He was a member of the companys global executive management committee and sat on the boards of several of its international entities and AdvisorEngine, a digital wealth platform. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. When you think about asset management acquisitions, there's probably two types of acquisitions that would potentially make sense for CI. In fact, all of the businesses we have acquired this year have grown organically. So as we work through and announce and finalize these acquisitions, the goal is to provide our investors with a roadmap essentially for how our business is evolving. Just one follow-up. So we're doing things more digital. 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. He was also a member of the CDPQ asset allocation committee. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. 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. Please try again or contact. It's a smaller portion of the line, Scott. And I've been very pleased by how well our marketing team has embraced it to really set up and structure all of the campaigns and engagement models that we're ultimately building. Good morning, everyone, and welcome to CI Financial's third quarter earnings call. I would say the vulnerabilities remain the vulnerabilities that we currently have. Free cash flow was up 12% to $143.9 million from $128.3 million last quarter. I've been very pleased by how well our sales team has embraced the model, in terms of using the insights to identify and prioritize the opportunities in their territories. 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. 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. Before I discuss our sales for the quarter to-date, I want to provide you with a brief update on our assets for the month of October. Please go ahead. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. Sure. 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. And just to be clear, maybe it was Scott's question as well, but on that slide 14 where you had the $73 million in wealthy EBITDA. 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. So you will it is our intent to continue to show these two slides on an ongoing basis and you can really chart the journey that we're on. So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. And I think we're off to a really great start in Liquid Alternatives. So the bar for us entering was obviously, higher and it was really important for us to do something very differentiated than what exists in the marketplace. 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. Just maybe one last one if I could. 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. An error has occurred, please try again later. 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. Good morning. var CurrentYear = new Date().getFullYear() I don't like to give guidance on anything as I think oftentimes it's just guessing. So does that include the acquisitions that are announced, but not closed such as the Roosevelt or the Doyle acquisitions that were announced earlier this week last week? I think the biggest opportunity for us is really two-fold. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. So Tom, we don't typically break out the margin. This new approach allows us to deliver CI's full-scale to our clients, organize ourselves by investment capability, share information more freely throughout the organization, ideally leading to better problem-solving and investment outcomes, reduce complexity in our investment organization, creating a more client-friendly platform, create consistency in our objectives address gaps in our platform holistically and align the compensation model across teams. 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. But as we naturally work through it, if there's opportunities to deliver a better client experience through consolidation, it's something we will look at as we would look at all opportunities across our businesses. 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. Please go ahead. 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. So historically, a lot of our flows and assets sit with legacy MFDA advisers that have been in the industry for an extended period of time. And the retirement space or the defined contribution space has been relatively flat for us as well and that's an area we're looking to grow. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. This copy is for your personal, non-commercial use only. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. So think about the spectrum of competitors that exist. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. In terms of when we choose to pass and we absolutely pass on a lot of platforms that get presented to us we're really looking for high-quality well-run businesses, great profitability and dynamic management teams that collectively feel that they will benefit and we will all benefit from working together as opposed to working independently. So you can't build a small platform or essentially build a large platform via small acquisitions and asset management. 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. Addresses View Full Report. The next question will come from Tom MacKinnon with BMO Capital. 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. So the approach would be different. Sure. Free cash flow in the quarter of $144 million exceeded dividends and buybacks of $116 million by $28 million. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. As I said in the press release announcing this webcast, the last few weeks have been unprecedented, with the coronavirus having a significant impact on our society, our economy, and the global CI 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. 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So take Harbour as an example. Sub-advisory mandates that have been outsourced to us specifically by funds that have their own competing capabilities internally and then sub-advisory mandates that have been outsourced to us by firms that don't. Earlier this year, Anderson said he planned to retire by mid-2020. I think the vulnerabilities, so I'd say that's what I'm most excited about the pivot to IIROC in those particular categories. 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 am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. We made considerable progress across our rebranding efforts with the rollout of our new website in October. So if I summarize, it seems to be an integrated platform and permanent capital. So I had a high degree of confidence in them and they had a working familiarity with me. There's a scenario where all of it redeems and every scenario in between. All of our initiatives will support one or more of these strategic priorities. in theoretical physics and a B.Sc. Please contact us at, We encountered an error. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. The next question will come from Gary Ho with Desjardins Capital Market. 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. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. 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. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. The next question will come from Graham Ryding with TD Securities. I will share more details on the investment platform changes in a few moments. When you think about M&A and wealth management versus asset management, it's really a different approach. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. He was also a member of the CDPQ asset allocation committee. 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. And that's a major nuance for a lot of firms that are selling and looking to stay in the business. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. I also wanted to provide some additional information on our run rate wealth management profitability after the deals we've announced recently had closed. 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. 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