AlTi Global, Inc. (NASDAQ:ALTI) Q4 2023 Earnings Call Transcript

AlTi Global, Inc. (NASDAQ:ALTI) Q4 2023 Earnings Call Transcript March 15, 2024

AlTi Global, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good afternoon. My name is Boah and I will be your conference operator for today. At this time, I would like to welcome everyone to AlTi's Fourth Quarter and Full Year 2023 Earnings Conference Call. During the call, your lines will remain in a listen-only mode. After the speaker's remarks, there will be a question-and-answer session. 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, ma'am.

Lily Arteaga: Good afternoon to everyone on the call today. Joining me this afternoon 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 Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as anticipate, believe, continue, estimate, expect, future, intend, may, plan, and will, or similar words. Because these forward-looking statements involve both known and unknown risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements.

AlTi assumes no obligation or responsibility to update any forward-looking statements. During this call, some comments may include references to non-GAAP financial measures. Full reconciliations can be found in our earnings presentations and our related SEC filings. As I mentioned, we filed an updated investor presentation earlier today. With that, I'd like to turn the call over to Mike.

Michael Tiedemann: Thank you, Lily. Good afternoon, everyone, and thank you for joining us today for our fourth quarter and full year 2023 earnings call. 2023 was a pivotal year for the AlTi team. In January of last year, we completed our business combination, which brought three companies together and culminated in our listing as a public company. Concurrent with the closing, we secured a $250 million credit facility and in the second quarter we increased our share liquidity and float through the registration of the PIPE shares as well as the successful completion of a warrant exchange. We also conducted a comprehensive strategic review of the newly combined operating structure. Through that process, we identified and actioned $16 million in annualized run rate cost savings initiatives.

We expect that these cost savings will be fully realized in our Q3 2024 results. As a firm, we completed key transactions across both of our business segments, Wealth Management and Strategic Alternatives. This included expanding our footprint in key markets like Singapore and Northern Italy, and increasing our stake in managers of uncorrelated alternative strategies, which have continuously outperform their benchmarks. A few weeks ago we announced a strategic investment from Allianz X and Constellation Wealth Capital or CWC. Upon closing, this transaction will provide AlTi with up to $450 million to execute on our strategic priorities. We have a robust, actionable, M&A pipeline, and believe these relationships will lead to significant momentum.

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