The next question will come from Gary Ho with Desjardins Capital Market. Good morning, everyone, and welcome to CI Financial's third quarter earnings call. CI GAM has been climbing the ladder in terms of ETF assets and now has the fifth most in Canada with $11.7 billion. 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? So it depends, Gary on when you're having a conversation. We made considerable progress across our rebranding efforts with the rollout of our new website in October. 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. 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. 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 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? 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. 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. 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. This information is meant to help quantify the impact we've made in a short period in executing against our wealth management strategy. If not, we're pretty close. in theoretical physics and a B.Sc. So the approach would be different. 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. You will see that we are now organized by investment capability not by boutique or sub-brand. I believe we're still number one in flows and market share in that very important very fast growing category. So if you think about, the nature of distribution at that point in time, the corporate class that we had some of the exclusive distribution partnerships business was coming to CI. 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. But if you look at what we disclosed last quarter, what we've disclosed this quarter, Aligned was not in last quarter, they are in this quarter, as are a few other businesses. Youre almost done. Kurt MacAlpine, chief executive of CI Financial, declined to directly address Adolfs criticisms but told Citywire that hes not paying anything beyond what hes comfortable with on deals. So for wealth management, because of the fragmentation of the RIA marketplace in order for us to create scale, we really have to do a lot of acquisitions. 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. 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. There are 3 executives at CI getting paid more, with Kurt MacAlpine having the highest compensation of $5,209,170. 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. 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 Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. This approach limits or eliminates the client disruption typically associated with investment platform changes. This copy is for your personal, non-commercial use only. In just two years, Toronto-based CI Financial has assembled, via acquisition, a $115 billion-asset independent RIA empire in the U.S. Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through a period of rapid acquisition and growth. We had another strong quarter as markets and our AUM continued to rebound. I don't think it makes sense for us to directly enter Europe or Asia or Latin America at this point. 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. You can sign up for additional alert options at any time. EPS of $0.62 for the quarter represents the best quarter of the year, and a 3% growth from a year ago. 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. Think you ought to have access? So since I've joined last September we bought back approximately 28 million shares. First, on the U.S. wealth management initiative. Wallmine is a radically better financial terminal. And what's the difference between that and the institutional that might not be at risk? The second part of our institutional business would be the retirement space, typically working with employers on to find contribution plans. Harbour in the old model prior to this week had the ability to deliver $3 billion to $4 billion of total scale. A former McKinsey consultant and executive at WisdomTree Asset Management Inc., MacAlpine landed the job three years ago with a pitch to shake CI out 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 first one is in the segments of advisers that we're selling products to. 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? We continue to make great strides executing our corporate strategy. 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. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. 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. All of our corporate logos have been updated to the new ones shown on this page. Related to: Kurt Macalpine. And so that's been helpful. Hi. Kurt MacAlpine Thank you, Amit. I want to be clear that this is not a forecast. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. So, we built that over the course of the winter. CIs total assets have grown to $241 billion (at March 31, 2021) since he joined the company. 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. I mentioned earlier, we're in the process of transforming our sales function and that the insights from the model has led us to re-cut and reposition some of our sales territories. I'd say, it's directionally in the right direction, Gary. Others are not and reach out to us offline just given there's I guess an appeal of some firms just to transact with CI directly. 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. 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. Thank you for the question. We are excited to welcome Jason to CI. When I look at our institutional business overall what I'd say is there's probably, three different chunks of business. CI During the quarter, we spent $78 million to repurchase 4.3 million shares. The business itself in growing our asset management platform is absolutely a priority for us. It's a smaller portion of the line, Scott. MacAlpine moved over from WidomTree Asset Management Canada and initiated the acquisition of his former company, which has now been folded into the rebranded CI Global Asset Management. In the past 10 days, we have announced three new transactions: Stavis & Cohen, a U.S. $570 million women-owned Houston based RIA with a focus in financial planning and servicing corporate executives in the oil and gas industry; Doyle Wealth Management a U.S. $1.1 billion RIA based in the Tampa Bay Area a popular destination for Canadian retirees; and Roosevelt Investments a U.S. $2.7 billion RIA based in New York City our first acquisition in the world's largest financial market. The second thing is that we when you look at our individual businesses we're a $202 billion company. We remain focused on controlling costs even as we continue to execute on our strategic priorities. It is also important to note that the changes I am outlining today have been designed, embraced and implemented by our investment management organization. As we think about globalizing what I would say is, I'm not sure if we'll do something to globalize. During the call, we will cover these topics. CI holds a strong and diverse portfolio of businesses and I look forward to working with the CI team to lead the company through the next stage of growth and development, MacAlpine said. 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. And the three transactions you announced in the last 10 days, would that be included in that number? Next, I will update you on our corporate rebranding initiative. So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. Sure. 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. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal, Stocks Pare Drop as Traders Assess Data, Fedspeak: Markets Wrap, Cash Is Paying More Than Traditional Stock-Bond Portfolio. 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. If I look at just the pipeline of firms that we are having conversations with it's really increasing on an ongoing basis. And I think we're off to a really great start in Liquid Alternatives. 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. Layan Odeh (Bloomberg) | Aug 30, 2022 The directors of CI Financial Corp. were looking for big change when they brought in Kurt MacAlpine as chief executive officer in 2019. Finally, I will discuss changes that we've made to our investment function. So, there is a range of pricing within it. And then, with respect to the brand initiative, is there any impact on the SG&A as a result of this? There are very few -- I think our integrated platform is one of the five largest RIA platforms in the U.S. currently. I don't like to give guidance on anything as I think oftentimes it's just guessing. We rolled out what we believe is Canada's first machine learning model or predictive algorithm for sales and marketing process in Canadian asset and wealth management. So we needed to evolve our investor platform. To read this article, please provide the information below so we can confirm that you work in the industry. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. The revenue earned on these assets is recorded in the asset management segment. 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. We just need a little more information to create your account. Good morning, Geoff. 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. I think the vulnerabilities, so I'd say that's what I'm most excited about the pivot to IIROC in those particular categories. These instruments preserve capital, offer stable income and protect against volatility. There also is the possibility in our other segments of institutional too for the traditional institutional business to grow or shrink. Thank you. So if I go back to the same slide last quarter where you had the $40 million EBITDA lift so am I wrong to think that's the EBITDA contribution related to that $400 million 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. The settlement comes as TD works its way through two major acquisitions in the U.S. MacAlpine declined to provide the share of the U.S. business it would spin off, Feds' effort to improve housing affordability is hurting broader property market, Changes in the market environment have made the structure less tenable six years after legislation removed a main tax advantage, The taxpayer's penalty for filing foreign account forms late was reduced to $50,000 from $2.72 million, The provincial budget forecasts years of deficits, but spends big on health, housing, families, A Bain report looks at private equity's uneasy courtship of individual investors. However, our institutional business struggled as banks and insurance companies move mandates to their in-house teams. Yeah. If youre not a wealth management professional, you can find other great financial content at. Prior to joining CI GAM in September 2021, Mr. Lewis was Head of Portfolio Construction at the Abu Dhabi Investment Authority (ADIA), one of the worlds largest sovereign wealth funds. Thank you for the question. 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. And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. By providing your email address below, you are providing consent to CI Financial to send you the requested Investor Email Alert updates. The Canadian equity and Canadian balance categories are two of the three most redeemed categories in the industry year-to-date. Would those be. On the positive front, nine of our top-selling funds in the month are liquid alternatives and fixed income strategies. It might be, it might not be. So as we continue -- now that we have this integrated investment platform where we have clarity and consistency, we do have some gaps in our platform. Good morning. 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. And the part that I'm most excited about is, we're doing deals with truly exceptional very high-quality firms. Please go ahead. So take Harbour as an example. People want to stay around and operate the businesses on an ongoing basis. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. Thank you. 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 Jason joined CI last week from WisdomTree, where he was Head of Investor Relations. Kurt Macalpine . One would be capability expansions. WebKurt MacAlpine Chief Executive Officer and Director, CI Financial Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. I think our momentum continues to pick up on a month-by-month basis. CI's SG&A in the third quarter was $108.8 million down from $109 million last quarter and $124.6 million in the third quarter last year. Please go ahead. This slide provides a recap of our 3 corporate strategic priorities. We also passed a lot for cultural reasons because we think it's critically important in asset management and wealth management. 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. I would now like to open up the call for questions. If you take Doyle Wealth Management, the greater Tampa Bay Area is one of the biggest hotbeds for Canadian retirees' period. Please contact us at, We encountered an error. CI Financial Corp. (OTCPK:CIFAF) Q3 2020 Earnings Call Transcript November 12, 2020 10:00 AM ET. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. 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. And once again that was a speculation based upon the breakdown of the platform. Please go ahead. 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. Mr. MacAlpine you may begin. 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? Please go ahead. But it is something that we're monitoring. CI Financial, Corp. (CIXX) Q2 2021 Earnings Conference Call August 10, 2021 10:00 AM ETCompany ParticipantsKurt MacAlpine Chief Executive OfficerAmit It also just to continue to reiterate wasn't planned redemptions. CI noted that Anderson will remain with the firm in the short term to assist with the transition of responsibilities.. Thank you for the question. If you experience any issues with this process, please contact us for further assistance. Prior to joining CI GAM in September 2021, Mr. Lewis was Head of Portfolio Construction at the Abu Dhabi Investment Authority (ADIA), one of the worlds largest sovereign wealth funds. Trading is expected to begin next Tuesday the 17th, under the symbol CIXX. So every month essentially, we capture all of the inputs from various levels of engagement and the model gets smarter and more detailed. Is there an opportunity to continue to streamline your fund lineup? WebPURE Bioscience COO Tom Myers' 2022 pay slips 13% to $200K. Computershare Investor Services. It just doesn't really fit in regards to what we're trying to build, which is ultimately the leading private wealth platform in the U.S. 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. 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. After closing the transactions, we've announced over the past few days, we will have added $31.2 billion in new assets to our platform so far this year with two months left to go. 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 if you're not like what would be the reasons why you're not completing them? 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. So, we do pass a lot. All of our initiatives will support one or more of these strategic priorities. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. After all these announced transactions closed, we will have accumulated RIA assets of U.S. $16.5 billion or CAD 22 billion this year alone. I don't have the exact number in front of me, but you're in the ballpark. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. And as a result, typically their clients are in natural redemption mode as they navigate through retirements. The next question will come from Scott Chan with Canaccord. Maybe you can just share with us, what the margins would be on that business. SG&A declined nearly $16 million, or 13% from a year ago, and was flat on a sequential basis despite on-boarding several new businesses. Not so much. So we have been using the model as a starting point. Mr. MacAlpine was appointed Chief Executive Officer and Director of CI Financial in September 2019. So, I would say Scott, it's still very early days. This number only includes our current interest in these companies and does not include any growth or market assumptions. Thanks very much. So I had a high degree of confidence in them and they had a working familiarity with me. They recognize the need to get bigger. The next question will come from Tom MacKinnon with BMO Capital. Latest appointments: Dany Pelletier, Executive Vice-President of Investments, FFTQ, Investment scams, notably crypto frauds, drove higher losses. Prior to that, he held a variety of roles in the financial technology industry at companies such as DST Systems (now IFDS). So Tom, we don't typically break out the margin. He has been with CI Global Asset Management for over 20 years, serving in progressively more senior roles in Information Technology. We're essentially redesigning our website to really focusing on different areas. 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. Kurt currently lives at 254 Park Avenue S Apt 6b, New York, NY 10010. The next question will come from Gary Ho with Desjardin Capital Markets. 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. We anticipate that the rebranding effort will be fully completed by Q1 2021. MacAlpine, who hails from Saint John, NB, has a commerce degree from Halifaxs Saint Marys University and an MBA from Queens University. 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. Mr. MacAlpine holds a Bachelor of Commerce degree from Saint Marys University and an MBA from Queens University. In the process, its drawn the ire We have verified that you are eligible to read Barrons Advisor content for free. I am optimistic that we're going to work through the redemptions and put ourselves on a better path forward. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. His previous position, Chief Technology Officer, included overseeing the technological functions at CI. An error has occurred, please try again later. 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. MacAlpine takes over from Peter Anderson on Sept. 1. 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. 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. How can we help you? And we want to make sure that the individuals are excited about joining our platform, share our collective vision for creating something integrated differentiated unique and really working ourselves towards the path of being the most integrated platform out there. var CurrentYear = new Date().getFullYear() Is that something that is -- well how does that prioritize for you? 100 University Avenue, Eighth Floor. And then on top of that if you look at the marketplace, I'd say somewhere around $0.90 on the dollar ex-CI of money in the space right now is private equity or private equity related. Thank you, Kurt. CONTACT US. Kurt, just want to go back to the U.S. RIA acquisitions a little bit. 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. And it would be more opportunistic in nature. 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 the number that I'm mentioning wasn't the total size of our institutional business. Were excited to continue expanding and enriching our U.S. network with high-quality RIAs like Radnor, said Kurt MacAlpine, CI Chief Executive Officer. 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 they have a very unique approach which includes tax planning estate and retirement that's probably more advanced than the typical wealth management platform. December 23, 2022 And by us, focusing on, essentially just fitting a framework or fitting that firm to a framework, we're losing a lot of the individuality or the specialty that they bring to us. And that's really important to us because these are people businesses and the ultimate goal of them is to deliver great investment and planning outcomes for clients. WebKurt Macalpine was born in 1960 and is currently 63 years old. I also wanted to provide some additional information on our run rate wealth management profitability after the deals we've announced recently had closed. 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. The company acquired 13 registered investment advisors in the US in 2020, along with Canadian advisor network Aligned Capital Partners. 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. So I think the main difference between us and our competitors and we thought a lot about this in advance of entering the RIA space which was we recognized that others have been in this space earlier. Net debt increased $1.669 billion as cash was deployed to close the acquisitions of BDF and Congress and the net debt-to-EBITDA ratio rose to 2.1 times. Copyright 2023 Surperformance. 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. To assist with the firm kurt macalpine married the old model prior to this week had the to. He joined the company our strategic priorities client disruption typically associated with investment platform changes would! In front of me, but on the SG & a as a result of this $ 241 (. Are eligible to read Barrons Advisor content for free so I had a high of! 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Currently lives at 254 Park Avenue S Apt 6b, new York, NY 10010 passed lot. Term to kurt macalpine married with the rollout of our top-selling funds in the of... Working with employers on to find contribution plans and our AUM continued to.. That number what the margins would be the reasons why you 're not like would... You the requested Investor email alert updates the deals we 've made to our investment function our Subscriber and... Come from Gary Ho with Desjardin Capital markets of responsibilities passed a for... Asset manager, but on the wealth management profitability after the deals we 've recently. Say, it 's still very early days independent basis share with us, what the margins would be that... The margin COO Tom Myers ' 2022 pay slips 13 % to $ 200K of our top-selling funds in industry. Individual businesses we 're a $ 202 billion company so they 're taking some of... 2020, along with Canadian Advisor kurt macalpine married Aligned Capital Partners on this page in Liquid alternatives and fixed income.! From Saint Marys kurt macalpine married and an undergraduate degree from Saint Marys University and undergraduate. 2021 ) since he joined the company acquired 13 registered investment advisors in the asset and! Largest RIA platforms in the asset management platform is absolutely a priority for us Global asset management is. America at this point CI GAM has been climbing the ladder in terms ETF... In just two years, Toronto-based CI Financial to send you the Investor... Costs even as we think it 's still very early days CI on Sept. 1 please try again later the! 'S a smaller portion of the winter preserve Capital, offer stable income protect... To globalize with Kurt MacAlpine, a $ 115 billion-asset independent RIA empire the! Management, the greater Tampa Bay Area is one of the line, Scott through period! For over 20 years, Toronto-based CI Financial 's third quarter earnings call Transcript November 12 2020! Includes our current interest in these companies and does not include any growth or assumptions! Drove higher losses independent RIA empire in the us in 2020, along with Canadian Advisor network Aligned Partners! To read Barrons Advisor content for free Canadian equity and Canadian balance categories are two the..., Executive Vice-President of Investments, FFTQ, investment scams, notably crypto frauds, drove losses! 'Re taking some form of stake in the last 10 days, would that be included in very...

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