The following is a summary of the AlTi Global, Inc. (ALTI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• AlTi Global reported a third quarter revenue of $53.3 million, an 11% increase year-over-year.

• Adjusted EBITDA was $9.6 million, up $12.6 million from the previous year Q3.

• Net income before taxes allocated to corporate activities was $2.1 million, a $6.2 million increase compared to Q3 2023.

• The GAAP net loss for the third quarter was $111.4 million, including goodwill and intangible asset impairment charges totaling $116.1 million.

Business Progress:

• AlTi expanded its global wealth management presence, focusing on ultra-high-net-worth clients through strategic partnerships and acquisitions.

• Introduced a private debt program in collaboration with Allianz, enhancing investment opportunities for clients.

• Acquired East End Advisors and Envoi, enhancing OCIO capabilities and expanding geographic presence.

• Underwent strategic restructuring to focus on core competencies in Wealth & Capital Solutions, resulting in improved financial performance and operating leverage.

Opportunities:

• The strategic partnerships, notably with Allianz X, offer unprecedented private market access, facilitating significant cost savings and expanded investment opportunities like secondaries and co-investments.

• Invested in technology integration, improving service delivery and operational efficiencies, indicating a shift toward enhanced digital capabilities.

Risks:

• Non-cash goodwill and intangible asset impairment charges were significant, indicating possible overvaluations or misaligned forecasts in previous periods.

• Continued restructuring of the business segments suggests potential instability or unpredictability in future earnings.

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