0001628280-26-022450
SEC filingRevenue grew 29% to $255M driven by incentive fees and acquisitions, but net loss widened to $124M due to impairment and restructuring charges.
AlTi Global, Inc. describes itself as a global wealth and investment partner to families, foundations and institutions. The company combines the breadth of a global firm with the service offering of a family office to deliver solutions designed to meet the full complexity of wealth and capital. As of December 31, 2025, AlTi manages or advises approximately $93.1 billion in combined assets and employs approximately 490 professionals operating in 19 cities in 9 countries across three continents. The company provides holistic solutions for wealth management and Outsourced Chief Investment Officer (OCIO) clients through services including discretionary investment management, non-discretionary investment advisory, estate and wealth planning, trust and fiduciary, governance and education, philanthropy and purposeful giving, and family office services. AlTi also provides wealth management clients with access to alternative investment opportunities.
AlTi is currently organized into one operating segment. Prior to the third quarter ended September 30, 2025, the company was organized into two operating segments: Wealth & Capital Solutions and International Real Estate. Following a strategic review, the Board approved a plan to appoint administrators over the International Real Estate Businesses, and during the third quarter of 2025, the company disposed of its International Real Estate segment. The current single operating segment consists of wealth and investment management and advisory services, trust services, family office services, and management fees, incentive fees, and distributions from investments received from interests in internal and external managers of alternative investment strategies (the Alternatives Platform). Revenue is primarily generated from management fees (82% of revenue for the year ended December 31, 2025), incentive fees, distributions from investments, and other income.
AlTi's key products and platforms include the TIG Arbitrage strategy, an event-driven fund with approximately $1.8 billion of AUM as of December 31, 2025, managed by subsidiary TIG Advisors, LLC. The company also has stakes in three Externally-Managed Funds: Romspen (real estate bridge lending, approximately $1.9 billion AUA), Zebedee (European equities, approximately $2.5 billion AUA), and Arkkan (Asian credit and special situations, approximately $1.1 billion AUA). AlTi offers robust Impact Investing services, with $5.0 billion of AUM invested in impact strategies as of December 31, 2025. The company operates several vehicles focused on vintage private equity, credit, real estate, active global managers and hedge fund strategies, and has a private markets partnership with Allianz. Trust services are primarily provided from Delaware, and family office services cover bookkeeping, foundation management, trust administration, financial tracking, cash flow management, and bill pay.
AlTi serves a client base that includes UHNW individuals, families, single-family offices, foundations, and endowments globally, while Alternatives Platform clients are typically institutional. The company utilizes an open architecture approach, designed to identify appropriate investment solutions in the marketplace that align with client objectives. AlTi does not receive undisclosed forms of compensation and makes investment decisions solely with the best interests of each client in mind. The wealth management business has a long-tenured, multi-generational client base with a retention rate of 96% since 2021. The company provides clients with performance reports and can report on impact performance for interested clients.
The wealth management industry is highly fragmented, with 15,870 registered investment advisors in the United States alone in 2024. Key competitors in the United States include regional or national independent multi-family offices or consultants such as BBR, Brown Advisors, SCS, Jordan Park, Cresset, and Mercer Advisors, as well as banks or trust companies including Bessemer Trust, UBS, Northern Trust, JP Morgan and Goldman Sachs. Internationally, AlTi competes with local multi-family offices, consultants such as We Family Offices, Cambridge Associates and ARC, and banks including UBS, Goldman Sachs, Pictet, and JPMorgan.
AlTi's growth strategy includes deepening reach and expansion in current markets and positioning for expansion into complementary new markets in the U.S., Europe, and Asia, focusing on markets with significant size, low regulatory barriers, and limited competition. The company plans to offer private markets and Impact Investing solutions. AlTi expects to continue evaluating and executing inorganic opportunities to enhance its platform, having a proven track record in wealth management with a disciplined approach to acquisitions. The company aims to expand its client base through exceptional service and innovative solutions, and to deepen existing relationships through new investment solutions and complementary services. Growth through impact offering is a key area, with $5.0 billion in impact AUM as of December 31, 2025. Strategic partnerships with Allianz and Constellation provide capital, experience, networks, and global operating expertise to accelerate growth.
As of December 31, 2025, AlTi employed approximately 490 professionals. The company recognizes the link between corporate values, employee engagement, and corporate performance, and strives to foster a supportive environment that cultivates professional growth and development. Members of senior management have an average of over 20 years of experience and a strong track record in building successful businesses and generating superior returns across market cycles. AlTi's values are built on mutual respect, constructive dissent, operating at the highest standard, and acting in the best interest of stakeholders.
For the year ended December 31, 2025, AlTi Global reported total revenues of $255.0 million, a 28.5% increase from $198.4 million in 2024. The growth was driven by a $31.5 million surge in incentive fees (to $34.7 million) due to crystallized performance in the TIG Arbitrage strategy, and a $15.8 million increase in management/advisory fees (to $198.4 million) from higher AUM, partly from the Kontora acquisition. Distributions from investments rose $8.5 million to $20.8 million on stronger performance by external managers. Other income/fees increased $0.8 million to $1.0 million.
Total operating expenses increased $71.6 million to $328.9 million. Compensation and benefits rose $33.7 million to $189.8 million, driven by acquisition-related costs, new equity grants, and restructuring. Non-compensation expenses increased $37.9 million to $139.1 million, primarily from $21.9 million in higher general, administrative and other costs (including $15.5 million bad debt from real estate divestment and $3.6 million redress provisions) and $11.8 million in one-time professional fees. The net loss from continuing operations widened to $123.7 million from $102.2 million, reflecting impairment of intangible assets ($35.0 million) and high restructuring costs ($34.0 million). Adjusted EBITDA improved 44.6% to $34.8 million, as the company's adjusted operating performance strengthened.
The MD&A does not present formal operating segments but discusses two main revenue drivers: Wealth Management and Alternatives Platform. Wealth management fees (included in management/advisory fees) benefited from rising AUM and the Kontora acquisition, partially offset by TIG Arbitrage outflows. The Alternatives platform contributed significantly to fee growth, with TIG Arbitrage generating higher incentive fees and the external strategic managers (Real Estate Bridge Lending, European Equities, Asian Credit) delivering increased distributions. AUM grew to $47.9 billion (from $43.1 billion) primarily from market appreciation and acquisitions, while net client flows were slightly positive. AUA reached $85.8 billion, boosted by the Kontora acquisition and organic growth.
Management's outlook is cautious. The company expects to maintain sufficient liquidity for normal operations but may need additional capital for growth initiatives. They highlight uncertainty from macroeconomic factors (interest rates, inflation) and geopolitical tensions. Cost-saving initiatives (organization streamlining) are ongoing, and the company has strengthened its balance sheet through preferred equity investments from Allianz and Constellation. No specific revenue or earnings guidance is provided, but the focus remains on organic growth, operational efficiency, and integrating recent acquisitions like Kontora.
As of December 31, 2025, AlTi Global held $41.2 million in cash and cash equivalents, a decrease from $64.4 million at year-end 2024. Total assets were $1.18 billion, down from $1.26 billion. The company reported $144.2 million in investments at fair value and $385.9 million in goodwill. Total debt was minimal at $0.9 million, net of unamortized deferred financing costs. Shareholders' equity stood at $874.8 million, including $274.7 million in non-controlling interests. The company's liquidity position reflects the deconsolidation of International Real Estate businesses and ongoing acquisition-related cash outflows.
The Notes disclose no specific purchase commitments or contractual obligations beyond standard operating leases ($46.7 million right-of-use assets, $61.7 million lease liabilities). The company has earn-out liabilities of $57.4 million and a TRA liability of $25.7 million. Contingent consideration related to acquisitions (Kontora, Envoi, EEA) is recorded at fair value. No material off-balance-sheet commitments were identified.
AlTi Global did not repurchase any shares in 2025. Preferred stock dividends of $16.1 million were accrued (paid-in-kind). The company issued $0.4 million in new debt and repaid $0.3 million, resulting in a net debt increase of $0.1 million. Capital expenditures were $0.8 million (0.3% of sales). The company raised $18.5 million from the issuance of Series A Preferred Stock to Allianz under the tranche right. No common stock dividends were declared.
The company operates as a single reportable segment following the disposal of its International Real Estate segment in July 2025. Revenue is generated from wealth and investment management services, trust services, family office services, and an alternatives platform. As of December 31, 2025, the company managed or advised approximately $93.1 billion in combined assets. Geographic mix is not disclosed at the segment level, but the company operates in 19 cities across 9 countries.