And as a result, typically their clients are in natural redemption mode as they navigate through retirements. But what I would say is if I look at the building and the momentum of the pipeline that we've created over the past few months, I think it's truly remarkable. 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. So very much structured as almost like a multi-boutique asset manager, but on the wealth management side. 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. At CI Financial, we promise to treat your data with respect and will not share your information with any third party. in theoretical physics and a B.Sc. 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. Yes. We believe these changes will improve the client experience, not only through the potential for improved performance, but by simplifying our offering, while strengthening our value proposition. So we are fortunate enough to be winning the vast majority of auctions that we are in. 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. We expect the cross-listing to increase CI's corporate profile in the U.S., expand our investor base and allow us to offer U.S. dollar-denominated shares in future U.S. RIA acquisitions. Hi. 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 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. All of our initiatives will support one or more of these strategic priorities. It has informed our digital marketing campaigns, all of our e-mail campaigns that we're doing today are based off of insights that we're receiving from that model. I think there's probably a little bit more there than that plus everything that we've shared, and we'll continue to share will be pre-synergies just given my preference not to provide go-forward guidance or projections. 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. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies. Our daily newsletter is FREE and keeps you up-to-date with the world of wealth. Yes. And the part that I'm most excited about is, we're doing deals with truly exceptional very high-quality firms. 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. Good morning. Is there an opportunity to continue to streamline your fund lineup? Note there is $3.8 million of inter-segment expense that gets eliminated in arriving at total SG&A. And there could be opportunities for us to acquire specialized capabilities alternatives, as an example or something like that. It's a smaller portion of the line, Scott. 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. 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. So they're taking some form of stake in the business and allowing the business to continue to operate on a freestanding independent basis. 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. So take Harbour as an example. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Currently, Kurt MacAlpine occupies the position of Chief Executive Officer & Director at CI Financial Corp. and Chief Executive Officer & Director at CI Private Wealth. 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. The next question will come from Tom MacKinnon with BMO Capital. 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. I think the biggest opportunity for us is really two-fold. Thanks, Doug. 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. 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 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. Yes. 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. [Operator Instructions] The first question will come from Geoff Kwan with RBC Capital Markets. 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 it is a lever that, we could use, but we'll do it in a very disciplined manner when they do. NEI Clean Infrastructure Fund expands NEIs suite of impact investment funds and helps investors ride the massive secular shift towards clean electricity infrastructure. Introductory comments for a webcast by Kurt MacAlpine, Chief Executive Officer, CI Financial: Good afternoon and thank you for joining me today. I want to be clear that this is not a forecast. 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. You will note that our business was aligned by boutique brands with many of the brands offering competing mandates and capabilities. So I had a high degree of confidence in them and they had a working familiarity with me. What differentiates you as you embark on this strategy? If you experience any issues with this process, please contact us for further assistance. 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. I don't like to give guidance on anything as I think oftentimes it's just guessing. I just really don't think, you can do that and we guarantee a better client experience and guarantee a better employee experience. Next, I will update you on our corporate rebranding initiative. If youre not a wealth management professional, you can find other great financial content at. But what do you bring to the table that they don't? As Executive Vice President and Chief Financial Officer, Mr. Muni overseas the companys global finance operations and investor relations teams. 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. And it really depends upon the quality of platforms that are coming to market, and then how fast or slow those processes ultimately move. We just need a little more information to create your account. And then from there you'd have to determine, obviously, what percentage do you think ultimately will move. Kurt MacAlpine, CI Financial May 17, 2021 CEO CI FINANCIAL Since becoming CEO of CI Financial in 2019, Kurt MacAlpine has led the organization through CONTACT US. In the process, its drawn the ire 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. Just following on that maybe on that $2.50 billion to $3 billion institutional that you mentioned earlier. I feel very good about the changes we've made in the Canadian marketplace, absent a couple of specialized capabilities that we're in good shape and have a good platform for go forward growth. We have no further questions at this time. 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. Before that, he was a partner at consulting firm McKinsey & Co., focusing on the asset and wealth management industries. We continue to make great strides executing our corporate strategy. 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. And then the question was well, which of the CI businesses would it ultimately come to? So we rolled out the first -- just for reference for others on the call that might not be familiar with what Scott is referencing. This approach limits or eliminates the client disruption typically associated with investment platform changes. If not, we're pretty close. TORONTO (August 6, 2019) The Board of Directors of CI Financial Corp. (CI) (TSX:CIX), a diversified asset and wealth management company, today announced At WisdomTree, a global asset manager and exchange-traded fund sponsor based in New York, Mr. MacAlpine was responsible for all client-facing functions globally, including distribution, marketing, data intelligence and strategy, business development and client solutions. Did I remember that correctly? 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. Kurt MacAlpine, a Canadian with experience in management consulting and exchange-traded funds (ETFs), will take over CI on Sept. 1. 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