CI Financial is slated to take 40,000 square feet of space in a tower on Brickwell Avenue in Miami for the new headquarters of its fast-growing U.S. wealth management operations
chief executive officer Kurt MacAlpine is building the U.S. future of one of Canada’s grandest old asset managers.
Mostly, it waned. The outflow of dollars from those funds began in 2017, when the company began to experience month after month of net redemptions, and CI’s stock price started to tumble. Over Mr. McAlpine’s tenure, the shares are the second-worst performer among a group of financial companies that CI itself has chosen to benchmark its executive compensation. Since Sept. 1, 2019, CI’s stock has a dividend-adjusted loss of 2.9 per cent; 22 of the 24 have returned at least 17 per cent over that time, and the median return of the group is nearly 70 per cent.CI declined a request for interviews with Mr. Holland and Mr.
CI began to bleed assets, posting 14 consecutive quarters of net redemptions, starting in 2016, according to data by Morningstar Direct as of November 30, 2022 – meaning existing investors pulled more dollars out of CI’s funds than what was put in. The most aggressive part of the campaign, however, was a plan to build a U.S. wealth management business from scratch. CI acquired almost a dozen firms of U.S. registered investment advisers, or RIAs, within the first year of Mr. MacAlpine’s tenure.
The U.S. RIA market has more than 17,000 companies, but has undergone a wave of consolidation in recent years as firm owners, many of them nearing retirement, look to cash in. In CI, and several other competing companies, they found eager buyers.
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