Slide 1: Updated Fourth Quarter and Year End 2023 Earnings
Updated Fourth Quarter and Year End 2023 Earnings | March 22, 2024 AlTi Global 1
Slide 2: Notes and Important Disclosures
Notes and Important Disclosures This Presentation (together with oral statements made in connection herewith, the “Presentation”) is for informational purposes only to assist interested parties in evaluating AlTi Global, Inc. (along with its consolidated subsidiaries, “AlTi Global” or the "Company")
Slide 3: Notes and Important Disclosures
Notes and Important Disclosures Forward-Looking Statements Trademarks Some of the statements in this presentation may constitute “forward-looking statements” within the meaning of Section This Presentation may contain trademarks, service marks, trade names and copyrights of other companies, which ar
Slide 4: Overview of AlTi
Overview of AlTi AlTi Global 4
Slide 5: AlTi at a Glance
AlTi at a Glance Delivering transformational ideas that create enduring value $71 B Assets Under Advisement 480 Professionals with Diverse 20+ Year Operating History $4 Committed to Impact B $2 B Invested Alongside Clients (AUM/AUA) Experience & Expertise (1) Strategies Global footprint with presenc
Slide 6: Unique business model combines a global MFO with targeted expertise in Alternatives
PRELIMINARY DRAFT – SUBJECT TO REVIEW Unique business model combines a global MFO with targeted expertise in Alternatives Wealth Management Strategic Alternatives(1) $51B $20B(2) Scale Scale AUM/AUA AUM/AUA 8 $1.2B Global presence Alignment with clients Countries with AlTi WM offices Invested alongs
Slide 7: AlTi's growth is powered by three strong secular tailwinds
AlTi’s growth is powered by three strong secular tailwinds Generational Wealth Transfer(1) Global Demand for Alternatives(2) Shifting To Independence(1) U.S. Wealth Transfer Alternative AUM/AUA Growth and Forecast U.S. Independent Advisor AUM/AUA (2021-2045P) (2011-2026P) (2014-2024P)(3) ($ in Trill
Slide 8: AlTi's businesses complement each other via cross-over opportunities
AlTi’s businesses complement each other via cross-over opportunities and perform strongly on a standalone basis Combination with wealth management Existing scale, reputation and critical mass Wealth Strategic yields diversified economic model with Management Alternatives complementary growth drivers
Slide 9: Strategic Investments into AlTi
Strategic Investments into AlTi AlTi Global 9
Slide 10: Strategic investment of up to $450M from Allianz X and Constellation Wealth Capital
In early 2024, AlTi announced a strategic investment of up to $450M from Allianz X and Constellation Wealth Capital Accelerates AlTi’s strategy to become the leading, global, independent UHNW wealth management firm, with strategic and targeted expertise in alternatives Key Terms: Allianz X (“Allianz
Slide 11: Complementary and well-aligned partners to accelerate AlTi's growth strategy
Complementary and well-aligned partners to accelerate AlTi’s growth strategy Allianz is a global financial CWC provides flexible, long- services provider across the term capital solutions and insurance and asset management strategic advisory support to sectors, providing financial scaled wealth mana
Slide 12: Strategic investment rationale
Strategic investment rationale 01. Expanded and scale reach • Deepens reach in current markets, including U.S., Europe and Asia • Positions AlTi for expansion into new domestic and international markets 02. • Offers opportunity to achieve operational leverage through economies of scale in current an
Slide 13: Partnerships' strategic priorities aligned with AlTi's growth pillars
Partnerships’ strategic priorities clearly aligned with AlTi’s existing growth pillars 01 Expand and Fortify AlTi’s Global Footprint Partnerships will further AlTi’s 02 Accelerate Organic Growth Opportunities organic and inorganic growth 03 Execute on Identified Pipeline of Strategic Acquisitions st
Slide 14: Investment thesis
Investment thesis Identified pipeline Destination of Substantial, Comprehensive Growing global Recurring and World-class Strong capital of inorganic growth choice for UHNW expanding platform approach footprint diversified revenue leadership structure opportunities wealth managers addressable market
Slide 15: Fourth Quarter and Full Year Highlights
Fourth Quarter and Full Year Highlights AlTi Global 15
Slide 16: Fourth Quarter and FY 2023 Highlights
Fourth Quarter and FY 2023 Highlights Financials and KPIs Q4 2023 FY 2023 • Revenues $91.7 million • Revenues $250.9 million • 53% of total revenues are recurring • 77% of total revenues are recurring Financial (1) • GAAP Net Loss ($73.9) million, Adjusted Net Loss • GAAP Net Loss ($305.8) million,
Slide 17: Fourth Quarter and FY 2023 Highlights
Fourth Quarter and FY 2023 Highlights Corporate & Operational • Announced strategic investment of up to $450 million from Allianz X and Constellation Wealth Capital • Concluded registration of PIPE shares, increasing the free float by 19 million shares Capital structure • Completed warrant exchange,
Slide 18: Fourth Quarter 2023
Fourth Quarter 2023 Select Financial and Operating Metrics ($ in Millions) 4Q’23 3Q’23 QoQ • Revenue of $92M increased 86% QoQ due primarily to incentive fees in the Revenue $91.7 $49.2 86% alternatives platform. 53% of total revenues was from recurring fees. Mgmt./Advisory Fees 45.9 45.1 2% Incenti
Slide 19: Segment Highlights
Segment Highlights AlTi Global 19
Slide 20: Wealth Management
Wealth Management Select Financial and Operating Metrics ($ in Millions) 4Q’23 3Q’23 QoQ • Revenue of $38M increased 9% sequentially reflecting 5% growth in assets resulting from robust Revenue $37.5 $34.5 9% market performance and net client wins, as well as incentive fees recorded in the quarter.
Slide 21: Wealth Management
Wealth Management Operating Metrics – AUM/AUA Wealth Management AUM: $34.5 billion AUA: $51.0 billion Assets Under Advisement (AUA) Assets Under Management (AUM) ($ in Millions) 4Q’23 3Q'23 FY 2023 ($ in Millions) 4Q’23 3Q'23 FY 2023 Beginning Balance: $48,475 $48,595 $42,541 Beginning Balance: $32,
Slide 22: Strategic Alternatives
Strategic Alternatives Select Financial and Operating Metrics ($ in Millions) 4Q’23 3Q’23 QoQ • Revenue of $54M increased $40M largely driven by crystallized incentive fees associated Revenue $54.2 $14.8 NM with the event-driven strategy. Origination fees related to a UK real estate transaction also
Slide 23: Strategic Alternatives
Strategic Alternatives Operating Metrics – AUM/AUA Real Estate - Public & Private Funds Strategic Alternatives ($ in Millions) 4Q’23 3Q’23 FY 2023 Beginning Balance: $11,989 $12,355 14,130 AUM: $5.0 billion Change 742 (377) (1,410) AUA: $20.4 billion AUM/AUA at quarter end (1) $12,720 $11,978 $12,72
Slide 24: Strategic Alternatives
Strategic Alternatives Operating Metrics – AUM/AUA Alternatives Platform- Q4 2023 September 30, Gross New December 31, Average ($ in Millions) 2023 Appreciation Investments Subscriptions Redemptions Distributions 2023 AUM/AUA Event-driven $2,456 $146 — $148 ($322) ($46) $2,382 $2,419 External Strate
Slide 25: Strategic Alternatives
Strategic Alternatives Operating Metrics – Fund Performance Alternatives Platform Fund Performance(1) ($ in Millions) FY 2023 4Q’23 3Q’23 2Q’23 1Q’23 Event-driven 10.51% 5.40% 4.95% (0.35%) 0.25% External Strategic Managers: Real Estate Bridge Lending 3.04% 0.34% 1.24% 0.75% 0.67% European Long Shor
Slide 26: Appendix
ine - Appendix AITi Global 26
Slide 27: Consolidated Income Statement
Consolidated Income Statement ($ in Thousands, except share data) FY 2023 Q4 2023 Q3 2023 Revenue Audited Unaudited Unaudited Management/advisory fees $ 184,824 $ 45,852 $ 45,062 Incentive fees 43,377 41,446 885 Distributions from investments 17,185 2,356 2,596 Other income/fees 5,494 2,054 701 Tota
Slide 28: Consolidated Balance Sheet
Consolidated Balance Sheet ($ in Thousands, except share data) As of December 31, 2023 As of September 30, 2023 Assets Audited Unaudited Cash and cash equivalents 15,348 12,196 Fees receivable, net 70,421 32,098 Investments at fair value 165,894 164,660 Equity method investments 14,194 27,927 Intang
Slide 29: Non-GAAP Reconciliation FY 2023
Non-GAAP Reconciliation FY 2023 FY 2023 ($ in Thousands) Strategic Alternatives Segment Wealth Management Segment Total AlTi Net income (loss) before taxes $ (263,966) $ (52,371) $ (316,337) Stock based compensation (1) 2,886 18,564 21,450 Stock based compensation-legacy (2) 13,148 11,549 24,697 Tra
Slide 30: Non-GAAP Reconciliation Q4 2023
Non-GAAP Reconciliation Q4 2023 4Q'23 ($ in Thousands) Strategic Alternatives Segment Wealth Management Segment Total AlTi Net income (loss) before taxes $ (44,626) $ (27,215) $ (71,841) Stock based compensation (1) 1,077 5,038 6,115 Transaction expenses (2) 2,755 2,773 5,528 Change in fair value of
Slide 31: Non-GAAP Reconciliation Q3 2023
Non-GAAP Reconciliation Q3 2023 3Q’23 ($ in Thousands) Strategic Alternatives Segment Wealth Management Segment Total AlTi Net income (loss) before taxes $ (167,650) $ (5,206) $ (172,856) Stock based compensation (1) 1,101 5,472 6,573 Transaction expenses (2) 3,876 3,768 7,644 Changes in fair value
Slide 32: Strong track record executing and integrating acquisitions
Successful execution across multiple geographies and platforms Strong track record executing and integrating acquisitions M&A Track Record in Wealth Management Acquisition Date Company Core Market Criteria 2023 Singapore/Asia AUM/AUA at acquisition of ~$2B to $10B+ 2021 UK ✓ Expand global footprint,
Slide 33: Strategic Alternatives: Best-in-class performance and uncorrelated returns
Strategic Alternatives Best-in-class performance and uncorrelated returns (1) TIG Arbitrage European Equities TIG MSCI HFRI Euro MSCI HFRI Arbitrage Equities AlTi AM MSCI +144% Annualized 10.6% 8.3% 3.4% European Annualized 7.1% 7.8% 3.9% Purchase Date Performance Equities +98% Performance TIG Arbit
Slide 34: Glossary
Glossary Assets Under Management and Assets Under Advisement. For financial presentation purposes, total assets under management and assets under advisement (“AUM/AUA”) of AlTi Global is calculated as set forth below: AUM/AUA includes billable and non-billable assets. Billable assets represent the p
Slide 35: Footnotes
Footnotes Past performance does not guarantee or indicate future results. The historical net performance presented above are provided from inception of each fund through December 31, 2023 and are unaudited. The returns for the Event driven strategy reflect the deduction of the actual management fees
Slide 36: Thank You
Thank You AlTi Global 36