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CI Financial buys $4.7 billion Brightworth for third deal of 2021

first_img 3 Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. House committee poised to advance SECURE 2.0 retirement savings bill 2 Despite the record-level pace of acquisitions, MacAlpine said he doesn’t have a specific target for the number of deals he plans to make this year. And he said the size of his recent deals doesn’t mean CI is only looking to buy multi-billion-dollar RIAs.“You could be big or small, because we would absolutely buy a well-run small firm,” he said.CI has built a model that is designed for expansion into the U.S. market, including listing on the New York Stock Exchange in November and issuing debt to U.S. bondholder in December.One of the upsides of doing 16 deals in just over a year is that CI is no longer viewed as a foreign concept to the U.S. RIA market, MacAlpine said.“We had a great year last year, and the next 16 deals will be easier than the first 16 deals because we’re selling a concept now,” he said. “This year people are doing due diligence on what CI Financial is.” For reprint and licensing requests for this article, click here,MOST READ 4 5 The Brightworth deal is unique in that it involved buying a firm that was minority-owned by private equity firm Emigrant Partners.Part of MacAlpine’s pitch to potential RIA sellers is that being part of CI means not having to worry about new owners every few years, which is the typical private equity investor model.Daniel Seivert, CEO of Echelon Partners, described the deal as good for both Brightworth and Emigrant.“It allows both firms to achieve a liquidity event for their work together and at the same time gain a new partner for their next leg of growth,” he said. “For CI, the transaction continues their streak of one deal a month for the past 15 months and makes a statement given the transaction size, as CI has made a number of $1 billion-plus transactions and this is yet another one.” 1center_img The country’s most aggressive acquirer of U.S. registered investment advisers is Canadian and has no intention of slowing its acquisition pace. Newsletters Less than a week after notching its 15th deal in as many months, Toronto-based CI Financial announced Monday the acquisition of Brightworth LLC, an Atlanta-based RIA with $4.7 billion in client assets.Brightworth provides comprehensive investment advisory and financial planning services to high-net-worth individuals, families, business owners, trusts, estates, charitable organizations, pensions, and profit-sharing plans from offices in Atlanta and Charlotte, North Carolina.The firm also has a niche focus on dental industry professionals.The deal puts CI’s U.S. assets under management at $55 billion, $30 billion of which has been added this year.CI chief executive officer Kurt MacAlpine admits to leading an enterprise that is unapologetically invading the U.S. RIA market, but said the strategy is more deliberate than it might appear to casual observers. House panel unanimously passes SECURE 2.0 The Gates divorce: Lessons for financial advisers InvestCloud to acquire Advicent and NaviPlan planning software “We’re buying, growing and integrating, and we have a very different vision for the wealth management industry,” he said, adding that in addition to all the acquisitions, CI experienced 9% organic growth last year.“We’re trying to build the leading integrated wealth platform in the United States, period,” he added. “We’re buying great firms and empowering the leaders to continue to grow those firms. Unlike an aggregator model, where people convert to the model of the acquirer, we’re empowering people.”While CI is part of a $215 billion financial services conglomerate in Canada, it’s move into the U.S. market in January 2020 has been setting the pace for merger and acquisition activity in an already white-hot market. Why Tony Robbins, tax shelters and financial advisers don’t mixlast_img read more

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Gardeners Team Up to Grow 60,000 Pounds of Produce for New Mexico Food Pantries

first_imgAddThis Sharing ButtonsShare to FacebookFacebookFacebookShare to TwitterTwitterTwitterShare to EmailEmailEmailShare to RedditRedditRedditShare to MoreAddThisMoreIn 2008 Leslie Davis suggested to her mother, a Master Gardener in New Mexico, that in addition to cultivating flowers for worthy causes, she might try growing fresh produce for the community, especially since the recent recession had left so many people unemployed and so many food pantries overburdened.That discussion five years ago grew like a seed into a thriving bounty of volunteers who harvest thousands of pounds of produce, sometimes in a singe weekend, for people in need.Led by Penny Davis and dozens of Sandoval County Master Gardeners, the happy band of do-gooders labor to feed their neighbors under the non-profit banner Seed2Need. (Watch a video at the bottom) 80 of them recently gave up their Saturday in the town of Corrales, near Albuquerque, to sit in the dirt planting the seedlings that would grow to fill two lush acres with tomatoes, green chiles, cucumbers, melons, green beans, carrots and zucchini. The project originally started with a small plot of land donated in the nieghbor’s horse corral but now the group works in a large irrigated field where boy scouts, families and retired folks together can plant and cover 2000 tomato plants in just over two hours. Two weeks later 3500 green chile plants were also dug in.“It was a demonstration of the power of teamwork,” said Penny, who last year saw their labor of love generate a whopping 65,200 pounds of fruit and vegetables, with an estimated market value of $82,000. All of it was was donated fresh off the vine to fifteen food assistance programs in Sandoval and Bernalillo Counties.“It’s so fresh that dirt is still clinging to the tomatoes,” says Leslie Davis who moved back to the state after leaving her old job. The social camaraderie and sense of helping others has sparked a passion in the younger Davis.She recounted with pride the story of a local man who owned an orchard. Last fall he offered 80 pristine trees to Seed2Need for the picking. A group of high school students had to go back three times to finish collecting the 11,000 pounds of flawless apples. Participating food pantries were overwhelmed with apples in the first week. There were so many that the central food bank of New Mexico was called in to distribute to other regional pantries.“Two to three hours and all of a sudden you have 4000 pounds,” Leslie Davis told the Good News Network. “They had to send a huge truck.”To keep down the costs and control quality the Master Gardeners grow their own seedlings in a greenhouse that, of course, was built and assembled by volunteers. With the tending of their skilled hands, the healthy organic plants thrive.“Little cub scouts are hidden by these bushes picking from tomato plants that are 5-and-a-half-feet tall,” recalls Leslie, who has noticed over the years of volunteering, the little boys growing up, too.Seed2Need also provides an easy drop point for residents and farmers in late summer looking to unload their excess harvest. Tons of produce were collected this way last year both at the Corrales farmers market and from individual donations.With the ongoing drought in the Southwest, the cost of produce is likely to climb, making projects like these crucial to those facing food insecurity.If you would like more information, or would like to help, please visit their website at www.Seed2Need.us or visit the Seed2Need Facebook page.Photo credits: Seed2NeedAddThis Sharing ButtonsShare to FacebookFacebookFacebookShare to TwitterTwitterTwitterShare to EmailEmailEmailShare to RedditRedditRedditShare to MoreAddThisMorelast_img read more

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Shark Tank Pitch: Dirty Water

first_img[email protected] Share Okay, now I’m rooting for dirty water.Dump your toxic waste into the waters of Coopers Beach, just ranked in the nation’s Top 10. Discharge chemical waste into Sag Harbor. Let the melting ice caps raise the water level until they meet the septic tanks overflowing with the waste of overpopulation of the East End and let the rust tide algae bloom. Sail the Exxon Valdez II toward Montauk Point and let it run aground on Shagwong Reef, spilling an oil slick across the entire East End like a dark black moat. Let the mosquito sprayers napalm the coastline with methoprene larvicide and let the rains wash the weed killers and lawn chemicals into the waters of Lake Montauk, Block Island Sound, and the Atlantic coast.Flush all your plastics.Bring back scandal-polluted Scott Pruitt to finish the task of poisoning our blue waters as head of the Environmental Protection Agency, officially renaming the Potomac as Trump Swamp.Send up a million balloons from Hot Dog Beach.When news came last week that a 20-foot great white shark was tracked off Montauk, I was transported back to 1974 when I first read a popular novel called “Jaws” by Peter Benchley that remained on The New York Times bestseller list for 44 weeks. The book was so frightening that I promised myself I would never again swim in the ocean.I grew up watching monster movies about Dracula, the Wolfman, Frankenstein, Godzilla, Rodan, the Fly, and King Kong. As kids, we collected bubble gum cards with all these monsters from the Vincent Price and Bela Lugosi and Roger Corman and Japanese C-movie catalogue. But even as kids, you knew they were fantasy monsters that you would never run across in real life.But “Jaws” bit readers a different way.Sharks were real-life monsters that in real life could devour you like a hors d’oeuvre at a beach party. Down in Coney Island, the Poor Man’s Paradise of Brooklyn, the waters were so dirty with sewage, sludge, oil slicks, illegal dumping, medical waste, syringes, dirty diapers, and the waste of humans too lazy to walk to a rest room that most self-respecting germs wouldn’t swim there, never mind a noble school of fish that would attract a big shark.One of the last decent things Richard Nixon had done as the dirtiest president in U.S. history — until Trump claimed the title — was sign legislation creating the Environmental Protection Agency. My theory is that if he was going to be sent up the river, Nixon wanted it to be a clean one when his kids came to visit.The first novel after the Hardy Boys that my big brother Pete gave me to read as a kid was “The Mugger” by Ed McBain, a scary crime thriller which I read on a bus to Camp Sebago which was part of the Fresh Air Fund that sent poor city kids to the sticks for two weeks to see cows and horses and verdant forest and mirror-topped lakes. But I’d soon learn that muggers are not as scary as sharks. I learned how to swim in summer camp in gorgeous Lake Sebago. When I came home, I showed off my aquatic skills to the other tenement kids out in the rolling filthy waves off Coney Island.Then my brother gave me “The Old Man and the Sea” as a 13th birthday gift. The chapters where the sharks attack, tearing away great hunks of Santiago’s prized giant marlin catch lashed to his old fishing skiff, gave me the willies. I would then only go into the Coney surf up to my waist, so I could run for shore if I saw a dorsal fin.I never saw one.The waters of Coney were too dirty.But after reading “Jaws,” I swore off all ocean swimming.Then came the movie version of “Jaws,” made by a skinny, 26-year-old director named Steven Spielberg, and that has remained, for me, the scariest monster movie ever made. I watched it in a darkened theater with screaming adults who jumped from their seats at the shock editing so effective it won a Best Editing Oscar. The lingering images of Robert Shaw being masticated by a great white shark made me fearful of taking a bath. It did for swimming what “Psycho” had done for taking showers.I have not dipped a toe in the ocean since. I have never been on an ocean cruise. If I won one, I’d give it away to someone I don’t like.Don’t get me wrong, I love to look out at the ocean. I love the mystery, majesty, and might of the sea. But the ocean is unforgiving and filled with monsters with big giant teeth, the better to eat you with, called sharks. Like the sharks that devoured Santiago’s final great catch and that terrorized the little fictional coastal town of Amity in “Jaws,” which is so similar to the beach towns of the East End.The sea belongs to the creatures that inhabit it. I have nothing against sharks. They wouldn’t eat us if we didn’t invade their home. I am a proud landlubber who takes the advice Humphrey Bogart’s Rick gives a Nazi officer in “Casablanca.” “There are certain sections of New York, Major, that I wouldn’t advise you to try to invade.”There are certain sections of planet Earth I don’t invade. Starting with the seven seas. But I have kids and grandkids much braver than I who love to swim in the ocean. I watch from the blanket, always scanning for a dorsal fin.And now that there is a great white shark dun-dun-dun-dunning off the coast of Montauk, the experts tell us it has come our way because the waters are cleaner. Following other creatures lured by clean water upon which the sharks feed.Not long before one of those creatures has two legs and two arms instead of gills and tails.So, I’m rooting for sludge, oil spills, nitrogen, and enterococcus. I want waters so polluted that bilge rats will think they’re skeevy and upon which mosquitoes will perish on contact. I want waters that only corporate America could love. Polluted waters that sea life and my loved ones will avoid, sending great white sharks back to deep water where they belong.We don’t need a bigger boat.We need dirtier water.last_img read more

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Lack of experience, chemistry doomed GlobalPort in loss to Gins, says Anthony

first_imgDo we want to be champions or GROs? – Sotto BeautyMNL open its first mall pop-up packed with freebies, discounts, and other exclusives SEA Games: PH still winless in netball after loss to Thais MOST READ Mixed feelings for Kevin after losing to dad Louie in PBA Don’t miss out on the latest news and information. “We’re a young team. We’re a new team, and we gotta learn to play with each other still. We have five rookies, four new players, and a new coach, so we’re gonna just look at the positives,” he said.In control for the first three quarters, the Batang Pier lost grip of the game in the fourth frame as the Gin Kings exploded for 36 points.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSBoxers Pacquiao, Petecio torchbearers for SEA Games openingSPORTSPrivate companies step in to help SEA Games hosting“We had the lead almost the whole game, up until the end, and we had our spots. We just didn’t close it down the stretch,” he said.“Our lack of team chemistry and our youth showed, but those are things we can improve on, and we will get better on that and we’ll learn to close out games down the stretch. We just got to learn quicker.” LATEST STORIES The defeat spoiled Anthony’s third-highest scoring output in the PBA with 29 points as GlobalPort continued its search for its first win of the new season.Still, the hardworking forward is seeing signs of progress.”We’re growing and we’re getting better as a team.”“I think we went from 20-plus turnovers in the last game to 13 turnovers this game, so we’re cleaning it up, having more assists, shooting better percentages. Now it’s learning to play team defense down the stretch and limiting our mental turnovers,” he said. “Ginebra is such a smart team and a veteran team. They capitalized on our mental mistakes, and that’s something we’ll learn and get better from.”The Batang Pier seek to end their misery on Friday against Rain or Shine.ADVERTISEMENT ‘We cannot afford to fail’ as SEA Games host – Dutertecenter_img Sports Related Videospowered by AdSparcRead Next ‘A complete lie:’ Drilon refutes ‘blabbermouth’ Salo’s claims PH military to look into China’s possible security threat to power grid Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ Robredo: True leaders perform well despite having ‘uninspiring’ boss PLAY LIST 02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games Hotel says PH coach apologized for ‘kikiam for breakfast’ claim Photo by Tristan Tamayo/ INQUIRER.netCharge it to experience.Sean Anthony opted to look at the positives rather than dwell on the negatives following GlobalPort’s 97-104 defeat to Ginebra on Sunday.ADVERTISEMENT View commentslast_img read more

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Samsung’s Tizen-based smartphone for India could launch this month, specifications tipped

first_imgRumour mills have been doing rounds across platforms for quite some time now that Samsung is working on a Tizen OS based smartphone for India. The smartphone has been long rumoured to be launched by the South Korean tech giant sometime in November this year. Only now, there seems to be some firm news regarding the same, courtesy Gizmobic which has spotted a user agent (UA) profile of a handset, that in all probability could be the device in question. The alleged device with a Samsung SM-Z130H UA profile has also tipped some rare specifications of the said device.The Samsung SM-Z130H smartphone reportedly features a 4-inch WVGA display with a 480×800 pixels resolution and a 288ppi pixel density. It is powered by a 1.2GHz CPU with 32-bit ARMv7 architecture alongside 512MB of RAM. It runs Tizen 2.3 version and comes with Samsung browser 2.0.34. It is also touted to sport a 3.2MP rear camera.It can be recalled that Samsung launched its first Tizen-powered ‘Z’ smartphone back in June this year, more a failed attempt to cash in on an OS that is relatively new when compared to Android or iOS. The company had to postpone the rollout of the device for a period still unknown. Therefore, the new Tizen-based device for India is somewhat of a challenge for the company to hold on to in the longer run. However, for now there is no definite news from the company regarding the device, therefore we’ll have to wait and watch for more.advertisementlast_img read more

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Deschamps extends France deal to 2020

first_imgFrance Deschamps extends France contract through to 2020 Chris Burton Last updated 2 years ago 23:47 10/31/17 FacebookTwitterRedditcopy Comments(0) Didier Deschamps Getty France World Cup Ligue 1 The World Cup winner is set to take his spell at the Les Bleus helm to eight years after agreeing to stay on past next summer’s showpiece in Russia Didier Deschamps has agreed a contract extension which will keep him in charge of the France national side until 2020.A World Cup winner from his playing days, the former Monaco, Juventus and Marseille coach has been in charge of his country since 2012.France 11/2 to lift World Cup Article continues below Editors’ Picks Lyon treble & England heartbreak: The full story behind Lucy Bronze’s dramatic 2019 Liverpool v Man City is now the league’s biggest rivalry and the bitterness is growing Megan Rapinoe: Born & brilliant in the U.S.A. A Liverpool legend in the making: Behind Virgil van Dijk’s remarkable rise to world’s best player He was handed the reins in the wake of Laurent Blanc’s departure after that summer’s European Championship.”I had lunch with [Deschamps] last week, we talked about the possibility of working together through to the end of Euro 2020,” French Football Federation president Noel Le Gaet told reporters at a press conference on Tuesday.”I gave him eight days to think it over. We had lunch again and we came to an agreement. “Didier Deschamps will continue as our national team coach until 2020.”Deschamps guided Les Bleus to the 2014 World Cup, earning an initial extension to his contract along the way.[OFFICIEL] – Didier Deschamps est prolongé à la tête de l’@equipedefrance jusqu’en 2020 ! #FiersdetreBleus pic.twitter.com/4885Mb8bw4— FFF (@FFF) October 31, 2017France reached the quarter-finals in Brazil, before going on to reach the final on home soil at Euro 2016.Deschamps came agonisingly close to adding to his international trophy collection and replicating his achievement of claiming silverware in France from back in 1998.Portugal, though, were to spoil the party and force the hosts to turn their attention to another qualification campaign for a major tournament.France did not have things all their own way en route to the 2018 World Cup, but secured automatic qualification as winners of Group A and are considered to be among the favourites to go all the way in Russia with an exciting young squad.Deschamps will be leading that charge, along with another European Championship campaign heading towards 2020.last_img read more