ALTI

Image source: The Motley Fool. Monday, Aug. 10, 2026 at 5:00 p.m. ET Investor Relations - Jeff Schoenborn Interim Chief Executive Officer and Global Chief Investment Officer - Nancy Curtin Chief Financial Officer - Patrick Keenan President and Chief Operating Officer - Kevin Moran Operator: At this time, I would like to welcome everyone to AlTi's Second Quarter 2026 Earnings Conference Call. I would like to advise all parties that this conference is being recorded and a replay of the webcast is available on AlTi's Investor Relations website. Now at this time, I will turn things over to [ Jeff Schoenborn ] with AlTi Investor Relations. Please go ahead. Unknown Executive: Good afternoon and welcome to AlTi Global's Second Quarter 2026 earnings conference call. On today's call, we will hear prepared remarks from Nancy Curtin, Interim Chief Executive Officer and Global Chief Investment Officer, as well as Pat Keenan, Chief Financial Officer. They will be joined by Kevin Moran, our President and Chief Operating Officer, for the Q&A session. Before we begin, I would like to remind everyone that certain statements made during the call may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, comments made during the prepared remarks and in response to questions. Forward-looking statements can be identified by the use of words such as anticipate, believe, continue, estimate, expect, future, intend, may, plan, and will, or similar terms. Because these forward-looking statements involve both known and unknown risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these statements. For a discussion of the risks and uncertainties that could cause actual results to differ, please refer to AlTi's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. AlTi assumes no obligation or responsibility to update any forward-looking statements. During this call, some comments may include references to non-GAAP financial measures. Full reconciliations can be found in our earnings presentation and our related SEC filings. With that, I'd like to turn the call over to Nancy Curtin. Nancy Curtin: Thank you, Jeff, and good afternoon, everyone. I want to begin with what we believe is one of the most important aspects of the AlTi's story: the strength, rarity, and long-term relevance of our franchise. Globally, the creation of private wealth continues to be supported by powerful secular tailwinds. Wealth creation is expanding not only in the United States, but increasingly across Europe, Asia, the Middle East, and other markets. At the same time, the needs of ultra-high net worth families are becoming more complex, more global, and more interconnected. Our focus remains squarely on serving ultra-high net worth families, family offices, and institutions. The number of independent firms capable of advising families with hundreds of millions, or indeed billions of dollars of assets, across geographies, generations, and asset classes is remarkably small. We believe this scarcity value creates substantial long-term franchise value. Importantly, we do this as an independent adviser. Our model is designed around the needs of the client rather than proprietary product distribution. We believe that alignment, combined with our global capabilities and highly collaborative culture, differentiates us in the marketplace and contributes to the exceptionally high client retention rates that we enjoy. In fact, recent research we conducted among family offices globally reinforces what we hear from our clients daily. Nearly half of respondents said they have begun to formally define the purpose of wealth and the role it should play across generations, yet many have not fully engaged the next generation in those discussions. We view this as a powerful validation of the work we do to help families navigate governance, succession planning, stewardship, education, and long-term legacy objectives, alongside our sophisticated investment management, planning, and wealth advice expertise. Increasingly, our role is helping to prepare future generations for the responsibilities that come with wealth. We believe that distinction is becoming more important to families around the world and represents a significant opportunity for AlTi to create meaningful long-term value for clients and shareholders. As we look ahead, our strategic priorities remain clear. First is organic growth. We believe strong net organic growth is the clearest indication of the health of a wealth management business. Our focus is on attracting new clients, deepening existing relationships, expanding adviser capacity, and continuing to earn referrals through exceptional service and client outcomes. Second, we continue to invest in our core wealth management franchise. We remain focused on expanding adviser capacity in key markets, densifying offices where we already have scale, and selectively adding talent and teams that align with our culture. A recent example is our continued investment in Miami, which has emerged as one of the fastest-growing wealth hubs in the United States, benefiting from both domestic migration and increasing international wealth flows. In the second quarter, we announced that Cesar Pachon joined AlTi to lead our Miami office, bringing decades of ultra-high net worth client experience, enhancing our strength in serving globally connected families and family offices. Internationally, we remain disciplined in allocating resources to markets that demonstrate strong growth potential and attractive long-term economics. Our global footprint is intentional, reflecting where internationally mobile families increasingly live, invest, and conduct businesses. In addition, investments in our already substantial private endowments business continued with the recent addition of Mike Cagnina, who brings decades of experience to AlTi, including many years at SEI's Global Institutional Group, where he co-founded its endowment and foundations practice. A third strategic priority remains our laser focus on improving profitability and operating efficiency. We've undertaken a comprehensive effort to streamline the organization, simplify operations, reduce complexity, and improve scalability. We are in the early stages of seeing the benefits, and we believe the organization is becoming leaner and better positioned for long-term growth. While reported numbers do not yet fully reflect our progress, our underlying expense trajectory is improving. These efforts are aimed at better aligning the business with its core strengths and ensuring our financial results more accurately reflect AlTi's long-term earnings power. Turning to our second quarter financial results, assets under management grew to $51 billion. In our wealth management business, AUM growth reflected gross client inflows of nearly $800 million in the second quarter of 2026, while net flows totaled about $700 million. Market appreciation also had a positive impact on AUM, supported by staying the course in more difficult markets and our positioning in technology, energy, and power infrastructure, all benefiting from longer-term secular demand tailwinds. AUM growth was achieved even as we maintain a significant portion of the portfolio in alternatives, which do not price at quarter end. Our external strategic managers run with low net market exposure, so they tend to have a more muted performance when markets move higher in short bursts, but continue to provide both diversification and downside protection. During the second quarter, one of these three external managers, the Asian Credit and Special Situations strategy, experienced an extraordinary circumstance. Unfortunately, its founder and chief investment officer experienced a sudden and serious health event. Our thoughts are with him, as well as his family and colleagues, and he has our very best wishes for a full recovery. Following this event, this external manager and his board made the unexpected decision to unwind the fund within a 12-month time horizon. As a result, for the second quarter, we recorded an unrealized investment loss on our stake in the strategy. This was an extraordinary event, unrelated to investment performance, and importantly, our stakes in the 2 other external strategic managers are performing solidly as expected. Turning to the top line, AlTi generated $58 million in total revenue, representing 11% growth compared to the same period of last year. Recurring management and advisory fees totaled $54 million, up 11% year-over-year, and continue to represent the majority of our revenue base, reflecting the stability and recurring nature of our business model. We're also pleased to report that adjusted EBITDA for the second quarter of 2026 was over $5 million, up 9% compared to the prior year quarter, largely driven by the revenue increase, along with early improvements in our operating expenses, which we expect to accelerate in 2027 as cost controls and vendor rationalization take hold. Finally, with respect to the ongoing strategic review process, the Committee continues its work. As of today, there is nothing further to report. We will provide updates as appropriate. Now with that, I'll turn the call over to our CFO, Pat Keenan, to walk through the financials in more detail. Patrick Keenan: Thank you, Nancy, and good afternoon, everyone. Assets under management on June 30, 2026, were $51 billion, up 8% year-over-year and 6% from March 31, 2026, driven by strong investment performance and net positive client inflows. In the second quarter of 2026, AlTi generated $58 million of total revenue, representing an 11% increase versus the same period last year. Recurring management and advisory fees totaled $54 million, up 11% year-over-year and 5% sequentially, primarily due to approximately $700 million of net organic growth in AUM in the second quarter of 2026. Distributions from investments increased 28% year-over-year with outperformance by our external strategic managers, as reflected in higher distributions related to management fees in the European Equity Strategy and the Real Estate Bridge Lending Strategy. As discussed during our last earnings call, the incentive portion of investment distributions tend to be most significant in the first quarter of each year, which accounted for their contribution in the first 3 months of 2026. These distributions can play an important role in diversifying cash flows and contributing to results across different market environments. Due to the unexpected decision by the Asian Credit and Special Situations manager to unwind the fund within a 12-month time horizon, we anticipate diminishing contributions to AlTi revenues from this fund. For context, this year to date, this strict strategy represented about 75 basis points of AlTi recurring management fees and about 650 basis points of the incentive portion of distributions. Also, as a result of the manager's decision to unwind, we recorded an unrealized investment loss of nearly $19 million on our stake in the fund. Turning to operating expenses, we are beginning to see the early benefits of AlTi's comprehensive effort to streamline the organization, simplify operations, reduce complexity, and improve scalability. We expect these benefits to accelerate in 2027 as cost controls and vendor rationalization takes hold. During the quarter, reported operating expenses totaled $69 million, improving 12% from $78 million in the year-ago period, with reductions in both compensation and non-compensation expenses. Total compensation and benefits expense improved to $41 million, down 5% from the year-ago period, reflecting our expense reduction efforts. Comp and benefits declined 26% sequentially, given elevated first quarter expenses associated with AlTi's management restructuring earlier this year, as well as our focus on cost controls. Non-compensation expenses improved by 20% from the year-ago period, reflecting progress under our zero-based budgeting initiatives. This included a 40% reduction in professional fees compared to the second quarter of 2025, as well as lower technology, occupancy, and marketing expenses. These reductions also reflect our focus on cost controls, as did the 8% decrease in non-compensation expenses for the first half of 2026 compared to the same period last year. For the second quarter of 2026, adjusted EBITDA was over $5 million, up 9% from the prior year period, driven by growth in total revenue and recurring management fees, as well as lower operating expenses. Adjusted EBITDA margin was 9.3% in the second quarter of 2026, compared to 9.5% in the prior year period. Adjusted EBITDA margin of 20% in the first 3 months of 2026 reflect the impact of the incentive fees from investment holdings and external managers, which, as discussed, are primarily a first quarter complement to recurring management fee revenues. Other expense for the quarter was $20 million, including the effect of the unrealized investment loss on the Asian Credit and Special Situations stake, compared to other expense of $5 million in the year-ago period. On a GAAP basis, we reported an operating loss of $11 million, a 58% year-over-year improvement reflecting growth in total revenue and recurring management fees, as well as lower compensation and non-compensation expenses. We also improved year-to-date GAAP operating loss by 37% in 2026 compared to the first half of 2025, driven largely by revenue growth as well as reductions in non-compensation expenses that resulted from our efficiency initiatives. And finally, on a GAAP basis, we reported a net loss from continuing operations of $31 million for the quarter compared to $26 million in the prior year period. With that, I'll turn it back to Nancy for her closing remarks. Nancy Curtin: Thank you, Pat. As you've heard today, we continue to make meaningful progress across the areas that we have prioritized for our business. We remain focused on organic growth, thoughtful investment in our wealth management platform, strong and diversifying market gains, and operating efficiency improvement across the organization. We believe the secular trend supporting the growth of the ultra-high net worth market remains firmly intact, and we continue to see increasing demand for the comprehensive advice, family office capabilities, and global perspective that distinguish AlTi in the marketplace. I would like to thank our clients for their trust, our advisers and employees for their commitment, and our shareholders for their continued support. Now I'll turn the call back to the operator for questions. Thank you. Operator: [Operator Instructions] Our first question comes from Wilma Burdis with Raymond James. Wilma Jackson Burdis: Reported operating expenses seem to improve considerably. Can you give us some color on where you are as far as rolling on the ZBB benefits and where should we expect that to trend in the coming quarters? Nancy Curtin: Wilma, excellent question, and thanks for participating today. Let me turn to Kevin, who's really spearheaded that initiative, but we're really pleased with the beginning results we're seeing this year and the ongoing expense reductions that we think will come through in 2027. Kevin? Kevin Moran: Thanks, Nancy. Yes, the zero-based budgeting, I think as we talked about on prior calls, is the budgeting methodology that we're using at AlTi. So we've now used it, I think this is the second year that we've used it. We used it for the 2025 and now the 2026 budgeting process. So I think as Nancy and -- as we spoke about on prior calls, we're laser-focused on reducing our cost structure of the business to improve profitability, combine that with revenue growth, which leads us to be really confident about the future of the business. So we would expect and certainly are very focused on continuing the cost discipline and continuing to drive down all elements of our cost structure, both comp and non-comp. You've seen that in the Q2 numbers. Wilma Jackson Burdis: And can you talk a little about the net flows in the quarter and how you guys are thinking about organic growth going forward? Nancy Curtin: So, organic growth is a clear priority for our business, and it was, I think, quite pleasing. It's been a volatile year, to say the least, in markets, etc., but it was quite pleasing to see about $700 million of net flows in the second quarter. That combined with market performance, as I said, led to a very pleasing result. And part of the market performance, I would add, we stayed invested during the more turbulent first quarter. We felt our positioning was rightly aligned for what longer-term clients were looking for, and that bounced back quite nicely. So the combination of positive net flows and reaping the benefits of market performance, I think, characterized quite nicely the second quarter. Wilma Jackson Burdis: And can you talk about the appetite for further M&A deals and maybe just touch on which geographies would be interesting to AlTi? Following Kontora, does it make sense to expand the European footprint or are domestic opportunities more attractive? Maybe just talk about that. Nancy Curtin: Thanks, Wilma. We always are open to acquisition opportunities in the core and strategic markets that we think are most attractive. Of course, the United States has been a very successful market for us, and the recent acquisition, Kontora in Germany, has also been really a great foothold to expand our presence there. So we will continue to look opportunistically. It is not something we're trying as a sort of roll-up strategy. That's not what we do. We look strategically for management teams and companies that align from a philosophy, a target client, client-first mentality, and the type of independent, integrated, holistic advice that we provide. And that's really important that we find those companies, and if we do, in strategic markets that we can integrate them. So nothing to comment on at the moment, but always part of our longer-term strategy. Wilma Jackson Burdis: Okay, thank you. And then I realize you may not be able to say too much about this, but is there any update on the strategic review? Or how -- just maybe give an update of what you guys are thinking there. Nancy Curtin: Yes, of course, as you can imagine, as a public company, there's not too much that we can comment on, and we don't comment on rumor and speculation. What I would say is the special committee, as you would expect, will continue to review any and all opportunities that will enhance the value of the company for shareholders, of course, our clients, employees, and the long-term franchise value of the firm. So, we're guided by those principles. The special committee is still in place, but that's really all I can comment on today. Wilma Jackson Burdis: And then maybe just last one for me. Can you talk a little bit about the event-driven platform and the trends there that you're seeing? Nancy Curtin: So, on the event-driven side, first of all, I would say that generally our external and hedge fund strategies tend to run with a much lower level of net exposure. So they're not strategies that are going to move with the market going down violently and then going up. So they protected capital quite nicely in the first quarter. But the second quarter, when you see a robust recovery of markets, is really not the environment for those strategies. And [ ARM ], in particular, is going to be very, very deal-specific. It doesn't invest in speculative transactions. It has only announced deals where there's complexity and a spread that Drew thinks is -- worth the sort of risk-return payoff is appropriate. So I would say a little bit more muted performance, but again, these things can change quite quickly as the M&A environment changes, and often the fourth quarter tends to be a much better quarter generally for hedge fund strategies. Operator: Okay, thank you. And at this time, we have no further questions. I'd like to hand the call back to Nancy Curtin for closing remarks. Nancy? Nancy Curtin: I'd like to thank everyone for participating today. We look forward to updating you on our progress in the quarters ahead as we remain laser-focused on organic growth and cost discipline. We appreciate your interest and look forward to speaking with you again next quarter. So thank you, everyone. Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation. Before you buy stock in AlTi Global, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and AlTi Global wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $421,511!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,381,960!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 17, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. AlTi Global (ALTI) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Release Date: August 10, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. AlTi Global Inc (NASDAQ:ALTI) reported an 11% year-over-year increase in total revenue, reaching $58 million in Q2 2026. Assets under management (AUM) grew to $51 billion, up 8% year-over-year, driven by strong net client inflows of approximately $700 million. Adjusted EBITDA increased 9% year-over-year to over $5 million, reflecting early benefits from cost control initiatives. Operating expenses improved significantly, with total expenses down 12% year-over-year, including a 40% reduction in professional fees. The company continues to invest in high-growth markets like Miami and expand its private endowments business, enhancing its global franchise. AlTi Global Inc (NASDAQ:ALTI) recorded an unrealized investment loss of nearly $19 million due to the unexpected decision by an external manager to unwind the Asian Credit and Special Situations Strategy. The unwinding of the Asian Credit and Special Situations Strategy is expected to diminish future revenue contributions, impacting recurring management fees and incentive distributions. Adjusted EBITDA margin slightly declined to 9.3% in Q2 2026 from 9.5% in the prior year period. The company reported a GAAP net loss from continuing operations of $31 million for the quarter, wider than the $26 million loss in the prior year. The ongoing strategic review process has yielded no updates, leaving uncertainty regarding the company's future direction and potential outcomes. Warning! GuruFocus has detected 4 Warning Signs with ALTI. Is ALTI fairly valued? Test your thesis with our free DCF calculator. Q: Can you give us some color on where you are as far as rolling on the ZBB benefits and where should we expect that to trend in the coming quarters? A: Kevin Moran, President and Operating Officer, confirmed that zero-based budgeting (ZBB) is now in its second year of use for the 2025 and 2026 budgeting processes. He emphasized the company's laser focus on reducing its cost structure to improve profitability, combined with revenue growth, which leads to confidence about the future. He expects continued cost discipline to drive down all elements of the cost structure, both comp and non-comp, as evidenced by the Q2 numbers. Q: Can you talk a little about the net flows in the quarter and how you guys are thinking about organic growth going forward? A: Nancy Curtin, Interim CEO and Global CIO, stated that organic growth is a clear priority. She was pleased to report approximately $700 million of net flows in the second quarter despite a volatile year. She noted that combined with market performance, the results were pleasing, especially since the firm stayed invested during the turbulent first quarter and benefited from a bounce-back in the second quarter. Q: Can you talk about the appetite for further M&A deals and which geographies would be interesting? Following Kontor, does it make sense to expand the European footprint or are domestic opportunities more attractive? A: Nancy Curtin explained that AlTi is always open to acquisition opportunities in core and strategic markets. While the U.S. has been very successful and the Kontor acquisition in Germany provides a great foothold, the company does not pursue a roll-up strategy. Instead, they look strategically for management teams and companies that align with their philosophy, client-first mentality, and independent integrated holistic advice model. She noted there is nothing to comment on at the moment, but it remains part of the longer-term strategy. Q: Is there any update on the strategic review or just maybe give an update of what you guys are thinking there? A: Nancy Curtin stated that as a public company, there is not much she can comment on regarding rumor and speculation. She confirmed that the special committee continues to review any and all opportunities that will enhance value for shareholders, clients, employees, and the long-term franchise value of the firm. The special committee remains in place, but that is all she could comment on at the time. Q: Can you talk a little bit about the event-driven platform and the trends there that you're seeing? A: Nancy Curtin explained that external and hedge fund strategies run with a much lower level of net exposure, so they do not move violently with the market. They protected capital well in the first quarter, but the robust market recovery in the second quarter was not an ideal environment for these strategies. She noted that event-driven strategies are deal-specific, focusing on announced deals with complexity and appropriate risk-return payoffs. Performance may be muted, but the M&A environment can change quickly, and the fourth quarter tends to be better for hedge fund strategies. Q: Can you provide more detail on the financial results for the second quarter of 2026? A: Pat Keenan, CFO, reported that AUM grew to $51 billion, up 8% year-over-year and 6% from March 31, 2026. Total revenue was $58 million, an 11% increase year-over-year, with recurring management and advisory fees totaling $54 million, up 11% year-over-year and 5% sequentially. Adjusted EBITDA was over $5 million, up 9% from the prior year period, with an adjusted EBITDA margin of 9.3%. Reported operating expenses improved 12% to $69 million, with compensation down 5% and non-compensation expenses down 20% year-over-year. Q: What was the impact of the Asian Credit and Special Situations Strategy on the financials? A: Pat Keenan explained that due to the unexpected decision by the Asian Credit and Special Situations Manager to unwind the fund within a 12-month time horizon, AlTi recorded an unrealized investment loss of nearly $19 million on its stake in the fund. The strategy represented about 75 basis points of recurring management fees and about 650 basis points of the incentive portion of distributions year-to-date. The company anticipates diminishing contributions to revenues from this fund going forward. Q: What are the key strategic priorities for AlTi Global moving forward? A: Nancy Curtin outlined three clear strategic priorities: first, organic growth, which is the clearest indication of the health of a wealth management business; second, continued investment in the core wealth management franchise, including expanding advisor capacity in key markets like Miami and adding talent; and third, a laser focus on improving profitability and operating efficiency through streamlining the organization, simplifying operations, and reducing complexity. She noted the company is in the early stages of seeing benefits from these efforts, with expectations for acceleration in 2027. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by strong net organic growth of approximately $700 million and market appreciation, particularly in technology, energy, and power infrastructure sectors. Management attributes the firm's competitive advantage to its 'scarcity value' as an independent advisor capable of managing complex, multi-generational wealth for ultra-high net worth families globally. The firm is intentionally expanding its footprint in high-growth wealth hubs, specifically citing Miami and Germany as key areas for domestic and international wealth flows. A strategic pivot toward organizational simplification is underway, utilizing zero-based budgeting to reduce complexity and improve long-term scalability. The Asian Credit and Special Situations external manager experienced an extraordinary health-related event, leading to an unexpected decision to unwind the fund within 12 months. Revenue growth of 11% was underpinned by the stability of recurring management and advisory fees, which represent the vast majority of the revenue base. Management expects the benefits of cost controls and vendor rationalization to accelerate in 2027 as current efficiency initiatives take full effect. The Asian Credit and Special Situations fund unwind is expected to result in diminishing revenue contributions, having previously represented 75 basis points of recurring fees. Strategic priorities remain focused on organic growth through increased advisor capacity and 'densifying' existing offices where the firm already has scale. The Special Committee continues its strategic review process to evaluate opportunities for enhancing shareholder and long-term franchise value, though no specific timeline was provided. Management anticipates that their external strategic managers will continue to provide downside protection and diversification, despite muted performance during short market bursts. Recorded a $19 million unrealized investment loss related to the stake in the Asian Credit and Special Situations strategy following the manager's decision to unwind. Achieved a 40% reduction in professional fees compared to the prior year, reflecting the impact of zero-based budgeting and expense discipline. Reported a 26% sequential decline in compensation and benefits, following elevated first-quarter expenses associated with a management restructuring earlier in the year. The firm is navigating a transition in leadership with Nancy Curtin serving as Interim CEO while the strategic review process remains ongoing. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed they are in the second year of using ZBB and remain laser-focused on reducing the cost structure across both compensation and non-compensation categories. The focus is on combining this cost discipline with revenue growth to improve overall business profitability. Management expressed satisfaction with $700 million in net flows during a volatile period, attributing success to staying invested during turbulent market phases. Organic growth remains the top priority, driven by the alignment of their investment positioning with long-term client needs. AlTi is not pursuing a 'roll-up' strategy but remains open to opportunistic acquisitions that align with their independent, holistic advice philosophy. The firm views the U.S. and Europe (specifically Germany) as core strategic markets for potential future expansion. Management noted that these strategies run with low net exposure and are designed for capital protection rather than capturing rapid market upswings. Performance is expected to be deal-specific and highly dependent on the M&A environment, which typically improves in the fourth quarter.

Interested in AlTi Global, Inc.? Here are five stocks we like better. AlTi Global’s second-quarter revenue rose 11% to $58 million, while assets under management increased 8% year over year to $51 billion, supported by approximately $700 million in net client inflows and market appreciation. An unexpected wind-down of the firm’s Asian Credit and Special Situations strategy caused a nearly $19 million unrealized investment loss, contributing to a $31 million net loss from continuing operations and expected declines in related revenue. Cost controls improved underlying performance: operating expenses fell 12%, adjusted EBITDA increased 9% to more than $5 million, and AlTi said savings from budgeting and vendor rationalization should accelerate in 2027 while its strategic review continues. This Small Cap Wealth Management Stock Could Provide Big Returns AlTi Global (NASDAQ:ALTI) reported second-quarter 2026 revenue growth and higher assets under management, while an unexpected wind-down of an external Asian credit strategy led to a nearly $19 million unrealized investment loss and a wider net loss from continuing operations. Assets under management totaled $51 billion as of June 30, up 8% from a year earlier and 6% from the end of the first quarter. Interim Chief Executive Officer and Global Chief Investment Officer Nancy Curtin said the increase reflected approximately $800 million of gross client inflows and roughly $700 million of net flows during the quarter, along with market appreciation. → MarketBeat Week in Review – 08/03 - 08/07 The firm reported total revenue of $58 million, up 11% year over year. Recurring management and advisory fees rose 11% to $54 million, representing the majority of AlTi's revenue base. Curtin said the company's investment positioning in technology, energy and power infrastructure benefited from longer-term demand trends. She also said AlTi remained invested during more turbulent market conditions earlier in the year, which contributed to the second-quarter result as markets recovered. → Quantum Earnings Week: Winners and Losers Are Finally Emerging AlTi maintains a meaningful allocation to alternatives, which do not necessarily price at quarter-end, Curtin said. Its external strategic managers generally operate with low net market exposure, which can dampen gains during rapid market rallies but is intended to provide diversification and downside protection. During the question-and-answer session, Curtin characterized the $700 million in net flows as a positive result amid a volatile year for markets. Organic growth remains a central focus, she said, alongside attracting new clients, expanding adviser capacity and deepening existing client relationships. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War One of AlTi's three external strategic managers, its Asian Credit and Special Situations strategy, is being unwound over a 12-month period after its founder and chief investment officer suffered a sudden serious health event, Curtin said. The manager and its board made the decision to unwind the fund, which AlTi described as unrelated to investment performance. Chief Financial Officer Pat Keenan said AlTi recorded an unrealized investment loss of nearly $19 million on its stake in the strategy. The fund represented about 75 basis points of AlTi's recurring management fees year to date and about 650 basis points of the incentive portion of investment distributions, he said. The company expects diminishing revenue contributions from the fund as it is wound down. Other expense totaled $20 million during the quarter, compared with $5 million a year earlier, including the effect of the unrealized loss. AlTi reported a net loss from continuing operations of $31 million, compared with a $26 million loss in the prior-year quarter. In response to an analyst question, Curtin said the company's event-driven and hedge fund strategies typically run with lower net exposure and therefore did not participate as fully in the market's second-quarter rebound after helping protect capital during the first quarter. She described the event-driven strategy as deal-specific and focused on announced transactions where the manager believes the risk-return profile is appropriate. Reported operating expenses fell 12% to $69 million from $78 million a year earlier. Compensation and benefits expense declined 5% to $41 million, while non-compensation expenses decreased 20% year over year. Keenan said professional fees declined 40% from the second quarter of 2025, while technology, occupancy and marketing expenses also fell. Non-compensation expenses for the first half of 2026 were down 8% from the same period last year. Adjusted EBITDA exceeded $5 million, up 9% from the prior-year quarter, supported by revenue growth and lower operating expenses. Adjusted EBITDA margin was 9.3%, compared with 9.5% a year earlier. On a GAAP basis, operating loss improved 58% year over year to $11 million. Kevin Moran, AlTi's president and chief operating officer, said the company has used zero-based budgeting for its 2025 and 2026 planning processes and remains focused on reducing both compensation and non-compensation costs. Curtin and Keenan said AlTi expects the benefits of cost controls and vendor rationalization to accelerate in 2027. AlTi said it continues to invest selectively in its wealth-management franchise, including in Miami, where it appointed Cesar Pachon to lead the office. Curtin said Miami has become a rapidly growing U.S. wealth hub supported by domestic migration and international wealth flows. The company also added Mike Cagnina to its private endowments business. Curtin said Cagnina brings experience in endowments and foundations, including prior work at FCI's global institutional group. Asked about acquisition opportunities, Curtin said AlTi remains open to strategic deals in core markets but is not pursuing a roll-up strategy. She pointed to the company's Kontora acquisition in Germany as an important foothold in Europe and said AlTi would evaluate companies with aligned management teams, client focus and independent advisory models. On the company's ongoing strategic review, Curtin said the special committee remains in place and continues to evaluate opportunities that could enhance value for shareholders, clients, employees and the firm's long-term franchise. She said there was no further update to report. AlTi Global, Inc provides wealth and asset management services individuals, families, foundations, and institutions in the United States, the United Kingdom, and internationally. It operates through two segments, Wealth Management and Strategic Alternatives. The company offers discretionary investment management, non-discretionary investment advisory, and investment management and advisory services. It also provides trust and administration services, such as entity formation and management; creating or modifying trust instruments and administrative practices to meet beneficiary needs; corporate, trustee-executor, and fiduciary services; provision of directors and company secretarial services; administering entity ownership of intellectual property rights; advisory and administration services in connection with investments in marine and aviation assets; and administering entity ownership of fine art and collectibles. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "AlTi Global Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

StepStone Group Inc. (STEP) came out with quarterly earnings of $0.48 per share, missing the Zacks Consensus Estimate of $0.51 per share. This compares to earnings of $0.4 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -5.88%. A quarter ago, it was expected that this company would post earnings of $0.51 per share when it actually produced earnings of $0.57, delivering a surprise of +11.76%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. StepStone Group, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $300.6 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 2.14%. This compares to year-ago revenues of $237.47 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. StepStone Group shares have lost about 22.4% since the beginning of the year versus the S&P 500's gain of 12.8%. While StepStone Group has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for StepStone Group was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.58 on $344.33 million in revenues for the coming quarter and $2.54 on $1.67 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, AlTi Global, Inc. (ALTI), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10. This company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of +166.7%. The consensus EPS estimate for the quarter has been revised 16.7% lower over the last 30 days to the current level. AlTi Global, Inc.'s revenues are expected to be $61.8 million, up 16.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report StepStone Group Inc. (STEP) : Free Stock Analysis Report AlTi Global, Inc. (ALTI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by a differentiated positioning at the high end of the wealth market, serving ultra-high net worth families with long-term horizons and limited near-term liquidity needs. Management attributed outperformance relative to volatile markets to strategic allocations in energy, energy infrastructure, and technology across the U.S. and emerging markets. Revenue growth of 28% was supported by a 16% increase in recurring management fees and a significant 75% jump in investment distributions from external managers. The firm is undergoing a transition under interim leadership focused on sharpening priorities, maintaining execution, and operating as a single global entity. Management acknowledged that current costs remain too high and is implementing a zero-based budgeting initiative to simplify the organizational structure. Organic revenue growth has been identified as a critical primary focus to drive more consistent momentum moving forward. The firm expects the benefits of ongoing cost reduction and simplification efforts to become more visible in reported financial results during the second half of 2026. Strategic review-related professional fees are expected to persist through the second quarter and potentially bleed into the third quarter before diminishing. Management intends to pursue inorganic opportunities in core strategic markets to catalyze further growth and scale the business. Future profitability improvements are expected to be driven by removing operational inefficiencies and creating more capacity for advisors to drive organic growth. Reported operating expenses increased by $18 million year-over-year, driven by management restructuring costs, acquisition-related earn-outs, the Kontora acquisition, and professional fees related to the strategic review. AUM growth of 9% year-over-year was partially offset by market-driven depreciation and currency fluctuations during the first quarter. Incentive income was heavily concentrated, with approximately $18 million of the $19 million total attributable to a single European long/short strategy, Zebedee. The ongoing strategic review process remains active with a committee evaluating opportunities, though no specific updates or conclusions were reported. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted they did not sell during recent periods of geopolitical conflict, allowing the firm to participate in the subsequent market recovery. While an exact current AUM figure was not provided, the firm maintained its investment positioning in energy and technology sectors throughout the recent market volatility. Management stated it is difficult to predict a run rate for incentive fees as they depend on the performance of alternative strategies like long/short funds. Initial indicators for the second quarter were described as encouraging, but final results remain dependent on end-of-quarter performance. The firm is currently focused on evaluating incoming opportunities rather than an active, broad-based search process. Costs associated with the review are expected to start diminishing in the back half of the year, contingent on the process reaching a conclusion.

Interested in AlTi Global, Inc.? Here are five stocks we like better. AlTi Global posted stronger first-quarter 2026 results, with revenue up 28% year over year to $73 million and adjusted EBITDA rising 21% to $15 million. Management said recurring advisory fees and investment distributions helped offset a difficult market backdrop. Assets under management climbed to $49 billion, up 9% from a year earlier, supported by strong investment performance and the Kontora acquisition. The company said its long-term, diversified client base helped it stay resilient amid market volatility. Cost discipline and strategic review remain major priorities, as operating expenses rose year over year but normalized costs declined sequentially. Management expects the benefits of cost-cutting to become more visible in the second half of the year while it continues reviewing inorganic growth opportunities. This Small Cap Wealth Management Stock Could Provide Big Returns AlTi Global (NASDAQ:ALTI) reported higher first-quarter 2026 revenue and adjusted EBITDA, as management said recurring advisory fees and incentive income from investment distributions helped offset pressure from a volatile market environment. The wealth and asset management firm generated total revenue of $73 million in the quarter, up 28% from the same period last year. Recurring management and advisory fees were $52 million, a 16% year-over-year increase, while distributions from investments totaled $21 million, up 75% from the prior-year period. → Beyond NVIDIA: Picks-and-Shovels AI Plays with Strong Momentum Nancy Curtin, interim chief executive officer and global chief investment officer, said the quarter unfolded against a difficult backdrop marked by geopolitical uncertainty, higher energy prices, lower equity markets, currency fluctuations and changing expectations around interest rates. She said those factors pressured asset values across the industry but that AlTi’s client base and investment approach remained resilient. “Our clients are ultra-high-net-worth families and institutions with long-term investment horizons, well-diversified balance sheets, and generally limited near-term liquidity needs,” Curtin said, adding that those characteristics support disciplined decision-making during periods of market stress. → 3 Ways to Target the Resources Powering AI and Data Centers Chief Financial Officer Mike Harrington said assets under management ended the quarter at $49 billion, up 9% from a year earlier. He attributed the increase to strong investment performance and the acquisition of Kontora, while noting that market-driven depreciation weighed on assets during the quarter. Harrington said recurring management and advisory fee growth reflected the Kontora acquisition and higher average billable AUM, partially offset by market volatility during the first quarter. → Quantum Earnings Season Is Ramping Up—What to Watch From 2 Major Players Curtin said AlTi’s portfolio positioning helped the firm navigate the volatility. She cited allocations in energy, energy infrastructure and technology, including in the U.S. and emerging markets, as contributors to performance. During the question-and-answer portion of the call, Curtin said the firm did not sell during the period of conflict and market stress and had participated in the subsequent market recovery, though she did not provide an updated AUM figure. Investment distributions were a significant contributor to quarterly revenue. Harrington said the incentive portion of those distributions totaled $19 million in the first quarter of 2026, compared with $10 million in the first quarter of 2025. Approximately $18 million of the first-quarter incentive income was attributable to Zevity, a European long-short strategy that generated a 15.3% return in 2025, Harrington said. He noted that these distributions help diversify AlTi’s cash flow and support results during periods when market-driven AUM pressure affects recurring revenue. Asked whether the current level of incentive income should be viewed as a run rate, Curtin said it was difficult to say because the strategies are not simply market beta-oriented. She said early numbers for the following quarter looked encouraging, but management would need to see how the quarter ended. Adjusted EBITDA was $15 million in the quarter, up 21% from the prior-year period and up 32% sequentially. Adjusted EBITDA margin was 20%, compared with 13% in the prior quarter. Harrington said the sequential improvement reflected lower costs and the impact of higher-margin incentive fees from investment holdings in external managers. On a GAAP basis, AlTi reported net income from continuing operations of $8 million, an increase of $4 million from the prior period. Other income was $19 million, driven primarily by valuation-related items, including gains on investments and liabilities. However, reported operating expenses rose by $18 million year-over-year to $84 million. Harrington said the increase was driven mainly by higher compensation costs tied to recent management restructuring, acquisition-related earn-outs and the Kontora acquisition. Non-compensation costs also rose, primarily due to increased professional fees and general and administrative expenses, including costs tied to the strategic review process, foreign exchange and other non-recurring operational costs. On a normalized basis, excluding non-recurring and non-cash items, operating expenses were $58 million, compared with $45 million in the first quarter of 2025. Sequentially, normalized expenses declined by $19 million, which Harrington attributed primarily to lower compensation costs from the absence of the Tiedemann Arbitrage incentive bonus and continued work to simplify the organization and reduce the cost base. Curtin, who has served as interim CEO for six weeks, said AlTi’s strategic priorities remain unchanged: driving organic growth, pursuing strategic inorganic opportunities, operating as one global firm, building capacity for employees and improving profitability in a disciplined and sustainable way. She said increasing organic revenue growth is a key priority. “We are intent on driving stronger, more consistent momentum as we move forward,” Curtin said. She also said the company continues to review inorganic opportunities in core strategic markets to support growth and scale. Both Curtin and Harrington emphasized cost reduction as a near-term focus. Harrington said actions taken by the company are resulting in improved cost control and underlying expense reductions, though those improvements are being obscured by temporary and non-operational items such as strategic review costs and management restructuring expenses. Harrington said the company expects the benefits of its cost-reduction efforts to become more visible in the second half of the year. He added during the Q&A session that strategic review-related costs are expected to continue into the second quarter and potentially into the third quarter, but should begin to diminish in the back half of the year, contingent on the process being complete. Curtin said the committee overseeing the company’s strategic review continues its work and that there was nothing further to report. In response to an analyst question, she said a large amount of the related expenses are “hopefully” behind the company, but added that if any proposal comes to the company or its board, the board would need to evaluate it consistent with its fiduciary responsibilities. In closing remarks, Curtin said AlTi entered 2026 with a simpler organization, improving cost discipline and a business model anchored in recurring revenue and long-duration client relationships. She said the company remains focused on cost discipline and organic growth in the quarters ahead. AlTi Global, Inc provides wealth and asset management services individuals, families, foundations, and institutions in the United States, the United Kingdom, and internationally. It operates through two segments, Wealth Management and Strategic Alternatives. The company offers discretionary investment management, non-discretionary investment advisory, and investment management and advisory services. It also provides trust and administration services, such as entity formation and management; creating or modifying trust instruments and administrative practices to meet beneficiary needs; corporate, trustee-executor, and fiduciary services; provision of directors and company secretarial services; administering entity ownership of intellectual property rights; advisory and administration services in connection with investments in marine and aviation assets; and administering entity ownership of fine art and collectibles. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "AlTi Global Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

AlTi Global, Inc. (ALTI) came out with quarterly earnings of $0.08 per share, beating the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.05 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +33.33%. A quarter ago, it was expected that this company would post earnings of $0.02 per share when it actually produced a loss of $0.03, delivering a surprise of -250%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. ALTI GLOBAL INC, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $73.11 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 14.59%. This compares to year-ago revenues of $57.96 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. ALTI GLOBAL INC shares have lost about 16.6% since the beginning of the year versus the S&P 500's gain of 8.1%. While ALTI GLOBAL INC has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for ALTI GLOBAL INC was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.06 on $65.4 million in revenues for the coming quarter and $0.28 on $299.8 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the top 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Webull Corporation (BULL), is yet to report results for the quarter ended March 2026. The results are expected to be released on May 21. This company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of +150%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Webull Corporation's revenues are expected to be $160.09 million, up 36.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AlTi Global, Inc. (ALTI) : Free Stock Analysis Report Webull Corporation (BULL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Monday, May 11, 2026 at 5 p.m. ET Interim Chief Executive Officer and Global Chief Investment Officer — Nancy Curtin Chief Financial Officer — Michael Harrington President and Chief Operating Officer — Kevin Moran Head of Investor Relations — Lily Arteaga Operator: Good afternoon. At this time, I would like to welcome everyone to AlTi Global, Inc.'s first quarter 2026 earnings conference call. During the call, your lines will remain in a listen-only mode. After the speakers' remarks, there will be a question-and-answer session. I would like to advise all parties that this conference call is being recorded and a replay of the webcast is available on AlTi Global, Inc.'s Investor Relations website. At this time, I will turn things over to Lily, our Head of Investor Relations for AlTi Global, Inc. Please go ahead. Lily Arteaga: Good afternoon, and welcome to AlTi Global, Inc.'s first quarter 2026 earnings conference call. On today's call, we will hear prepared remarks from Nancy Curtin, Interim Chief Executive Officer and Global Chief Investment Officer, and Michael Harrington, Chief Financial Officer. Nancy and Michael, along with Kevin Moran, our President and Chief Operating Officer, will be available to answer questions during the Q&A session. Before we begin, I would like to remind everyone that certain statements made during the call may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, comments made during the prepared remarks and in response to questions. Forward-looking statements can be identified by the use of words such as anticipate, believe, continue, estimate, expect, future, intend, may, plan, and will, or similar terms. Because these forward-looking statements involve both known and unknown risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these statements. For a discussion of these risks and uncertainties that could cause actual results to differ, please refer to AlTi Global, Inc.'s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. AlTi Global, Inc. assumes no obligation or responsibility to update any forward-looking statements. During this call, some comments may include references to non-GAAP financial measures. Full reconciliations can be found in our earnings presentation and our related SEC filings. With that, I would like to turn the call over to Nancy Curtin. Nancy Curtin: Thank you, Lily, and good afternoon, everyone. As I reflect on my first six weeks as Interim CEO, what stands out most is the strength of our platform and the opportunity ahead. AlTi Global, Inc. operates at the high end of the wealth management market, serving ultra-high-net-worth families and institutions whose needs are increasingly global, complex, and long term in nature. That positioning is differentiated, highly relevant, and well aligned with the needs of clients navigating generational change in a more uncertain market environment. During these first few weeks, my focus has been on working with the leadership team to maintain execution, sharpen priorities, and ensure the organization remains aligned. While we continue to refine how we deliver against our plans, our strategic priorities remain unchanged: driving organic growth, pursuing inorganic opportunities where they are strategic to our goals, operating as one global firm, building capacity for our people, and, importantly, improving profitability in a disciplined and sustainable way. 2026 unfolded against a volatile market backdrop: geopolitical uncertainty, sharp increases in energy prices, lower equity markets, currency fluctuations, and shifting expectations around interest rates. These factors all contributed to heightened dispersion and pressure on asset values across the industry. In that environment, the resilience of our client base and investment approach is especially important. Our clients are ultra-high-net-worth families and institutions with long-term investment horizons, well-diversified balance sheets, and generally limited near-term liquidity needs, which support our disciplined decision-making through periods of market stress. At the portfolio level, our allocations are designed with diversification and downside awareness in mind, and typically exhibit lower beta relative to the broader markets. In addition, our positioning in energy and energy infrastructure and technology, both in the United States and emerging markets, allowed us to outperform more volatile markets. While market movements can affect reported AUM quarter to quarter, as we saw during this past quarter, the underlying client relationships, engagement levels, and long-term strategies remain fundamentally resilient. As we look forward, our job is to continue to strengthen our firm by investing in capacity and growth while streamlining complexities and cost. We are investing thoughtfully in this platform, improving how we operate, removing inefficiencies, creating more capacity for advisers to serve our clients, and thus drive organic growth. With that context, let me briefly highlight a few points from our first quarter results. AlTi Global, Inc. generated $73 million in total revenue, representing 28% growth compared to the same period last year. Recurring management and advisory fees totaled $52 million, up 16% year over year, and continue to represent the majority of our revenue base, reflecting the stability and recurring nature of our business model. We also saw meaningful contributions from investment distributions of $21 million. The incentive portion of those distributions was $19 million in Q1 2026 compared to $10 million in Q1 2025. Adjusted EBITDA for the quarter was $15 million, up 21% compared to the prior-year quarter, largely driven by the revenue increase. Overall, revenue in the quarter held up well, particularly given, as mentioned, the heightened geopolitical uncertainty and market volatility. Our results benefited from the stability of our core revenue streams, and we also saw a contribution from the incentive income driven by the strong performance of our external managers. That said, we are very clear about where improvement is needed. Meaningfully increasing organic revenue growth is critical and is a primary focus across the organization. We are intent on driving stronger, more consistent momentum as we move forward. We also continue to review inorganic opportunities in our core strategic markets that catalyze further growth and help us scale the business. On the expense side, costs remain too high, and addressing that is a near-term priority. We are laser-focused on reducing and simplifying our cost structure. While the reported numbers did not yet fully reflect the progress from the ongoing strategic review, our underlying expense trajectory is improving. These efforts are aimed at better aligning the business with its core strengths and ensuring our financial results more accurately reflect its long-term earnings power. Finally, with respect to the strategic review process, the committee continues its work. As of today, there is nothing further to report. We will provide updates as appropriate. With that, I will turn the call over to Michael to walk through the financials in more detail. Michael? Michael Harrington: Thanks, Nancy, and good afternoon, everyone. As Nancy outlined, the quarter was shaped by a challenging market environment with asset values impacted by volatility. I will walk through the financials in more detail, focusing on the composition of revenue, the dynamics affecting expenses, and the contribution from our investment interest. Assets under management ended the quarter at $49 billion, up 9% year over year, driven by strong investment performance and the acquisition of Contura. This growth was achieved despite market-driven depreciation during the quarter, reflecting the geopolitical uncertainty, higher energy prices, currency movements, and shifting interest rate expectations referenced earlier. In the first quarter, AlTi Global, Inc. generated $73 million of total revenue, representing a 28% increase versus the prior year. Recurring management and advisory fees totaled $52 million, up 16% year over year, reflecting the Contour acquisition and higher average billable AUM, partially offset by market volatility during the first quarter. Distributions from investments were also a meaningful contributor, totaling $21 million in the first quarter, up 75% year over year. The incentive portion, which reflects performance earned by external managers in the prior year, totaled $19 million in the first quarter 2026. Of that amount, approximately $18 million was attributable to Zevity, the European long/short strategy, which generated a 15.3% return in 2025. As we have discussed previously, these distributions play an important role in diversifying our cash flow and supporting results in periods where market-driven AUM pressure impacts recurring revenues. Before turning to expenses, I want to briefly level-set on the dynamics this quarter. As noted last quarter, actions we have taken are resulting in improved cost control and underlying expense reductions. However, that progress is being obscured by temporary and non-operational items, including costs associated with the strategic review and the recent management restructuring. As Nancy noted, we remain intensely focused on driving further cost reductions. Lowering the expense base is essential to improve the financial profile of the business, and we expect the benefits of these efforts to be demonstrated in the second half of the year. For the quarter, reported operating expenses increased by $18 million year over year to $84 million, driven primarily by higher compensation costs related to the recent management restructuring, acquisition-related earn-outs, and the Contura acquisition. In addition, operating expenses reflected non-compensation costs driven primarily by increased professional fees and G&A expenses, including costs associated with the strategic review process, as well as foreign exchange and other nonrecurring operational costs. These impacts were partially offset by lower bad debt expense compared to the prior year, along with reduced spending in areas such as technology, occupancy, and marketing, reflecting progress under our zero-based budgeting initiatives. On a normalized basis, excluding nonrecurring and noncash items, operating expenses were $58 million compared to $45 million in 2025, reflecting many of the items mentioned above. Importantly, on a sequential basis, normalized expenses declined by $19 million, primarily due to lower compensation costs from the absence of the arbitrage incentive bonus, alongside continued progress in simplifying the organization and lowering the cost base. As our zero-based budgeting initiatives continue to advance, we expect these benefits to become more visible in reported results. However, as noted earlier, we continue to incur strategic review-related costs, primarily reflected in professional fees, which are expected to persist until the process is complete. For the quarter, adjusted EBITDA was $15 million, up 21% compared to the prior period and up $4 million sequentially, or 32%. The sequential improvement primarily reflects lower costs as well as the impact of higher-margin incentive fees from our investment holdings and external managers. Adjusted EBITDA margin was 20% compared to 13% in the prior quarter. Other income for the quarter was $19 million, driven by valuation-related items, including gains on investments and liabilities. And finally, on a GAAP basis, we reported net income from continuing operations of $8 million for the quarter, an increase of $4 million from the prior period. With that, I will turn it back to Nancy for her closing remarks. Nancy Curtin: Thank you, Michael. As Interim CEO, I have had the opportunity to step even more deeply into the business over the past several weeks, and what stands out most to me is the strength and resilience of AlTi Global, Inc.'s platform and client base. In a dynamic and uncertain market environment, our clients have remained highly engaged, grounded in long-term objectives, and focused on partnering with us across wealth and investment management solutions. Building on the important work completed in 2025, we enter 2026 with a simpler organization, improving cost discipline, and a business model anchored in high recurring revenues and long-duration client relationships. I am encouraged by the momentum we are seeing across the firm and excited about the opportunities ahead, particularly as we build the foundation to drive organic growth while continuing to execute on cost efficiency with focus and discipline. Thank you for your continued interest and support. We look forward to updating you on our progress in the quarters ahead. I will now turn the call back to the operator for questions. Operator: We will now open the call for questions. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star then one. A confirmation tone will indicate your line is in the question queue. You may press star then two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary for you to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Our first question comes from Wilma Burdis from Raymond James. Please proceed with your question, Wilma. Analyst: Hi. This is Chris on for Wilma. Can you provide any updates on the AUM given the market rebound in recent weeks? Nancy Curtin: It is Nancy. I think we did not sell during the period of the conflict and war, so we maintained our positioning, which had a combination of energy infrastructure and energy-related positioning plus technology. As the markets have turned around, we have been able to nicely participate in the recovery. I do not have an exact AUM figure; we can certainly follow up and provide that to you. But I would say overall, just as we did last year, we did not panic during the particular event and crisis that we are continuing to live through in the world, and we have remained invested. That has been a good thing to, as I said, participate in the recovery. Analyst: Great. Thank you. And do you expect this level of incentive income from third-party managers to be a good run rate, or should it normalize in a less volatile environment? Nancy Curtin: It is hard to say because, remember, their strategies are not just beta market oriented. Ours are not either, I should say, because we have quite a lot of alternative expertise. But in a long/short manager, it is hard to say. Obviously, Zevity had very good performance in Q1, and we will have to see how it comes out in Q2. It is hard to say at this point. The numbers we have seen initially look encouraging, but we need to see how the quarter ends. Analyst: Okay. Makes sense. And then one more question. Do you have any idea of when we could expect the strategic review and, therefore, elevated expenses to come down to a more normalized level? Nancy Curtin: On the strategic review, the large amount of those expenses hopefully are probably behind us. Obviously, if any proposal comes to the company, to the Board, the Board will need to evaluate it consistent with its fiduciary responsibilities. So it is hard to be sure that all the costs are behind us. But broadly, we are very laser-focused on really just evaluating opportunities that come, as opposed to a strategic review process in place at the moment. Michael Harrington: Chris, this is Michael. I would just say, stated specifically, I think we should expect those costs to continue in the second quarter at least and maybe bleed into the third. But when we get in the back half of this year, that should be behind us, contingent on the process being complete. The costs we are incurring right now should start to diminish in the back half of the year. Analyst: Great. Thank you. Operator: Thank you very much. We have no further questions. At this time, I would like to hand the call to Nancy for closing remarks. Thank you so much. Nancy Curtin: I just want to thank everyone for listening to the earnings call today, participating, and asking such excellent questions. We look forward to seeing you next quarter as we continue to implement our strategy focused on both cost discipline and organic growth ahead. Thank you for your time today. Operator: Thank you. Ladies and gentlemen, that does conclude today's conference. Thank you very much for joining us. You may now disconnect your lines. Before you buy stock in AlTi Global, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and AlTi Global wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. AlTi Global (ALTI) Q1 2026 Earnings Transcript was originally published by The Motley Fool