AlTi Global, Inc.

What they do

AlTi provides discretionary and non-discretionary investment management, wealth planning, trust and fiduciary services, and family office services. The firm operates a single reportable segment, with revenue primarily from management/advisory fees, incentive fees, and distributions from investments in its alternatives platform. As of December 31, 2025, it had $93.1 billion in assets under advisement and approximately 490 professionals across 19 cities in 9 countries.

Revenue drivers

• Management/advisory fees — Recurring fees calculated as a percentage of billable AUM or AUA; $54.4 million in Q2 2026, up from $49.2 million in Q2 2025.
• Distributions from investments — Income from the firm's stakes in internal and externally-managed alternative investment funds; $3.4 million in Q2 2026, up from $2.7 million in Q2 2025, and $24.7 million for H1 2026.
• Incentive fees — Performance-based fees tied to portfolio outperformance; $0.02 million in Q2 2026 versus $0.5 million in Q2 2025, with a negative $0.07 million for H1 2026.
• Other income/fees — Minor ancillary services; $0.1 million in Q2 2026.

Recent performance

Q2 2026 revenue was $58.0 million, up from $52.4 million in Q2 2025, but down sequentially from $73.1 million in Q1 2026. Total revenue for H1 2026 was $131.1 million versus $109.5 million in H1 2025, driven by higher management fees and distributions. Full-year 2025 revenue was $255.0 million with a net loss of $119.7 million. The company has been net income-negative since 2022, though it reduced operating cash outflow to -$51.4 million in 2025 from -$50.7 million in 2024. As of June 30, 2026, cash was $31.2 million and long-term debt was $12.3 million.

Strategy

Management has consolidated into one operating segment following the July 2025 decision to place the International Real Estate businesses under administration, classifying them as discontinued operations. The firm is focused on its core wealth management and alternatives platform, leveraging its global footprint and family-office-style service model. It continues to invest in hiring and technology, with compensation and employee benefits the largest expense line at $97.6 million in H1 2026. The company also engages in M&A and strategic partnerships to expand its alternatives capabilities and client base.

Risks

• Market and economic conditions — Difficult market or political conditions can reduce portfolio values, hamper fundraising, and directly lower fee revenue.
• Fee-based revenue concentration — Revenue is tightly correlated with AUM/AUA levels, so client terminations or poor investment performance can materially reduce income.
• Holding company dependence — As a holding company, AlTi depends on distributions from subsidiaries to meet tax obligations, TRA payments, and dividends.
• Valuation subjectivity — Valuation methodologies for certain assets in its investment products involve judgment and can be challenged, impacting reported results.

Outlook

Management has not provided explicit forward guidance, but emphasizes continuing to grow its wealth and alternatives platform and executing its strategic review of real estate. The company remains focused on delivering long-term growth and improving profitability, as evidenced by its ongoing investments in technology and talent. It also intends to pursue selective acquisitions and partnerships to enhance its service offerings and scale.