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Here are 1-3 brief analogies for AlTi Global (ALTI):

• It's like an independent UBS Wealth Management for the ultra-rich, offering extensive access to alternative investments typically associated with firms like Blackstone.
• Think of it as a highly personalized, independent JP Morgan Private Bank or Northern Trust for wealthy families and institutions, specializing in comprehensive financial management and unique private investment opportunities.
• Similar to Goldman Sachs Private Wealth Management, but as an independent firm offering bespoke services and a strong emphasis on private market access for high-net-worth clients.

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• Global Family Office & Wealth Management: Provides integrated financial planning, investment management, estate planning, and family office services for high-net-worth and ultra-high-net-worth clients globally.
• Alternative Asset Management: Manages and advises on investments in a range of illiquid alternative assets, including private equity, private credit, and real estate, often through co-investment opportunities.

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AlTi Global (symbol: ALTI) primarily serves a diverse client base that includes ultra-high-net-worth individuals, families, and various institutional entities for wealth management and alternative investment solutions. Given its business model, it does not have a few major customer companies that represent a significant portion of its revenue, nor does it typically disclose specific client names due to confidentiality in wealth management.

The company primarily sells to individuals and entities managing wealth for individuals, as well as institutional clients for alternative investments. Its customer categories can be broadly described as:

• Ultra-High-Net-Worth (UHNW) and High-Net-Worth (HNW) Individuals: These clients seek comprehensive wealth management services, including financial planning, investment management, estate planning, and tax advisory, tailored to their substantial asset base.
• Families and Family Offices: These sophisticated clients represent affluent families and their dedicated entities that require bespoke solutions for multi-generational wealth preservation, growth, philanthropy, and access to exclusive investment opportunities.
• Institutions and Qualified Investors: This category includes endowments, foundations, pension funds, and other institutional clients, along with highly sophisticated qualified individual investors, who invest in AlTi Global's alternative asset management offerings such as private equity, venture capital, real estate, and hedge funds.

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Michael Tiedemann, Chief Executive Officer

Michael Tiedemann is a Founding Partner, CEO, and Chairman of the Internal Investment Committee at Tiedemann Advisors, as well as CEO at Tiedemann Investment Group (TIG), prior to leading the merger that formed AlTi Global. Early in his career, he worked in Brazil with Banco Garantia, and following its acquisition by Credit Suisse, he managed the equity sales and trading operations for Latin America. AlTi Global has received strategic investments from Allianz X and Constellation Wealth Capital.

Michael Harrington, Chief Financial Officer

Michael Harrington was appointed Chief Financial Officer of AlTi Global, effective February 26, 2025, bringing nearly four decades of experience in financial services. Prior to joining AlTi, he served as CFO of Republic First Bancorp. He notably served as Executive Vice President and CFO of The Bryn Mawr Trust Company, which was sold to WSFS Financial Corp in 2021. He has also held CFO roles at Susquehanna Bancshares and First Niagara Financial Group.

Kevin Moran, President & Chief Operating Officer

Kevin Moran was promoted to President on March 22, 2024, while retaining his role as Chief Operating Officer at AlTi Global. Before the merger that created AlTi, he spent nearly 15 years as Chief Operating Officer at Tiedemann Advisors. His career began at Katten Muchin Rosenman LLP, followed by positions at FRM Americas LLC, where he served as Chief Compliance Officer and Associate General Counsel.

Nancy Curtin, Global Chief Investment Officer

Nancy Curtin serves as the Global Chief Investment Officer of AlTi, overseeing a global team of over 50 investment professionals. Her previous roles include CIO and Head of Investments at Alvarium Investments, and similar positions for eight years at Fortune Asset Management, and ten years at Close Brothers Asset Management after its acquisition of Fortune Asset Management. Earlier in her career, she held senior investment roles at Schroders in venture capital and Baring Asset Management, where she developed private equity businesses in regions such as Russia and Germany. She also served on the board of Digital Bridge Group Inc., a global digital infrastructure private equity firm, and has been its Chairperson of the Board since 2021.

Colleen Graham, Chief Legal, Compliance, and Risk Officer

Colleen Graham has over 30 years of experience as an entrepreneur and legal advisor. She was the Founder and CEO of NextGen Compliance LLC and the Co-Founder and CEO of Signac LLC, a joint venture between Credit Suisse and Palantir Technologies. She spent two decades at Credit Suisse, holding various roles including Managing Director, Global Chief Control and Operational Risk Officer, and Head of Compliance Americas. Most recently, she served as General Counsel for Boston Private Financial Holdings and its successor, SVB Private.

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The key risks to AlTi Global's (ALTI) business include a sustained lack of profitability, the challenges associated with integrating mergers and acquisitions, and exposure to global market conditions and international operational complexities.

The most significant risk stems from AlTi Global's **sustained lack of profitability and rising operating expenses**. Despite experiencing strong revenue growth, the company has consistently reported negative EBITDA and net losses for several years. Operating expenses have significantly increased, leading to skepticism among investors about the company's cost discipline and ability to translate revenue into durable margins and cash flow.

A second key risk involves the **integration and execution of mergers and acquisitions**. AlTi Global has pursued an aggressive growth strategy, including significant acquisitions such as Kontora. While these acquisitions expand the company's market footprint, they also introduce operational complexities and integration costs. The successful execution and realization of synergies from these complex integrations are crucial to the company's overall financial health and future profitability.

Finally, AlTi Global faces risks related to **global and domestic market and business conditions, regulatory factors, and international operations**. As a global wealth manager, the company is exposed to market volatility and competitive pressures within the asset management industry. Furthermore, its international operations, particularly in regions like the United Kingdom and Hong Kong, subject it to various challenges including differing legal and regulatory requirements, potential political and trade tensions, and the general complexities of managing a geographically diverse business in a volatile environment.

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The democratization and digitalization of alternative investments represents a clear emerging threat. New platforms and technologies are increasingly making private equity, private credit, real estate, and other traditionally illiquid assets accessible to a broader range of qualified investors beyond ultra-high-net-worth and institutional clients, often with lower minimums and greater transparency. Additionally, advancements in areas like blockchain for asset tokenization could further fractionalize ownership, increase liquidity, and potentially reduce the need for traditional intermediaries and associated costs. This trend could erode AlTi Global's competitive advantage derived from exclusive access and complex structuring of alternative investments, increase competition for deal flow and capital, and exert downward pressure on management and advisory fees as access to these assets becomes more widespread and direct.

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AlTi Global primarily operates in two main addressable markets: wealth management and alternative investments, targeting high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients globally.

• The global addressable market for AlTi Global's focus on the upper end of the wealth band, encompassing ultra-high-net-worth clients with expertise in alternatives and impact investing, is estimated at $102 trillion. This market is projected to grow at a 7% Compound Annual Growth Rate (CAGR) by 2028.
• For context, High-Net-Worth (HNW) individuals are defined as those with a net worth of at least $5 million, and Ultra-High-Net-Worth (UHNW) individuals have a net worth of at least $50 million.

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AlTi Global (ALTI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Strategic Investments and Partnerships: AlTi Global has secured substantial investment capital, up to $450 million, from strategic partners like Allianz and Constellation Wealth Capital. This funding is being utilized to accelerate the company's mergers and acquisitions strategy, international expansion, and organic growth initiatives. Furthermore, the partnership with Allianz provides UHNW clients with access to a private markets investment program, including the global private credit market, often with more accessible ticket sizes.
2. Mergers & Acquisitions (M&A) Strategy: The company is actively pursuing and completing strategic acquisitions to expand its Assets Under Management/Advisement (AUM/AUA) and market reach. Recent examples include the acquisition of Kontora, which marked AlTi's entry into Germany, a significant ultra-high-net-worth (UHNW) market, and also East End Advisors and Envoi. These acquisitions aim to bolster its presence in the UHNW segment and enhance its global footprint.
3. International Expansion and Global Footprint: AlTi Global is leveraging its extensive global network, spanning 19 offices across 9 countries, to capture a larger share of the expanding UHNW wealth management market. The company plans to capitalize on growth opportunities in key regions such as the Middle East and the United States, driven by a strong pipeline for outsourced chief investment officer (OCIO) services.
4. Organic Growth in Wealth Management & Capital Solutions: A primary focus is on driving organic growth within its core Wealth Management and Capital Solutions segment. This growth is supported by increasing AUM, reflecting strong market performance and successful client acquisition and retention, with a reported 96% client retention rate. AlTi is strategically positioned in the fast-growing UHNW market, where clients typically have fewer liquidity needs, allowing capital to remain invested and compound over time.
5. Expansion of Product and Service Offerings: AlTi is enhancing its service capabilities and offering new investment opportunities to clients. A notable example is the launch of a new private credit program through its partnership with Allianz, which provides differentiated investment opportunities to its client base. The company offers a comprehensive suite of services including investment advisory, OCIO, trust and fiduciary services, impact investing, and family office solutions.

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Share Repurchases

• As of March 31, 2025, AlTi Global repurchased 817,730 shares of Class A Common Stock, classifying them as Treasury Stock, primarily related to equity-based compensation programs.
• The company's cash flow statement shows net common equity repurchases of approximately $174.31 million in 2024 and $311.22 million in 2023.

Share Issuance

• In 2021, AlTi Global reported net common equity issued/repurchased of approximately $3.79 million, indicating share issuance.
• As part of a strategic investment in February 2024, Allianz X invested $110 million in newly issued Class A Common Stock of AlTi Global.
• A proposal was made to amend the 2023 Stock Incentive Plan to increase the number of Class A Common Stock available for issuance by an additional 9,010,000 shares.

Inbound Investments

• AlTi Global announced a strategic investment of up to $450 million from Allianz X and Constellation Wealth Capital (CWC) in February 2024.
• Allianz X committed to invest up to $300 million, which included $110 million in newly issued Class A Common Stock and $140 million in newly created Series A Convertible Preferred Stock, with an option for an additional $50 million.
• Constellation Wealth Capital invested $150 million, consisting of $115 million for Series C Cumulative Convertible Preferred Stock and warrants to purchase 1,533,333 shares of Class A Common Stock, with the initial closing for Constellation occurring on March 27, 2024.

Outbound Investments

• The strategic investment of $450 million is being utilized to accelerate AlTi Global's M&A strategy, international expansion, and organic growth initiatives.
• AlTi Global has made several acquisitions, including East End Advisors, Envoi (Manz Envoi), and Kontora Family Office GmbH in Germany, to expand its ultra-high-net-worth (UHNW) segment and global footprint.
• The company is actively exploring new impact investment opportunities across Europe, Asia-Pacific, and the United States, seeking to partner with top-tier fund managers.