You will note that our business was aligned by boutique brands with many of the brands offering competing mandates and capabilities. The program is off to a strong start and acquisitions such as Stavis & Cohen with their focus on the energy business and Doyle with their strategic location in Florida will be great additions to this program. But yes, the margins on the institutional business are lower than what we would see on retail. Please go ahead. I think we're ahead of schedule relative to what we would have initially anticipated. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. Yes. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. There will be over time, but that wasn't really the focus of the effort. We retired $26 million of debt, and we paid $39 million in dividends. So, it's not easy to say here's the specific number because, it really depends upon the mandate, the strategy, the platform size and things like that. As President and Chief Operating Officer, Mr. Urbanky is responsible for the operational aspects and resources of CI Global Asset Management, CI Assante Wealth Management and other CI Financial companies. View Reputation Profile. As for its expansion, it appears CI has no plans to slow down. 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. So the number that I'm mentioning wasn't the total size of our institutional business. And I was just wondering, if you could provide an update or progress on that initiative. Is this happening to you frequently? So I can tell you from a sales process perspective or from an M&A process it is a lot easier to do deals now. And the part that I'm most excited about is, we're doing deals with truly exceptional very high-quality firms. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. Oftentimes, firms will initiate transactions for financial reasons, personal liquidity events, to initiate a retirement or something like that. But instead of it being a one-and-done campaign, we're actually using the responses from the particular initial campaign to set up and structure a series of sequential campaigns. At WisdomTree, MacAlpine was responsible for all client-facing functions and oversaw most of its international businesses. 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. Prior to that, he was a sell-side analyst covering asset and wealth managers at Piper Jaffray. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. Now Doug will review the financial results for the quarter. 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. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced And Kurt, I guess going back to I guess the marketing sales process, you talked early on about a machine learning analytics model. I assume this is low margin. So the ability to buy scale and wealth management given where we're focused, doesn't really exist. And then the question was well, which of the CI businesses would it ultimately come to? During the quarter, we spent $78 million to repurchase 4.3 million shares. Wallmine is a radically better financial terminal. The next question will come from Geoff Kwan with RBC Capital Markets. 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. 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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. The velocity of deals that we're able to do is picking up. Good morning, Geoff. Thank you all for the time today. If you experience any issues with this process, please contact us for further assistance. 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. Just one follow-up. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. Last week, we announced our application to cross-list our common shares on the New York Stock Exchange. Thanks and good morning. And the three transactions you announced in the last 10 days, would that be included in that number? We've detected you are on Internet Explorer. You will see that we are now organized by investment capability not by boutique or sub-brand. And this is CI's third best quarterly earnings per share number, since converting back to a corporation a decade ago. Free cash flow was up 12% to $143.9 million from $128.3 million last quarter. 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 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. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. I had a good understanding of their particular businesses, their capabilities, their teams and their growth rate. The next question will come from Gary Ho with Desjardin Capital Markets. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. So that's kind of one extreme end of the spectrum. And I think we're off to a really great start in Liquid Alternatives. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. 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. 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. Two increasingly important categories where we are growing our market share. I think our momentum continues to pick up on a month-by-month basis. And then on the integration of your investment management teams, it sounds like this is more about process and driving fund performance as opposed to surfacing cost synergies. Thank you. 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. I think the biggest opportunity for us is really two-fold. I would say our approach to capital allocation overall has been very dynamic. On one hand you'd see more call it financially oriented buyers that are essentially looking to take equity stakes in individual's businesses and then participating in the ongoing cash flows of those business. This slide provides a snapshot of our new investment management organizations. So, we do pass a lot. 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. 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. 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. Like what sort of, hit rate do you think you would be able to get looking out over the next year? And if you're not like what would be the reasons why you're not completing them? We're essentially redesigning our website to really focusing on different areas. LinkedIn is the worlds largest business network, helping professionals like Kurt MacAlpine discover inside connections As you can see, we've experienced phenomenal growth this year. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. Kurt Macalpine, 62 Lives in Boston, MA. 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. 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. Is that a priority? Good morning, ladies and gentlemen. As a reminder, here is a quick review of our three strategic priorities which are modernizing asset management, expanding wealth management and globalizing our company. Once we started to do deals in this space we started to hit the radar of a lot of the banks that are working with these firms to help them transact. 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. Understood. Despite the companys push to acquire RIAs, MacAlpine has expressed frustration with how the investing public largely still perceives CI as an asset manager. As the President and Chief Operating Officer of CI, the total compensation of Darie Urbanky at CI is CAD$1,225,000. I don't have the exact number in front of me, but you're in the ballpark. So if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. When you think about M&A and wealth management versus asset management, it's really a different approach. It really depends. 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. 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. 100 University Avenue, Eighth Floor. Kurt Macalpine . 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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. Congratulations! So, there is a range of pricing within it. Is that something that is -- well how does that prioritize for you? So by leveraging the best of what they do while integrating, we're going to get the best of all of the platforms we've acquired, as opposed to pushing them on to a platform that already exists. To the extent that, we can use our stock accretively to do these types of transactions, it is something we would consider using as part of the purchase price which would reduce our free cash flow obligations. As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. So growing and building and improving the business is critically important to our strategy. Prior to joining Claymore, Mr. Kelterborn was a lawyer with law firms in Toronto and Bermuda and served as Associate General CounselCorporate at Nortel Networks. 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. 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. To read this article, please provide the information below so we can confirm that you work in the industry. 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. 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. But it is something that we're monitoring. Thanks, Doug. Addresses View Full Report. The next question will come from Graham Ryding with TD Securities. Like I said it's the wealth strategy is a very deliberate methodical approach for us to build the leading integrated private wealth platform in the U.S. Net income and adjusted net income of $130.6 million is up 9% from $120.2 million last quarter. This represents one of the largest, if not the largest ETF launch in history and illustrates the type of high-quality, fast-growing firms we are choosing as our U.S. partners. 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? Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). Just a follow-up is on M&A but outside of the wealth business, can you describe what your appetite is for asset managements M&A or other businesses that you would view as being complementary to your growth strategy? Spend in the asset management segment declined $1.1 million from last quarter even as average AUM increased 5% and is down $16.1 million from one year ago as we continue to streamline asset management operations. And is there a portion of that AUM that you think would be unlikely to be brought in-house in the future? For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. So we have been using the model as a starting point. Under the current model, the Harbour business is part of broader CI Global Asset management benefits from that scale, partnership, access to better resources and things like that. After submitting your request, you will receive an activation email to the requested email address. Can you do this without issuing equity? Thanks. If not, we're pretty close. You can sign up for additional alert options at any time. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. Joining me on today's call is our CFO, Doug Jamieson; and our new Vice President of Investor Relations and Strategy, Jason Weyeneth. 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. On that wealth management slide, the -- I guess the EBITDA progression year-to-date from $15 million to $73 million. In his role as a Partner, he managed global consulting teams working with some of the largest asset and wealth managers in the world on topics related to strategy, distribution, marketing, international expansion, mergers and acquisitions, and product development. CEOs radical remake accompanied by staff exodus, higher debt, Chairman says of employee complaints: I could care less. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. 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. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. This chart outlines new adviser assets that have been on-boarded to our wealth platform over the past three years and compares them to the amount that we've on-boarded so far in 2020. And now we're at a fascinating place where I probably get a couple of firms reaching out every week directly bypassing a bank or a process just looking to do a deal with CI specifically. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. In this series of videos and articles, TD wealth professionals share strategies. Results for the traditional institutional business enter your email address holds a Bachelor of Commerce degree Saint... Exodus, higher debt, and we paid $ 39 million in dividends there will be over time but. 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