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    Geoffrey Kwan

    Managing Director and Canadian Diversified Financials Analyst at RBC Capital Markets

    Geoffrey Kwan is a Managing Director and Canadian Diversified Financials Analyst at RBC Capital Markets, specializing in the financial sector with a focus on companies such as Intact Financial and ONEX. He covers approximately 29 stocks and has achieved a success rate as high as 70%, with average returns on recommendations reaching 17%. Kwan has been recognized as the #1 TopGun Analyst for Diversified Financials by Brendan Wood International and the #1 Financial Services Earnings Estimator by the Globe and Mail, reflecting his expertise and consistent outperformance. He began his career in equity research prior to joining RBC Capital Markets and holds professional registrations and securities licenses necessary for equity research analysts in Canada.

    Geoffrey Kwan's questions to CI Financial (CIXXF) leadership

    Geoffrey Kwan's questions to CI Financial (CIXXF) leadership • Q2 2024

    Question

    Geoffrey Kwan of RBC Capital Markets inquired about potential upcoming product launches following the success of the new AI ETF. He also asked how the company balances its aggressive share buyback activity with the need to maintain sufficient share liquidity.

    Answer

    Executive Kurt MacAlpine declined to share specifics on new products due to competitive reasons but reiterated that product innovation remains a 'huge priority.' On share buybacks, he stated that the stock remains very liquid, and the company has had no issues executing its buyback programs. He explained that they will continue to repurchase shares as long as a meaningful gap exists between the company's operational performance and its share price, assessing liquidity on an ongoing basis.

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    Geoffrey Kwan's questions to CI Financial (CIXXF) leadership • Q1 2024

    Question

    Geoffrey Kwan asked about the mechanics of raising debt at Corient, specifically whether it would be more practical to use a credit facility first and then term it out with a bond. He also questioned the rationale for keeping the Canadian Wealth business with Asset Management rather than moving it into Corient to create a pure-play wealth management entity.

    Answer

    Executive Kurt MacAlpine agreed that establishing a credit facility at Corient would be a logical first step for 'readiness,' which could later be termed out, though a flurry of M&A activity could justify going directly to a bond deal. On business structure, he explained that he views the company as three distinct businesses: Canadian Asset Management, Canadian Wealth, and Corient, each with dedicated management and priorities. He acknowledged that a future separation could potentially be structured by business line (wealth vs. asset management) instead of geography.

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    Geoffrey Kwan's questions to Brookfield Business Partners (BBU) leadership

    Geoffrey Kwan's questions to Brookfield Business Partners (BBU) leadership • Q2 2024

    Question

    Geoffrey Kwan inquired about the potential for future financial impacts and market share loss at CDK Global following its cybersecurity incident, as well as broader lessons learned for cybersecurity practices across the portfolio.

    Answer

    CFO Jaspreet Dehl stated that the bulk of the costs related to the CDK incident were accrued in the second quarter and no further material impact is expected. Paul Lepage, Managing Director on the business operations team, added that CDK's customer contracts are typically multi-year (3-5 years) with high retention, and the focus is on being a best-in-class partner. He also emphasized the firm's increasing focus on information security across all portfolio companies.

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