Q1 2024 AlTi Global, Inc Earnings Call Transcript
Key Points
- AlTi Global Inc (ALTI) reported a 10% growth in consolidated assets under management and advisement over the past 12 months, reaching $71 billion.
- 96% of AlTi Global Inc (ALTI)'s Q1 revenues were from recurring fees, highlighting a stable revenue base.
- The company announced strategic acquisitions such as East End Advisors and Envoi, which are expected to enhance AlTi Global Inc (ALTI)'s wealth management platform and expand operations into key U.S. regions.
- AlTi Global Inc (ALTI) has established significant strategic partnerships with entities like Allianz X and Constellation Wealth Capital, which are set to provide substantial growth capital and support.
- The company successfully streamlined operations by divesting non-core assets and focusing on core recurring revenue businesses, which is expected to improve operational efficiency and profitability.
- AlTi Global Inc (ALTI) experienced a 12% decrease in total revenues in Q1 2024 compared to the same period in 2023, primarily due to the sale of LXi and other asset repositioning.
- Despite overall revenue growth in wealth management, the strategic alternatives segment saw a significant revenue decrease of $13 million compared to Q1 2023.
- The company reported a decrease in adjusted EBITDA from $11 million in Q1 2023 to $7 million in Q1 2024, indicating potential challenges in maintaining profitability.
- AlTi Global Inc (ALTI) faces ongoing regulatory processes for the completion of the Allianz X transaction, which could impact the timing and benefits of the partnership.
- The company's strategic repositioning and divestitures, while streamlining the business, may lead to short-term disruptions and integration challenges as new acquisitions are assimilated.
Good morning. My name is Sherry, and I will be your conference operator today. At this time, I would like to welcome everyone to AlTi's First Quarter 2024 Earnings Conference Call. (Operator Instructions) I'd like to advise all parties that this conference call is being recorded, and a replay of the webcast is available on AlTi's Investor Relations website.
Now at this time, I'll turn things over to Lily Arteaga, Head of Investor Relations for AlTi. Please go ahead.
Good morning to everyone on the call today. Joining me this morning are Michael Tiedemann, our CEO; and Stephen Yarad, our CFO. We invite you to visit the Investor Relations section of our website at www.alti-global.com to view our earnings materials, including our updated investor presentation.
I would like to remind everyone that certain statements made during the call may be deemed forward-looking statements within the meaning of the Private Securities
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