AlTi Global Narrows Operating Loss After Cost Cuts

The Tip Desk · November 12, 2026 · 2 min read

Operating expenses fell 25% to $63.9 million as the wealth manager posted a $6.0 million GAAP operating loss.

AlTi Global (ALTI), an independent global wealth manager, reported a $6.0 million GAAP operating loss for the third quarter of 2026, a 79% improvement from a $28.5 million loss a year earlier.

Consolidated revenue was $57.9 million, up 1% from $57.2 million in the year-ago quarter. Management and advisory fees, the bulk of the top line, were $55.3 million, up 7% from $51.7 million a year earlier. The company said the increase reflected higher assets under management.

Incentive fees were zero, compared with $2.4 million a year earlier. Distributions from investments were $2.5 million.

The operating improvement reflected both growth in recurring management fees and lower operating expenses. Total operating expenses were $63.9 million, down 25% from $85.7 million a year earlier and down 7% from $68.9 million in the second quarter. The company attributed the decline to a 37% reduction in professional fees and meaningful decreases in compensation and benefits, general and administrative costs, and occupancy. On a normalized basis that excluded non-recurring and non-cash items, operating expenses were $52 million.

Other expense was $4.5 million, down 84% from $28.4 million a year earlier. The company said the item was primarily an unrealized loss on the valuation of one of its external manager investment stakes.

Net loss from continuing operations was $11.4 million, an 87% improvement from an $87.0 million loss a year earlier. Adjusted EBITDA was $6.2 million, with an adjusted EBITDA margin of 10.8%.

Assets under management at period end were $51.6 billion, up 5% from $49.3 billion a year earlier. Assets under advisement were $94.5 billion. AUA was $94.5 billion versus $96.0 billion at the prior quarter-end, while AUM was $51.6 billion versus $51.4 billion. Wealth-management average AUM was $49.7 billion.

Wealth-management average AUA was $88.1 billion.

The alternatives platform’s total AUM/AUA was $7.205 billion at September 30, 2026, versus $7.189 billion at July 1. Event-driven assets were $1.924 billion. External strategic managers totaled $5.281 billion, including $1.759 billion in real estate bridge lending, $2.506 billion in European long-short equities, and $1.016 billion in Asian credit and special situations. The company said that, subsequent to September 30, the manager of the European long-short equities strategy received significant redemption requests.

Cash and cash equivalents were $34.96 million as of September 30, 2026. Total assets were $1.101 billion. Shareholders’ equity attributable to AlTi Global, Inc. was $610.6 million.

The company said priority areas include accelerating organic revenue growth, evaluating selective inorganic opportunities in core markets, and simplifying the cost structure. It said reported expenses are increasingly reflecting progress with underlying trends improving and better alignment of the business with its long-term earnings power.