. 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. CIs total assets have grown to $241 billion (at March 31, 2021) since he joined the company. We had another strong quarter as markets and our AUM continued to rebound. 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. 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