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. 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. I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. And I would call this a close second or 1A and it's a human capital business and the primary relationship in any wealth managers between the adviser team and the client in particular. 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. 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. 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. We continue to take a dynamic approach to capital allocation that includes debt reduction, the return of capital to shareholders through share repurchases and dividends and acquisitions. 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 I can tell you from a sales process perspective or from an M&A process it is a lot easier to do deals now. 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. Yes. We appreciate the interest in CI Financial. Asset management flows, where are you seeing the biggest opportunity to move the needle on flows? There will be over time, but that wasn't really the focus of the effort. Please go ahead. Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens. 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 how does that landscape look for you? Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. 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. 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. 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. In fact, all of the businesses we have acquired this year have grown organically. Next, I will update you on our corporate rebranding initiative. They want to benefit from an integrated platform. 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. Mr. Muni is a graduate of Pace University in New York and is a Certified Public Accountant. And then the second piece is as it relates to the employees. However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. 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. 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. 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. 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. So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. 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. Earnings per share of $0.62, was up $0.06 per share from the second quarter and up $0.02 from the third quarter last year. Understood. Good morning, everyone, and welcome to CI Financial's third quarter earnings call. And I would say the other area that I have a lot of excitement for is our fixed income and the relationship that we've struck with DoubleLine and the very early success that we've experienced there on a go-forward basis. 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. WebPURE Bioscience COO Tom Myers' 2022 pay slips 13% to $200K. Sure. He also previously worked at PwC LLP, where he performed audit and business advisory services for multinational and mid-sized broker dealers. 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. And if you're not like what would be the reasons why you're not completing them? 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. Prior to Nortel, Mr. Kelterborn was a partner at McMillan Binch (now McMillan LLP), practising in the firms corporate/commercial and securities law groups. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. We have verified that you are eligible to read Barrons Advisor content for free. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. Please go ahead. Yes. 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. Thank you, Kurt. So we have been using the model as a starting point. 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. So any M&A that you would see us doing would be in one of those two areas aligned against the three strategic priorities that we had outlined. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. On November 12, CEO Kurt MacAlpine discussed with the Globe and Mail CIs recent RIA acquisitions, and their plans to continue their rapid expansion. 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. 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. 100 University Avenue, Eighth Floor. Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. We had another strong quarter as markets and our AUM continued to rebound. 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. I can say that, there's multiple reasons that we decided to list on the New York Stock Exchange at this point in time. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. To that end, CI is spinning out its RIA business through an IPO that will open up 20% of the division to the public markets. So, we do pass a lot. 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 we had a working relationship. Kurt Macalpine, 62 Lives in 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? I will now provide an update on the progress we've made on some of our strategic initiatives. Joining me on today's call is our CFO, Doug Jamieson; and our new Vice President of Investor Relations and Strategy, Jason Weyeneth. Copyright 2023 Surperformance. Please go ahead. Thanks. In particular, Kurt is familiar with using digital strategies to enhance efficiencies and build new services and businesses, a key plank in CIs strategic plans.. In the process, its drawn the ire of rivals who say CI has overpaid to take elite firms off the market. So, there is a range of pricing within it. Please disable your ad-blocker and refresh. Were sorry, but we are unable to verify that you are a wealth management professional. 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. The integrated platform builts by the leaders of the businesses, based upon the feedback from their clients. I'd say, it's directionally in the right direction, Gary. Free cash flow in the quarter of $144 million exceeded dividends and buybacks of $116 million by $28 million. If you have an ad-blocker enabled you may be blocked from proceeding. (Podcast). It does. If we did do it, it would be in the U.S. marketplace. U.S. assets under management are reported separately as the revenues earned on those assets are part of an overall fee paid by clients for wealth management and are reported in the wealth segment. I would say our approach to capital allocation overall has been very dynamic. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. We look forward to connecting next quarter. So it depends, Gary on when you're having a conversation. We reported total assets of $202.4 billion, up 4% from September and another all-time high for CI. 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. You can sign up for additional alert options at any time. I would say if you think about the journey we've been on the first few deals that we had started with or prioritized were firms that I had professional relationships with in prior lives. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. 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. 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. Wealth management assets jumped to $66.1 billion on market performance and with the addition of BDF and Congress in the third quarter. 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. They recognize the need to get bigger. The next question will come from Tom MacKinnon with BMO Capital. 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