AlTi Global, Inc. (ALTI) Q3 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 12 2025
0mins
Should l Buy ALTI?
Source: SeekingAlpha
Consolidated Revenue $57 million, up 10% year-over-year and 9% sequentially, driven by continued momentum in the Wealth Management business. Growth was led by management fees of $52 million, up 7% versus last year, due to robust asset growth and an increase in incentive fees in the arbitrage fund.
Assets Under Management (AUM) $49 billion at quarter end, up 6% year-over-year and 4% sequentially, fueled by strong portfolio performance and the acquisition of Kontora last quarter.
Operating Expenses $86 million, up from $61 million in the prior year period. The increase was largely driven by nonrecurring noncash charges, including a $4 million client redress provision and a $16 million write-off of receivables due from the disposed international real estate business. Excluding onetime items, normalized operating expenses were $51 million versus $43 million in the third quarter of 2024.
Normalized Compensation Expenses $32 million compared to $28 million in the prior year period, primarily reflecting the inclusion of Kontora and the bonus provision associated with the arbitrage incentive fee.
Normalized Non-Compensation Expenses $19 million compared to $15 million in the prior year period, driven by Kontora's consolidation and higher professional fees and G&A expenses.
Consolidated Adjusted EBITDA $6 million compared to $12 million in the prior year period. The decrease reflects the full impact of Kontora, adding approximately $3 million in normalized costs, alongside higher professional fees and G&A expenses.
Net Loss (GAAP Basis) $107 million for the quarter, primarily reflecting noncash nonrecurring charges related to the exit of the international real estate business, the impairment of the arbitrage intangible, and the valuation allowance against the deferred tax asset.
Adjusted Net Income $1 million, excluding nonrecurring items.
Net Loss from Discontinued Operations $20 million for the quarter, reflecting the full impact of placing the International Real Estate division in administration.
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Analyst Views on ALTI
About ALTI
AlTi Global, Inc. is an independent global wealth manager providing entrepreneurs, multi-generational families, institutions, and emerging leaders with fiduciary capabilities as well as alternative investment strategies and advisory services. Its Wealth & Capital Solutions segment provides holistic solutions for its wealth management and Outsourced Chief Investment Officer (OCIO) clients through a comprehensive array of wealth management services, including discretionary investment management services, non-discretionary investment advisory services, trust services, administration services, and family office services. Its International Real Estate segment assists its investors with real estate co-investments by providing access to highly differentiated opportunities in these areas as well as structuring and selecting partners with a proven track record in alternative asset classes, with attractive risk-adjusted return characteristics.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Limitations of AI Tools: Several high-end advisors express skepticism towards AI client prospecting tools, arguing that most are built on existing large language models and lack genuine competitive advantages, while also being costly.
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- Market Competition Analysis: Andrew Douglass from AlTi Tiedemann Global notes that over the past five years, client referrals and personal networks have accounted for 40% and 30% of their organic growth, respectively, highlighting the importance of building trust among high-net-worth clients.
- Limitations of AI Tools: Several high-end advisors express skepticism towards AI client prospecting tools, arguing that most are built on existing large language models and lack genuine competitive advantages, while also being costly.
- Growth Target Setting: AlTi Global aims to add 25 to 30 new clients annually, potentially bringing in $1.5 billion to $2 billion in new assets, demonstrating its growth potential in the high-end wealth management market.
See More
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- Market Feedback: Andrew Douglass from AlTi Tiedemann Global notes that over the past five years, client referrals and personal networks accounted for 40% and 30% of their organic growth, highlighting the importance of traditional methods in high-end wealth management.
- Limitations of AI Tools: Several high-end advisors express skepticism towards AI client prospecting tools, arguing that most are built on widely available large language models and lack true competitive advantage, with cold emails failing to engage clients who already have advisors.
- Growth Targets: AlTi Global aims to add 25 to 30 new clients annually, potentially bringing in $1.5 billion to $2 billion in new assets, underscoring a strategy that prioritizes quality over quantity in the ultra-high-net-worth market.
See More
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- Udemy Follows Suit: Udemy's stock falls by approximately 4.7%, mirroring KinderCare's performance and highlighting challenges faced in the ed-tech sector that could impact its market share.
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See More
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- Education Development Expansion: This certification represents the fourth major category of workforce development offerings from the Global Electronics Association, further enriching its educational portfolio, which now includes registered apprenticeships, IPC standards certifications, and role-based training, creating a comprehensive career development framework.
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- Unique Market Position: As an independent global wealth manager, AlTi holds a unique position in the ultra-high-net-worth space, managing a total of $89 billion in assets, which underscores its significant influence in the global wealth management sector.
- Strategic Review Process: The Special Committee's review process does not have a definitive timeline, and there is no assurance of a specific outcome, which may affect investor confidence regarding the company's future direction.
- Advisory Team Support: J.P. Morgan Securities is serving as the financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel, providing professional support to ensure the compliance and effectiveness of the evaluation process.
See More
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- Special Committee Formation: The Company's Board of Directors has formed a Special Committee of independent directors to evaluate these preliminary interests and explore strategic options, thereby supporting the Company's continued growth and enhancing client service quality.
- Business Model Simplification: AlTi is simplifying its core business model while focusing on improving margins and maintaining momentum around organic and inorganic growth, which will help strengthen its competitive position in the ultra-high-net-worth market.
- Advisory Team Support: J.P. Morgan Securities LLC is serving as the financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel to the Special Committee, ensuring the effectiveness and compliance of the evaluation process.
See More
