ALTI GLOBAL INC

Company Overview

AlTi Global Inc. is an independent global wealth manager serving ultra‑high‑net‑worth individuals, multi‑generational families, family offices and institutions, offering fiduciary wealth management, OCIO/advisory, trust and family office services plus private market co‑investments and an Alternatives Platform. As of December 31, 2024 the firm reported combined AUM/AUA of ~$75.7B (Wealth & Capital Solutions ≈$67.3B; International Real Estate ≈$8.4B) and a ~$1.7B internally managed TIG Arbitrage fund plus equity stakes in external managers. Revenue is heavily weighted to recurring management/advisory/trust fees (~96% of 2024 revenue) with lumpy performance/incentive fees and distributions from investment stakes supplementing income. The firm operates ~430 professionals across 19 cities, recently raised strategic capital from Allianz and Constellation (up to $450M closed in 2024) and is undergoing strategic reviews including a wind‑down/repositioning of its International Real Estate business.

Executive Compensation Practices

Executive pay at AlTi is likely calibrated to a mix of stable, asset‑linked metrics (AUM/AUA and recurring fee revenue) and volatile performance measures (incentive fees, distributions from external manager stakes, TIG incentive fees ~15–20%). Filings show rising stock‑based compensation and acquisition‑related earn‑outs that increased compensation in recent quarters, so executives’ pay packages probably include significant equity grants, deferred/contingent consideration tied to M&A milestones, and cash bonuses linked to adjusted EBITDA or fee growth. Material non‑cash items (goodwill/intangible impairments, fair‑value movements, TRA and earn‑out valuations) create GAAP volatility, which management appears to adjust for in non‑GAAP performance measures — these adjusted metrics are likely used to set bonus targets and long‑term incentive vesting. Ongoing cost‑rationalization and integration of acquisitions mean a portion of short‑term incentives may be tied to cost savings, retention and successful deal integration.

Insider Trading Considerations

Insiders at AlTi will be trading under standard public‑company constraints (Section 16/Form 4 reporting, blackout windows around earnings and material events, and likely use of Rule 10b5‑1 plans), and additional adviser‑client fiduciary/regulatory scrutiny given the SEC/Investment Adviser oversight and international data/privacy regimes. Because a high share of economic value is AUM‑linked and incentive/distribution income is lumpy, insider purchases or sales timed near quarter‑end AUM disclosures, incentive fee realizations, or announcements about the International Real Estate wind‑down (Teneo appointment) can be especially informative to market participants. Watch for routine tax‑withholding sales tied to stock awards, option exercises and Form 4 filings that follow equity grant vesting or earn‑out settlements (TRA/earn‑out liabilities noted in filings). Finally, strategic investors (Allianz, Constellation) and contingent consideration arrangements may impose lockups or create asymmetric information, so monitor timing and size of insider transactions relative to M&A milestones, earn‑out resolutions and fair‑value remeasurements.