AlTi Global, Inc. Annual Report - How They Did This Year

I’ve put together this guide to help you understand AlTi Global’s latest performance. Instead of digging through hundreds of pages of financial filings, here are the key takeaways.

1. What does this company do?

Think of AlTi Global as a high-end financial "concierge" for the ultra-wealthy. They provide investment advice, trust services, and family office support like bookkeeping. They aren't a retail bank; they are a boutique firm helping people manage significant fortunes. As of December 31, 2025, they oversaw about $93.1 billion in assets for over 400 ultra-wealthy families.

2. The "Spring Cleaning"

The biggest change this year is their "spring cleaning." They previously ran an international real estate business but decided it didn't fit their future. In 2025, they placed these legacy real estate entities into administration. This is a complex process involving the untangling of liabilities and potential claims from creditors. AlTi recorded about $12.4 million in costs related to this wind-down. They are now a leaner company, though the resolution of these outstanding legal issues remains an ongoing process.

3. How they make money

AlTi earns revenue in four main ways:

• Management Fees: This is their "bread and butter." They charge a fee based on the value of the assets they manage. It is very stable, making up 82% of their total revenue.
• Performance Fees: If they beat specific investment goals, they take a slice of the profit, typically 10% to 20%.
• Investment Distributions: AlTi owns stakes in external investment managers and receives a share of their profits.
• Other Fees: These are one-off charges for services like tax planning and estate structuring, which brought in about $18 million in 2025.

4. How did they perform this year?

The company is growing, but it is expensive. Revenue jumped from $198 million in 2024 to $255 million in 2025, a 29% increase driven by new acquisitions and an expanded footprint. They reported a $42.5 million loss in 2025, largely due to restructuring costs and acquisition expenses.

To get a clearer picture, the company uses "Adjusted EBITDA," which ignores one-time cleanup costs and acquisition expenses. By this measure, they generated $34.8 million in 2025, up from $24 million in 2024. This 45% growth suggests their core business is becoming more profitable.

5. Key risks

• Strategic Review: The Board is evaluating options like a sale or merger, which creates uncertainty about the company's future direction.
• Stock Price Volatility: A "lock-up" period ended in early 2026, allowing early investors to sell their shares. This increase in available shares can put downward pressure on the stock price.
• Integration Costs: They spent $15 million in 2025 merging new acquisitions. The company's future profitability depends on successfully realizing cost savings from these integrations.
• Market Sensitivity: Because fees are tied to asset values, a 10% drop in global markets would cut their annual management fee revenue by $8–$10 million.

6. Future outlook

AlTi is moving toward a model where they use third-party funds for investments rather than holding assets themselves. This lowers their risk but means they will likely earn smaller performance fees. They are prioritizing stable, recurring fees over volatile "home run" profits, aiming for a long-term profit margin of 20-25%.

Investor Takeaway: AlTi is currently in a transition phase. While their core management fee business is growing and becoming more efficient, the company is still absorbing the costs of past acquisitions and a messy exit from the real estate sector. When considering an investment, weigh the potential of their stable, fee-based revenue model against the ongoing costs of restructuring and the uncertainty surrounding their potential sale or merger.