And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. var CurrentYear = new Date().getFullYear() If you rewind to January this isn't even a segment or a market that we were in. If you fast forward to today just looking at the deals, we've done over the past six or seven months, we believe we have the fastest-growing RIA platform ever. We have verified that you are eligible to read Barrons Advisor content for free. 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. Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as 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. I mean, if a considerable improvements on a year-over-year basis, right. 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. It's designed to deliver a better experience and ultimately better investment performance. Is that something that is -- well how does that prioritize for you? 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. Please go ahead. Please go ahead. (Podcast). Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. 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. And is there a portion of that AUM that you think would be unlikely to be brought in-house in the future? Is that a priority? There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. Thank you for the question. It does. 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. 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 if the opportunity presents itself, it's financially attractive accretive and a great opportunity to diversify and transform the business we'll look. He was also a member of the CDPQ asset allocation committee. 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. Yes. 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? 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. Please go ahead. And the three transactions you announced in the last 10 days, would that be included in that number? 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. We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. WebView Kurt MacAlpines professional profile on LinkedIn. I would now like to turn the call over to Mr. Kurt MacAlpine, CEO of CI Financial. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. 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. So it depends, Gary on when you're having a conversation. December 23, 2022 The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. I would say the vulnerabilities remain the vulnerabilities that we currently have. Please contact us at, We encountered an error. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. 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. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ETCompany ParticipantsKurt MacAlpine - Chief Executive 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 will share more details on the investment platform changes in a few moments. On a year-over-year basis our flows have declined primarily -- driven primarily by our large asset base in Canadian equity and Canadian balance categories, which accounted for the majority of our redemptions. As a large and independent firm with global reach, CI is well positioned to take advantage of the many opportunities in asset and wealth management. 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. What differentiates you as you embark on this strategy? If not, we're pretty close. I think we're ahead of schedule relative to what we would have initially anticipated. It is a profitable business on a stand-alone basis. I will now provide an update on the progress we've made on some of our strategic initiatives. It really depends. We reported total assets of $202.4 billion, up 4% from September and another all-time high for CI. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. I believe we're still number one in flows and market share in that very important very fast growing category. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. 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. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. The next question will come from Geoff Kwan with RBC Capital Markets. 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. The company acquired 13 registered investment advisors in the US in 2020, along with Canadian advisor network Aligned Capital Partners. The other type of opportunity that could exist would be an opportunity for us to diversify beyond the Canadian marketplace. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced the appointment of Kurt MacAlpine as Chief Executive Officer and a Director of the corporation, effective September 1, 2019. And I think that's really resonating. And then over the subsequent months, just as the markets have improved and as the M&A market, and our story has continued to resonate, we've leaned in a little bit more to acquisitions. So take Harbour as an example. 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