Q2 2024 AlTi Global, Inc Earnings Call Transcript
Key Points
- AlTi Global Inc (ALTI) reported a 15% growth in assets under management (AUM) in their wealth management business, reaching $56 billion.
- The company successfully closed four significant transactions in the last four months, expanding their platform both domestically and internationally.
- AlTi Global Inc (ALTI) secured a $250 million investment from Allianz X and $150 million from Constellation Wealth, enhancing their financial backing and growth potential.
- 99% of the company's Q2 revenues were from recurring fees, indicating a stable revenue stream.
- The adjusted EBITDA margin for the wealth management division improved to 23% in Q2 from 18% in the prior quarter, showcasing operational efficiency.
- AlTi Global Inc (ALTI) reported a net loss of $9 million in Q2 2024, compared to a net income of $28 million in Q2 2023.
- Revenues decreased by 4% compared to the second quarter of 2023, reflecting challenges in maintaining top-line growth.
- The strategic alternative segment saw a significant revenue drop to $9 million in Q2 from $17 million in Q2 2023, largely due to lower management fees and reduced transactional fees.
- The company is undergoing a review of its real estate co-investment and fund management businesses, which could lead to further asset runoff and uncertainty.
- Consolidated normalized operating expenses were $46 million, showing only a slight decrease despite ongoing cost-cutting efforts.
Good morning. My name is Ryan, and I will be your conference operator for today. At this time, I would like to welcome everyone to AlTi second 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 Investor Relations website.
Now at this time, I will turn things over to Lily Arteaga of 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 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
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
