AlTiGlobalReports Strong Q1 2024 Results, Fueled by Acquisitions and Wealth Management Growth

AlTi Global reported a 10% increase in consolidated assets under management, reaching $71 billion, driven by strategic partnerships and acquisitions. The company's Wealth Management segment saw a 17% year-over-year growth in assets under management, with revenues of $51 million for the quarter.

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AlTiGlobalReports Strong Q1 2024 Results, Fueled by Acquisitions and Wealth Management Growth

AlTiGlobalReports Strong Q1 2024 Results, Fueled by Acquisitions and Wealth Management Growth

AlTi Global Inc., a publicly traded international wealth management and alternative investments corporation, reported robust first quarter 2024 earnings during its recent conference call. CEO Michael Tiedemann highlighted the company's strategic partnerships, acquisitions, and growth initiatives that contributed to a 10% increase in consolidated assets under management and advisement, reaching $71 billion.

Why this matters: The growth of AlTi Global's wealth management platform has significant implications for the financial industry, as it demonstrates the increasing demand for alternative investment options and the importance of strategic partnerships in driving business growth. As the company continues to expand its operations, it may influence the broader market trends and investment strategies.

The company's Wealth Management segment saw particularly strong performance, with a 17% year-over-year growth in assets under management. This growth was primarily driven by strong market performance and strategic acquisitions closed in 2023. AlTi reported revenues of $51 million for the quarter, with 96% derived from recurring fees. Net income came in at $22 million, with an adjusted EBITDA of $7 million and an adjusted EBITDA margin of 13%.

During the earnings call, Tiedemann discussed AlTi's recent acquisitions aimed at enhancing its wealth management platform and expanding operations. In April, the company acquired East End Advisors, adding nearly $6 billion of AUM and enhancing its Outsourced Chief Investment Officer capabilities. Just yesterday, AlTi announced the acquisition of Envoi, a $3 billion AUM ultra-high-net-worth wealth manager based in Minneapolis. These acquisitions are part of AlTi's strategy to build a leading platform for the ultra-high-net-worth segment, incorporating alternatives.

Tiedemann emphasized the company's focus on organic growth, talent acquisition, and further acquisition opportunities to expand into new markets and broaden its alternatives business. "Our top priority goal is and will always be organic growth," he stated. "The importance of integrating our offices, and our operations globally is because of the collaboration and the support for the business development efforts that can be driven by that leads to organic growth."

Looking ahead, Tiedemann expressed optimism about AlTi's ability to generate accelerated growth and create long-term shareholder value. "The first quarter of 2024 will serve as a catalyst for AlTi in the quarters and years to come,"he remarked. "We have immense traction across both our core operations and our M&A pipeline. "With its strategic partnerships and acquisitions poised to contribute positively to future results, AlTi appears well-positioned for continued success in theglobalwealth management and alternative investments space.