The following is a summary of the AlTi Global, Inc. (ALTI) Q1 2024 Earnings Call Transcript:
Financial Performance:
AlTi Global's Q1 2024 revenue stood at $51 million with 96% recurring fees.
The company's net income was estimated at $22 million, while the adjusted EBITDA margin came at 13%.
Over the past year, AlTi's assets under management (AUM) saw a growth of 10% to $71 billion.
The Wealth Management segment contributed to this with a 17% AUM growth primarily due to strong market performance and strategic acquisitions.
Even though the revenue from the Strategic Alternatives segment decreased, recurring revenues made up for 88% of the segment's top line contribution.
Business Progress:
AlTi has successfully established strategic partnerships and has divested noncore assets.
It expanded operations through the successful acquisition of East End Advisors and Envoi, strengthening its wealth management platform.
Regulatory approval for the sale of its Europe-based trust and private office businesses have also been received.
Significant growth through strategic relationships with Allianz X and Constellation Wealth Capital is expected to expand AlTi's global reach.
Revenue-producing talent acquisition and further integration of their global operations are primary objectives for the company.
The company is continuing to focus on absorbing wealth firms having a perfect cultural and strategic fit, exploring geographical expansions and strategic alternatives.
AlTi is optimistic about generating accelerated growth in 2024 and creating long-term value for its shareholders.
More details: AlTi Global IR
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