AlTi Global, Inc. (ALTI) is a Financials stock trading at $3.91 (as of 2026-09-02), with a market capitalization of $433.45M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.
AlTi Global provides wealth and asset management services, including discretionary investment management, non-discretionary investment advisory, and trust and administration, as well as family office support. It also offers merchant banking and corporate advisory services such as M&A and placement-related advisory. These services are provided to individuals, families, foundations, institutions, entrepreneurs, and companies in the United States and internationally.
Understand AlTi Global, Inc.: how it makes money
AlTi Global manages assets and runs family-office, trust, and advisory services for wealthy individuals and institutions, earning management fees and advisory commissions. It is a small, relationship-driven shop: 74% of revenue is recurring and the average client stays about a decade.
Revenue is fee-per-dollar-on-assets, so profit requires AUM growth to outrun a fixed overhead base; at roughly $100M in quarterly revenue the fee stream has not yet cleared the cost line, leaving an 19% negative operating margin.
Business quality (Weak): The business is weak: negative operating margin (-19%), negative ROE (-13%), and a small revenue base that has not yet achieved operating leverage. The model is sound in theory but the firm is still in a cost-buildout phase.
Bull case
Path to earnings inflection: Management guided to approximately $20 million of recurring annual gross savings by late 2026. At the current quarterly revenue base of about $100 million and an operating margin of -19%, capturing even a portion of those savings would push the firm toward breakeven on an annualized run-rate.
Visible mandate pipeline: The US book secured nearly $1.1 billion in new and expanded mandates through September, and international mandates added more than $600 million in the quarter. That combined pipeline gives the fee base a clear growth runway for the next two years without relying on net market appreciation.
Deep, sticky client tenure: Client retention sits at approximately 96% with an average relationship of 10 years. That lock-in gives the recurring-fee component a degree of predictability that is rare among small wealth managers and supports the 74% recurring-revenue mix.
Bear case
EBITDA halved on rising costs: Adjusted EBITDA fell by half year over year to $6 million while operating expenses rose to $86 million, including major nonrecurring charges. The cost build-out is outpacing revenue growth, and the loss is structural until scale catches up.
Arbitrage fund write-down: The arbitrage fund impairment drove a $35 million noncash charge, a figure that is a third of the roughly $100 million quarterly revenue. It highlights concentrated risk in the firm's alternative-investment book and the mark-to-market volatility that comes with it.
Cash burn with no exit: The company is consuming cash and will fund real estate wind-down support through 2027, meaning the balance sheet carries a multi-year obligation with no guaranteed revenue offset. If AUM growth stalls, the firm faces a continued dilution or financing need.