AlTi Global, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For the three months ended September 30, 2024, total revenue was $53.3 million, a slight increase from $48.2 million in the same period of 2023. Management and advisory fees rose to $49.6 million, up from $44.0 million year-over-year, driven by growth in the Wealth & Capital Solutions segment. However, total income for the nine months decreased to $153.6 million from $157.5 million in 2023. The company reported a net loss of $111.4 million for the third quarter, an improvement from a loss of $172.8 million in the prior year. For the nine months, the net loss was $98.6 million, significantly better than the $234.9 million loss reported in 2023.

The company’s total operating expenses for the third quarter were $69.4 million, down from $73.3 million in the same quarter of 2023. Notably, impairment losses on goodwill and intangible assets decreased to $116.1 million in Q3 2024 from $153.9 million in Q3 2023, reflecting a strategic review of the company’s real estate businesses. The impairment charge for the nine months was $69.7 million, a reduction from $153.9 million in the previous year.

AlTi Global's total assets increased to $1.4 billion as of September 30, 2024, from $1.3 billion at the end of 2023, while total liabilities decreased to $366.6 million from $483.8 million. Shareholders' equity rose to $1.0 billion, up from $782.5 million, reflecting the issuance of new equity, including 140,000 shares of Series A Preferred Stock to Allianz for $250 million.

Strategically, AlTi Global has been active in acquisitions, including the purchase of East End Advisors for $93.1 million and the remaining 50% of Pointwise Partners for $8.0 million. The company also completed the acquisition of Envoi for $34.3 million. These acquisitions are part of AlTi's strategy to enhance its Wealth & Capital Solutions segment and expand its market presence.

As of September 30, 2024, AlTi Global managed or advised approximately $77.3 billion in combined assets, with a focus on organic growth and strategic acquisitions. The company continues to evaluate its real estate businesses, aiming to finalize its strategy by year-end.