AlTi Global, Inc.

AlTi Global, Inc. is a global wealth and investment partner that provides holistic solutions to families, foundations, and institutions, helping clients manage capital, structure complexity, and plan across borders and generations. The company manages or advises approximately $93.1 billion ¹ in combined assets as of December 31, 2025, and employs approximately 490 professionals ² across 19 cities in 9 countries ³.

The core business model of AlTi Global, Inc. revolves around generating revenue primarily from four categories: recurring management, advisory, trustee, or administration fees ("management fees"); performance or incentive fees; distributions from investments; and other income or fees. Management fees are the primary and most predictable revenue source, generally calculated as a percentage of Assets Under Management (AUM) or Assets Under Advisement (AUA), and are typically charged annually or quarterly in arrears. Incentive fees are performance-related and variable, providing potential upside. Distributions from investments are generated from equity interests in external managers, comprising both recurring management fee components and performance-based incentive fee components. Other income or fees are generally non-recurring transaction fees. The company's wealth management client base includes Ultra High Net Worth (UHNW) individuals, families, single-family offices, foundations, and endowments globally, while its Alternatives Platform clients are typically institutional.

The company's services include discretionary investment management, non-discretionary investment advisory, estate and wealth planning, trust and fiduciary services, governance and education, philanthropy and purposeful giving, and family office services. AlTi also provides wealth management clients with access to alternative investment opportunities. The company operates an Alternatives Platform, which includes one internally managed fund and stakes in three Externally-Managed Funds.

The detailed product and service line breakdown includes Investment Management and Advisory Services, Trust Services, Family Office Services, and the Alternatives Platform. Investment Management and Advisory Services involve diversifying client portfolios across risk factors, geographies, and asset classes, including private equity, private credit, hedge funds, real estate, and infrastructure, utilizing an open architecture approach. Trust Services, primarily provided from Delaware, focus on wealth preservation, protection, and distribution, including creating or modifying trust instruments and acting as fiduciary. Family Office Services are tailored outsourced solutions for larger clients, covering bookkeeping, private foundation management, oversight of trust administration, financial tracking and reporting, cash flow management, and other financial services. The Alternatives Platform assists money managers in building their fund management businesses.

Within the Alternatives Platform, AlTi has one internally managed fund, the TIG Arbitrage strategy, an event-driven fund based in New York, with approximately $1.8 billion ⁴ of AUM as of December 31, 2025. This strategy focuses on 0-to-30-day events within the merger process. Additionally, AlTi has strategic investments with three External Strategic Managers, managing approximately $5.5 billion ⁵ of AUM in aggregate as of December 31, 2025. These include Romspen, a Real Estate Bridge Lending Strategy based in Toronto, with approximately $1.9 billion ⁶ of AUA as of December 31, 2025; Zebedee, a European Equities Strategy based in London, with approximately $2.5 billion ⁷ of AUA as of December 31, 2025; and Arkkan, an Asian Credit and Special Situations Strategy based in Hong Kong, with approximately $1.1 billion ⁸ of AUA as of December 31, 2025. The economic interests in these External Strategic Managers are a 21% ⁹ profit share for Romspen, a 25% ¹⁰ revenue share for Zebedee, and a 12% ¹¹ revenue share for Arkkan.

For the fiscal year ended December 31, 2025, AlTi Global, Inc. reported total revenues of $254.956 million ¹². Management/advisory fees were $198.410 million ¹³, incentive fees were $34.708 million ¹⁴, distributions from investments were $20.837 million ¹⁵, and other income/fees were $1.001 million ¹⁶. Total operating expenses amounted to $328.899 million ¹⁷, leading to a total operating loss of $(73.943) million ¹⁸. The net loss before taxes from continuing operations was $(105.129) million ¹⁹, and net loss from continuing operations was $(123.717) million ²⁰. Diluted EPS from continuing operations was $(1.23) ²¹. As of December 31, 2025, cash and cash equivalents were $41.158 million ²². The company had total liabilities of $301.659 million ²³.

Comparing the year ended December 31, 2025, to December 31, 2024, total revenues increased by $56.566 million ²⁴ from $198.390 million ²⁵ to $254.956 million ²⁶. This was driven by a $15.811 million ²⁷ increase in management/advisory fees, a significant $31.452 million ²⁸ increase in incentive fees, an $8.533 million ²⁹ increase in distributions from investments, and a $0.770 million ³⁰ increase in other income/fees. Total operating expenses increased by $71.576 million ³¹ from $257.323 million ³² to $328.899 million ³³. Compensation and employee benefits increased by $33.671 million ³⁴, and non-compensation expenses increased by $37.905 million ³⁵. Net loss from continuing operations widened from $(102.248) million ³⁶ in 2024 to $(123.717) million ³⁷ in 2025.

During the third quarter ended September 30, 2025, the company disposed of its International Real Estate segment, which was deemed non-strategic to the business. On July 11, 2025, the Board approved a plan to appoint administrators over the real estate co-investment business and the real estate fund management businesses (together, the "International Real Estate Businesses"). The company also completed the acquisition of Kontora, a Hamburg-based multi-family office and asset management company with approximately $15 billion ³⁸ AUA, on April 30, 2025. This acquisition contributed to the increase in management/advisory fees and other transactional income.

The company expects to continue to deepen its reach and expansion in current markets, and position itself for expansion into complementary new markets in the U.S., Europe, and Asia, where it can bolster its client base and enhance its service offering to existing clients across multiple jurisdictions. The focus will be on markets with attractive characteristics including significant market size, low regulatory barriers, and limited competition, where the company can leverage its existing footprint. AlTi plans to offer private markets and Impact Investing solutions, which have significant appeal to UHNW clients, foundations, and institutional investors, leveraging its global distribution platform and strategic partners' expertise and networks.

AlTi expects to continue to diligently evaluate and execute inorganic opportunities which will enhance its platform by broadening its global footprint or enabling it to expand its product offerings. The company has a proven track record in wealth management, taking a disciplined approach to its pipeline and acquisition criteria, focusing on the target firm's profile, footprint, and fit. As an independent platform with long-tenured clients and an extensive suite of services, AlTi is positioned as a desirable partner for firms seeking consolidation and growth.

The company plans to fortify its client base through exceptional service and innovative solutions, leveraging its enhanced scale, skills, and experience gained over its 20+ year history, operating globally across various market cycles. AlTi expects to expand existing relationships through new investment solutions and complementary services.

Growth through impact offering is a key area of focus. As of December 31, 2025, assets invested in impact strategies accounted for $5.0 billion ³⁹ of the company's AUM. AlTi is also planning to offer impact strategies in its alternatives business, as they have significant appeal to UHNW clients, foundations, and institutional investors.

Over the next 12 months from the time of this filing and the foreseeable future, the company believes its cash and cash equivalents are sufficient to meet all of its normal operational and liquidity needs. However, to fund new initiatives and accelerate growth, AlTi may be required to obtain additional funds due to potential mismatches between projected revenue and the timing of receipts, which could impact capital available for expansion and business initiatives.

The company's obligations under the Tax Receivable Agreement (TRA) are contingent upon the generation of taxable income, prevailing tax rates, and specific interest rate terms. As of December 31, 2025, AlTi expects to pay approximately $25.7 million ⁴⁰ under the TRA, assuming no material changes in tax laws and sufficient taxable income to realize the full tax benefit.

AlTi Global, Inc. faces several material risks. Macroeconomic conditions, including difficult market and political environments, high interest rates, and inflation, may reduce investment values, hamper performance, or impair the ability to raise or deploy capital. The company's revenue, being correlated to assets under management and advisement, is vulnerable to poor investment performance or client relationship terminations. International operations expose AlTi to risks such as managing foreign operations, currency fluctuations, and compliance with diverse regulatory regimes. The administration/insolvency of the International Real Estate Businesses could negatively impact the business, with potential liabilities from intercompany balances. Regulatory risks are substantial, including extensive government regulation, litigation exposure, and the possibility of increased regulatory scrutiny, particularly regarding conflicts of interest, data privacy, cybersecurity, and the use of artificial intelligence. Failure to comply with regulations, including those related to anti-money laundering, anti-bribery, and "pay to play" rules, could result in significant penalties and reputational harm. Changes in tax law, such as the 1% ⁴¹ excise tax on stock repurchases under the Inflation Reduction Act of 2022, could increase tax liability. Personnel risks include reliance on key management, the highly competitive talent market, and potential employee misconduct. As a public company, AlTi faces increased costs and scrutiny, and the identified material weaknesses in internal control over financial reporting, particularly insufficiently documented process-level controls, could harm operating results and reputation if not fully remediated.

Management's message to shareholders emphasizes AlTi's role as a global wealth and investment partner, providing holistic solutions to families, foundations, and institutions. They highlight the company's ability to activate capital with clarity, bring structure to complexity, and plan with purpose across borders and generations. The company aims to combine the breadth of a global firm with the service offering of a family office to deliver solutions designed to meet the full complexity of wealth and capital. Management has stated that over the next 12 months from the time of this filing and the foreseeable future, they believe the company's cash and cash equivalents are sufficient to meet all normal operational and liquidity needs. However, they acknowledge that to fund new initiatives and accelerate growth, additional funds may be required due to potential mismatches between projected revenue and the timing of receipts. Strategic priorities include deepening reach and expansion in current markets, positioning for expansion into complementary new markets in the U.S., Europe, and Asia, diligently evaluating and executing inorganic opportunities to broaden global footprint or expand product offerings, fortifying the client base through exceptional service and innovative solutions, and growing through impact offerings, which accounted for $5.0 billion ⁴² of AUM as of December 31, 2025.