So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. Think you ought to have access? And we're operating a very differentiated value proposition which is the goal is to build the leading integrated platform in the U.S., but instead of just focusing on the financial element or pursuing a full integration, we are working with our partners to collectively build that platform. 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. This copy is for your personal, non-commercial use only. 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. This copy is for your personal, non-commercial use only. The next question will come from Geoff Kwan with RBC Capital Markets. CI's gross debt finished the quarter at $1.96 billion and a reported debt-to-EBITDA ratio of 2.4 times as EBITDA rebounded 10% in the third quarter to $204.6 million from $186.6 million last quarter. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. Our investment professionals have full conviction that this new model will deliver better outcomes and a better experience for our clients. And so that's been helpful. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. 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. 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. Youre almost done. If youre not a wealth management professional, you can find other great financial content at. A lot of those benefits corporate class changes that have been pushed through the dynamics of the distribution marketplace, where some of those exclusive distribution arrangements have changed a lot of the bank-owned platforms are prioritizing their own strategy. (Podcast). Finally Cabana Group, one of our U.S. RIAs launched $1 billion lineup of target drawdown strategy ETFs in September. 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. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U. So when we look at opportunities there's two things that have to remain intact for us to be willing to do a deal. 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. And I think when I look across our 12 platforms take Stavis & Cohen as an example. So it depends, Gary on when you're having a conversation. 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. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. Thank you, Kurt. Hi. Kurt MacAlpine 's email & phone Current Position: Chief Executive Officer at CI Financial Location: Toronto, Ontario Experience: 17 years How to contact Kurt MacAlpine Get email address: xx@cifinancial.com Phone number: +1-xxx-xxx-5429 Last updated: 2021-04-29 Social media: Sign Up to Get Free Contacts Use a Browser 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? Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. I would say our approach to capital allocation overall has been very dynamic. I know it sounds like a minor distinction, but that is very different from us, doing an acquisition and saying, we're going to buy your business. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. So what I would say is, we're listing ourselves on the New York Stock Exchange effective next week. Okay. Please go ahead. 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. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit And why would that be? 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. Maybe you can just share with us, what the margins would be on that business. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. So, we built that over the course of the winter. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. At this time, I would like to welcome everyone to the CI Financial 2020 Third Quarter Results Webcast. When you think about M&A and wealth management versus asset management, it's really a different approach. In this series of videos and articles, TD Wealth professionals share practical strategies that helped them build rewarding careers. Not so much. 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. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. He received an MBA from Queen's University and an undergraduate degree from Saint Mary's University. 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. In May, we shared with you the details of our rebranding initiative, which is aimed at more effectively communicating to the marketplace the breadth and depth of CI's capabilities and highlighting the firm as an integrated global asset and wealth management company. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Prior to joining First Asset, Mr. Kelterborn was Vice-President and General Counsel of Claymore Investments Inc. (now part of BlackRock). The next step is an initial public offering of as much as 20% of its US wealth management business. 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. One of the I guess, call it more minor reasons based upon interest from RIAs is the ability to take stock as part of the transaction. We had another strong quarter as markets and our AUM continued to rebound. Our content is free but available only to wealth management professionals. However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. HEAD OFFICE. The velocity of deals that we're able to do is picking up. Mr. Lewis has over 20 years of global investing experience and has held senior leadership positions at several organizations, including two of the worlds largest institutional investors. Computershare Investor Services. Okay. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. And the part that I'm most excited about is, we're doing deals with truly exceptional very high-quality firms. Because every -- the one thing is we see a lot of businesses as you could imagine given the number of transactions we've done, every single firm that we come across, I guarantee does something better than every other firm. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. In the process, its drawn the ire We are confident that meaningful synergy opportunities exist, but we prefer not to give guidance. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. Can you quantify how much of that comes from the line to get a sense on the U.S. RIA traction? We look forward to connecting next quarter. So you're right, it's not a cost-cutting effort. All of our corporate logos have been updated to the new ones shown on this page. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. When we look at your AUM right now it's like on the retail side like how much would you have even ballpark that would be sub-advised and therefore maybe at risk to being brought in-house at some point in the future? Financial industry executive Kurt MacAlpine will become the new CEO of independent asset management giant CI Financial Corp. MacAlpine, who takes over as 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. But it is something that we're monitoring. 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. 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. 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. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced On the sales front, although the company continues to be in redemptions, we generated strong gross sales results, which increased 23% from a year ago and 8% sequentially. 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. If I look at just the pipeline of firms that we are having conversations with it's really increasing on an ongoing basis. For every deal that weve done, we felt that we paid a fair price thats reflective of the quality of the platform that were acquiring, he added. The next question will come from Gary Ho with Desjardin Capital Markets. Core average assets under management, which represent the assets managed by CI in Canada, and GSFM in Australia were up 5% in the quarter to $126.4 billion. So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. Just maybe one last one if I could. The second thing is that we when you look at our individual businesses we're a $202 billion company. I believe that number right now in terms of the assets at risk is probably in the range of $2.50 billion to $3 billion total. 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. 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. Thanks. There will be over time, but that wasn't really the focus of the effort. We do think that our share price is significantly undervalued. 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? WebCI Financials Strategic Priorities Update from CEO Kurt MacAlpine November 2019. Is this happening to you frequently? 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. We are not changing portfolio managers on funds, the investment management processes they follow or our fund lineup. I don't have the exact number in front of me, but you're in the ballpark. Thank you. Understood. 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. The ability for any boutique to deliver scale benefits was driven by the scale they had generated independently. Yes. Fast forwarding to today, our rebranding effort is well underway. So we're doing things more digital. I also wanted to provide some additional information on our run rate wealth management profitability after the deals we've announced recently had closed. The size of that pool of assets, as I mentioned, is a lot smaller today than what it was before. 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. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. in theoretical physics and a B.Sc. The next question will come from Scott Chan with Canaccord. We've been operators of wealth management businesses in Canada for decades. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. Please disable your ad-blocker and refresh. It's a tough one to predict. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. They got it, and now one of Canadas largest independent asset managers is a little less Canadian, and a lot less valuable. 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. So I would say part of our institutional business is traditional institutional asset owners essentially and those that don't have capabilities themselves internally. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. In the process, its drawn the ire of rivals who say CI has overpaid to take elite firms off the market. 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. 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 addition to inorganic growth, the companies we've acquired are also experiencing strong organic growth. As you can see, we've experienced phenomenal growth this year. Thank you. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. So I would say the focus so far has been wealth management clearly given the velocity of deals we've done in the RIA space. So, it is not panning the majority or a meaningful portion of that number. Thanks and good morning. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. Next, I will update you on our corporate rebranding initiative. Did I remember that correctly? Just one follow-up. NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. And this is CI's third best quarterly earnings per share number, since converting back to a corporation a decade ago. If we did do it, it would be in the U.S. marketplace. I would now like to turn the call over to Mr. Kurt MacAlpine, CEO of CI Financial. 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