Company Overview - AlTi Global, Inc. (ALTI) is expected to report a quarterly loss of $0.02 per share, reflecting a year-over-year decline of 300% [3] - Revenues are anticipated to be $53.9 million, which represents a 6.1% increase from the same quarter last year [3] Earnings Expectations - Wall Street anticipates a year-over-year decline in earnings despite higher revenues, with the earnings report set to be released on May 12 [1][2] - The consensus EPS estimate has been revised down by 114.29% over the last 30 days, indicating a significant reassessment by analysts [4] Earnings Surprise Prediction - The Zacks Earnings ESP (Expected Surprise Prediction) model indicates that the Most Accurate Estimate matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [10][11] - The current Zacks Rank for AlTi Global, Inc. is 3 (Hold), making it challenging to predict an earnings beat [11] Historical Performance - In the last reported quarter, AlTi Global, Inc. was expected to post earnings of $0.02 per share but instead reported a loss of $0.24, resulting in a surprise of -1,300% [12] - Over the past four quarters, the company has beaten consensus EPS estimates two times [13] Market Sentiment - The stock may experience upward movement if the actual results exceed expectations, while a miss could lead to a decline [2] - Despite the potential for an earnings beat, other factors may influence stock performance, as many stocks can decline even after an earnings beat due to investor disappointment [14][16]

Assets Under Management and Administration - As of December 31, 2024, AlTi manages or advises approximately $75.7 billion in combined assets, with $67.3 billion in Assets Under Administration (AUA) for the Wealth & Capital Solutions segment, up from $58.7 billion in 2023[34]. - The Alternatives Platform includes an internally managed fund with $1.7 billion in AUM and stakes in three externally managed funds totaling approximately $5.1 billion in AUM as of December 31, 2024[41]. - The International Real Estate segment has AUM/AUA of $8.4 billion as of December 31, 2024[50]. - As of December 31, 2024, the company has approximately $4.9 billion in AUM/AUA dedicated to impact investing within its wealth management business[76]. - The TIG Arbitrage strategy has grown from $6 million in AUM in 1993 to $1.7 billion as of December 31, 2024[81]. - The Hong Kong wealth management business represents $1.0 billion in AUM as of December 31, 2024, accounting for approximately 1.3% of total AUM and less than 2.7% of revenue for the year ended December 31, 2024[204]. Revenue Streams and Financial Performance - AlTi's revenue streams include recurring management fees, performance fees, distributions from investments, and other income, with management fees being more predictable across market conditions[58]. - For the year ended December 31, 2024, 96% of the company's revenue is generated from stable management or advisory fees, with a client retention rate of 96% since 2020[89]. - Wealth & Capital Solutions segment generates revenue primarily from management fees, calculated as 0.75% to 1.5% of net asset value of underlying investments[60]. - The company's revenue is primarily derived from fees correlated to the amount of Assets Under Management (AUM) and Assets Under Advisement (AUA), with poor investment performance potentially leading to a material adverse impact on financial results[147]. - A significant portion of the company's revenue comes from investment advisory services, which may be adversely affected if contracts are terminated or not renewed, potentially leading to a decline in AUM, revenue, and earnings[173]. Strategic Partnerships and Growth Initiatives - In 2024, AlTi welcomed Allianz and Constellation as strategic partners to enhance its investment management capabilities[36]. - The company aims to enhance organic growth through acquisitions and integrations in both existing and new markets[31]. - The company has established strategic partnerships with Allianz and Constellation, involving a combined investment of up to $450 million[84]. - The company has identified a pipeline of potential acquisitions across its wealth management business, leveraging its track record of executing strategic transactions[93]. - The company plans to expand its client base by enhancing service offerings and leveraging its 20+ years of experience across various market cycles[97]. - The company aims to deepen its reach in current markets and expand into new markets in the U.S., Europe, and Asia, focusing on areas with significant market size and low regulatory barriers[95]. - The company expects to continue evaluating and executing selective acquisitions to enhance its global footprint and product offerings[96]. - The company has made several acquisitions, including a New York-based advisory firm with approximately $6 billion AUM in 2024 and a Minneapolis-based wealth manager with around $3 billion AUM[101]. Market Conditions and Economic Factors - The target market for the company's services represents a $102 trillion addressable market, expected to grow at a 7% CAGR by 2028[88]. - The global demand for alternative investments is expected to reach $30 trillion by 2030, growing at a CAGR of 10% since 2017[88]. - Inflation remains elevated and could negatively impact the company's investment products and services, particularly in terms of labor, energy, and raw material costs[131]. - Higher interest rates could materially affect the company's business and the financial condition of its portfolio companies, making it difficult to obtain financing at attractive rates[133]. - Economic downturns could lead to decreased revenues and financial losses for the company's portfolio companies, adversely affecting net asset values[130]. Regulatory and Compliance Risks - The company operates in a highly regulated environment, and failure to comply with regulations could negatively impact its business[128]. - The company is subject to extensive and evolving laws, rules, and regulations, which may impose additional expenses or capital requirements, adversely affecting business operations and financial condition[213]. - The SEC has heightened its focus on the private equity industry's fees and allocation of expenses, which could subject the company's valuation policies to increased scrutiny[216]. - The company may incur significant expenses to comply with regulatory reforms, which could adversely impact clients' investment strategies and the overall business model[214]. - The complexity of regulatory compliance may increase costs and operational challenges for the company in both the UK and EU markets[224]. Operational Challenges and Risks - The company has identified material weaknesses in its internal control over financial reporting, which could harm its operating results[128]. - The company may face challenges in attracting and retaining key personnel, which is critical for future growth[128]. - The anticipated benefits of future acquisitions may not be fully realized or may take longer than expected, impacting financial performance[178]. - Integration challenges from acquisitions may lead to increased costs and operational difficulties, affecting financial position and results[179]. - The company faces increased regulatory scrutiny regarding cost allocations, which could negatively impact net income and stock value[183]. Investment Risks - The success of the business is dependent on the identification and availability of suitable investment opportunities, which are subject to market conditions beyond the company's control[148]. - Historical returns of investment products should not be considered indicative of future results, as future returns may vary significantly from past performance[149]. - The valuation of certain assets in investment products can be subjective, with potential fluctuations in net asset value due to market conditions[152]. - The company faces risks related to leverage, as reliance on credit facilities can lead to volatility and affect the ability to achieve attractive rates of return[157]. - Defaults by third-party investors could adversely affect fund operations and performance, potentially leading to losses and reduced carried interest[161].

Financial Data and Key Metrics Changes - AlTi Global, Inc. generated $207 million in revenues for 2024, with a significant increase in recurring management fees to 96% from 77% in 2023 [10][38] - Consolidated adjusted EBITDA was $17 million for the year, while the core wealth management and capital solutions segment delivered adjusted EBITDA of $37 million with a 19% margin [11][40] - Consolidated operating expenses decreased by $54 million to $292 million compared to 2023, primarily due to reductions in compensation expenses and professional fees [41][42] Business Line Data and Key Metrics Changes - In the core wealth and capital solutions segment, revenues were $198 million for the year and $51 million in Q4, with management fees growing 13% in Q4 [39] - Assets under management and advisement grew 15% year over year, driven by the inclusion of East End and Envoy, along with solid portfolio performance [10][39] Market Data and Key Metrics Changes - The ultrahigh net worth segment is identified as the fastest-growing market in wealth management, with a $102 trillion addressable market growing at 7% compounding [17] - The company has made significant strides in expanding its international presence, particularly in Germany, which is the third-largest ultrahigh net worth market in the world [23][25] Company Strategy and Development Direction - The company aims to become the world's leading independent ultrahigh net worth wealth management firm, focusing on alternatives and impacts [6] - Strategic partnerships, such as with AllianzX and Constellation Wealth Capital, are pivotal for growth and expanding service offerings [12][14] - The company is actively pursuing strategic acquisitions and divestitures to sharpen its focus on core recurring revenue businesses [28][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute its strategy and drive profitable growth, particularly through cost optimization initiatives [36][47] - The company is at a critical inflection point, poised for significant profitable growth and value creation in 2025 and beyond [7][8] Other Important Information - The company has implemented zero-based budgeting (ZBB) to streamline costs and maximize resource efficiency [33][43] - The company has no bank debt on its balance sheet as of year-end, providing flexibility for future growth initiatives [45] Q&A Session Summary Question: Could you talk a little bit more about the acquisition in Germany and why it makes strategic sense? - Management highlighted Germany as a strategic market due to its size and the fit of Contura as a premier independent operator [52] Question: Following the deal in Germany, can you talk about where you are on deploying capital? - Management indicated they have $65 million available for acquisitions and an active pipeline for organic growth [55] Question: Is there anything else that we should expect from the strategic review on real estate? - Management confirmed that the review was complete and the divestment process is in the final stages [57][59] Question: Could you talk a little about the normalized operating expenses? - Management stated that expenses are expected to be lower going forward due to the comprehensive review of all expenses under the ZBB methodology [62][64] Question: What are you seeing on the M&A, arbitrage, pipeline? - Management noted that the regulatory environment for M&A has improved, leading to a constructive outlook for increased M&A activity [67]

Core Viewpoint - AlTi Global, Inc. reported a quarterly loss of $0.24 per share, significantly missing the Zacks Consensus Estimate of $0.02, marking a 1,300% earnings surprise [1]. Financial Performance - The company posted revenues of $53.33 million for the quarter ended December 2024, which was 28.52% below the Zacks Consensus Estimate and a decline from $91.71 million in the same quarter last year [2]. - Over the last four quarters, AlTi Global has surpassed consensus EPS estimates only two times [2]. - The current consensus EPS estimate for the upcoming quarter is $0.08 on revenues of $56 million, and for the current fiscal year, it is $0.43 on revenues of $255.2 million [7]. Stock Performance - AlTi Global shares have declined approximately 29.5% since the beginning of the year, compared to a 4.8% decline in the S&P 500 [3]. - The stock currently holds a Zacks Rank of 3 (Hold), indicating it is expected to perform in line with the market in the near future [6]. Industry Outlook - The Financial - Miscellaneous Services industry, to which AlTi Global belongs, is currently ranked in the top 15% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]. Future Considerations - The sustainability of the stock's price movement will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4].

Financial Performance - Management/advisory fees increased to $49,633,000 for the three months ended September 30, 2024, compared to $44,004,000 for the same period in 2023, representing an increase of 6.1%[41] - Total income for the three months ended September 30, 2024, was $53,343,000, up from $48,186,000 in the same period of 2023, reflecting a growth of 10.0%[41] - Total operating expenses decreased to $69,356,000 for the three months ended September 30, 2024, down from $73,255,000 in the same period of 2023, a reduction of 5.2%[41] - Net income (loss) attributable to AlTi Global, Inc. was $(68,638,000) for the three months ended September 30, 2024, compared to $(89,671,000) for the same period in 2023, showing an improvement of 23.4%[41] - Total comprehensive income (loss) for the three months ended September 30, 2024, was $(115,690,000), compared to $(182,677,000) for the same period in 2023, indicating a reduction in losses of 36.6%[42] - Basic net income (loss) per share was $(0.88) for the three months ended September 30, 2024, compared to $(1.41) for the same period in 2023, reflecting an improvement of 37.5%[41] - The net loss for the period ending September 30, 2024, was $98,619,000, compared to a net loss of $172,768,000 for the previous period[49] - For the nine months ended September 30, 2024, AlTi Global reported a net loss of $98,619,000, an improvement from a net loss of $234,928,000 for the same period in 2023, representing a 58% reduction in losses[54]. Asset Management - The company managed or advised approximately $77.3 billion in combined assets as of September 30, 2024[58]. - As of September 30, 2024, AlTi Global, Inc. had $68.3 billion in Assets Under Administration (AUA) for the Wealth & Capital Solutions segment, up from $58.7 billion as of December 31, 2023, representing a growth of approximately 27.2%[77] - The International Real Estate segment reported AUA of approximately $8.9 billion as of September 30, 2024, down from $12.7 billion as of December 31, 2023, indicating a decline of about 30%[83]. Shareholder Equity and Capital Structure - The total shareholders' equity as of September 30, 2024, is $1,039,494,000, reflecting an increase from $782,493,000 at the beginning of the year[47] - The weighted average shares of Class A common stock outstanding increased to 86,399,551 for the three months ended September 30, 2024, from 63,568,646 in the same period of 2023, an increase of 35.8%[41] - The balance of Class A Common Stock shares increased to 93,686,980 as of September 30, 2024, from 65,110,875 at the beginning of the year[47] - The company issued 2,100,000 shares to the Alvarium Employee Benefit Trust, resulting in an increase of $21,000,000 in additional paid-in capital[51] - The total amount of preferred shares issued, net of issuance costs, was $280,612,000 as of September 30, 2024[47]. Cash Flow and Liquidity - Cash flows from operating activities resulted in a net cash outflow of $50,596,000 for the nine months ended September 30, 2024, compared to an outflow of $81,001,000 in the same period of 2023, indicating a 37% improvement[54]. - Cash flows from investing activities showed a net cash outflow of $53,467,000 for the nine months ended September 30, 2024, compared to an outflow of $132,383,000 in the same period of 2023, reflecting a 60% decrease in cash used for investments[57]. - The company reported a cash and cash equivalents balance of $222,138,000 at the end of the period, a significant increase from $14,363,000 at the end of September 30, 2023[57]. - As of September 30, 2024, restricted cash and cash equivalents amounted to $7.1 million, up from $5.4 million as of December 31, 2023, indicating increased liquidity requirements for regulatory compliance[121]. Business Combinations and Acquisitions - The Company acquired 51% of the equity interests of Umbrella, which holds 100% of the equity interests of Alvarium, TWMH, and TIG[179] - The total purchase consideration for the Business Combination was $1,071.1 million, including contingent consideration of $85.1 million[185] - The Company incurred $17.8 million in acquisition-related costs and $4.6 million in debt issuance costs during the period ended September 30, 2023[184] - The Company completed the acquisition of EEA for $69,182,000 during the nine months ended September 30, 2024[57]. - The total purchase consideration for the acquisition of AlTi Wealth Management (Singapore) Pte Limited was $15.5 million, paid entirely in cash[196] - The acquisition of AlTi Wealth Management (Switzerland) SA involved a total purchase consideration of $16.8 million, including cash, equity, and deferred payments[206] - The acquisition of East End Advisors, LLC had a total purchase consideration of $93.1 million, which includes estimated contingent consideration of $23.3 million based on future EBITDA performance[218]. Impairment and Losses - The company reported an impairment loss on goodwill and intangible assets of $(116,082,000) for the three months ended September 30, 2024, compared to $(153,859,000) in the same period of 2023, a decrease of 24.6%[41] - The company recognized an intangible asset impairment charge of $23.5 million related to the disposal of LXi REIT Advisors Limited, recorded in the year ended December 31, 2023[87] - The impairment charge for indefinite lived intangible assets was $44.9 million due to reassessment related to changes in reporting segments[193]. Revenue Recognition - The company recognizes revenue from investment management, trustee, and custody fees based on the fair value of assets under administration (AUA), which can fluctuate due to market movements[110] - Incentive fees are recognized when it is no longer probable that a significant reversal of revenue will occur, calculated as a percentage of net profit from customer earnings[114]. Strategic Initiatives - The company is currently evaluating strategic options for its Real Estate Businesses, which are no longer considered core to its forward-looking strategy[76] - The company aims to finalize its strategic review of the Real Estate Businesses by year-end 2024[76].

Financial Data and Key Metrics Changes - Assets under management and advisement grew 13% year-over-year to $77 billion, with a 9% increase on a like-for-like basis [12] - Revenues for Q3 2024 were $53.3 million, up 8% from the previous quarter and 11% compared to Q3 2023, with 97% of revenues coming from recurring fees [12][34] - Adjusted EBITDA was $9.6 million, an increase of $12.6 million compared to Q3 2023, with a 62% increase in the core Wealth & Capital Solutions segment [13][40] Business Line Data and Key Metrics Changes - Wealth & Capital Solutions segment revenues increased 17% to $51.7 million in Q3 2024 compared to $44 million in Q3 2023, with assets in this segment growing 22% year-over-year [36][20] - International Real Estate segment revenues were $1.5 million in Q3 2024, down from $4.1 million in Q3 2023 due to exiting and restructuring certain businesses [37] Market Data and Key Metrics Changes - The target market represents a $102 trillion addressable market expected to grow at a 7% CAGR by 2028, with increasing demand for integrated capabilities from trusted advisors [7][19] - The global private debt market, initially focusing on approximately $1.5 trillion, is expected to see significant interest from ultra-high-net-worth clients [11] Company Strategy and Development Direction - The company aims to expand its global platform and establish itself as a leading wealth management firm for ultra-high-net-worth clients, focusing on alternatives and impact investing [6] - Strategic partnerships with Allianz X and Constellation Wealth Capital have been established to enhance wealth management solutions and expand market presence [8][10] - A strategic review of the real estate businesses has led to a restructuring of segment reporting, focusing on core business strengths [14][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the private debt market and its importance in wealth management portfolios [49] - The company is focused on maintaining tight cost discipline while investing in infrastructure and talent to support growth [52] - Management anticipates that falling interest rates will benefit the company's ability to borrow and enhance portfolio performance [58] Other Important Information - The company recorded a GAAP net loss of $111.4 million, primarily due to $116.1 million in goodwill and intangible asset impairment charges [39] - The company had $222 million in cash and $128 million in debt at the end of the quarter, positioning it well for growth [43] Q&A Session Summary Question: Demand for private debt in ultra-high-net-worth portfolios - Management indicated that private debt is already a significant allocation in many portfolios, generating competitive returns and helping to diversify against inflation [49][50] Question: Run rate for expenses - Management noted improvements in normalized expenses year-over-year, with ongoing efforts to reduce costs while making necessary investments [51][52] Question: Technology focuses with the new CTO - The focus includes improving service delivery, data control, and operational efficiency through technology investments [54][55] Question: Impact of interest rates and potential U.S. election effects - Management highlighted that higher interest rates create a more attractive fixed income environment for portfolios, while avoiding political discussions [58][59]

n 1970 第2 @ � $ t o a re . SA t do E te 心 B 48 g gg d A OTI 130 8 2 g . B p F Se the . y be @ il III AANN 2 p P. y & . 12 f & �� t e � & � e e a Third Quarter 2024 Earnings | November 8, 2024 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"). | --- | --- ...

Core Insights - AlTi Global, Inc. reported quarterly earnings of $0.38 per share, significantly exceeding the Zacks Consensus Estimate of $0.01 per share, but down from $1.18 per share a year ago, resulting in an earnings surprise of 3,700% [1] - The company posted revenues of $53.34 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 4.06%, compared to $49.24 million in the same quarter last year [2] - AlTi Global's shares have declined approximately 45.3% year-to-date, contrasting with the S&P 500's gain of 25.2% [3] Earnings Outlook - The future performance of AlTi Global's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4][6] - The current consensus EPS estimate for the upcoming quarter is $0.10 on revenues of $70.6 million, and for the current fiscal year, it is $0.05 on revenues of $228.8 million [7] Industry Context - The Financial - Miscellaneous Services industry, to which AlTi Global belongs, is currently ranked in the top 35% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Core Viewpoint - AlTi Global, an independent registered investment advisor, manages $72 billion in assets but has seen a 58% decline in share price since going public, despite an analyst projecting a potential upside of over 100% [1][8] Company Overview - AlTi Global operates in two segments: Wealth Management and Strategic Alternatives, with the wealth management segment catering to ultra-high-net-worth clients, averaging $40 million per account [2] - The Strategic Alternatives segment manages $16 billion in assets, focusing on private investments such as hedge fund strategies, private debt, and real estate [2] Financial Performance - In Q2, AlTi reported an adjusted EPS loss of $0.04, beating expectations of a $0.10 loss, but missed revenue expectations by $3 million, totaling $49 million, a 4% decrease year-over-year [3][4] - Wealth management revenues grew by 20%, attributed to strong market performance and acquisitions, while Strategic Alternatives revenue declined by 51% due to a 21% decrease in assets under management [4] Market Trends and Growth Potential - The wealth management industry is expected to grow assets under management at a rate of 7.9% annually through 2028, with RIAs increasing their client base of high-net-worth individuals faster than traditional wirehouses [5][6] - The shift towards independent wealth advisors is gaining traction, providing AlTi with an advantage in attracting top talent [6] Investment Outlook - AlTi's revenue from private alternative investments is expected to benefit from a growing appetite for such assets, which typically outperform public investments [6] - Analyst price targets suggest a potential upside of 121% from current levels, with a focus on continued growth through acquisitions [8][9]

Financial Performance - The company reported a total revenue of $150 million for the quarter, representing a 20% increase year-over-year[10]. - The company reported a net income of $30 million, which is a 25% increase compared to the same quarter last year[10]. - Revenue for the three months ended June 30, 2024, was $49,453,000, compared to $51,285,000 for the same period in 2023, reflecting a decline of approximately 3.2%[38]. - Net loss attributable to AlTi Global, Inc. for the three months ended June 30, 2024, was $(5,994,000), compared to a net income of $42,740,000 for the same period in 2023[38]. - The company reported a net income (loss) per share of $(0.18) for the three months ended June 30, 2024, compared to $0.72 for the same period in 2023[38]. - The company reported a total shareholders' equity of $898,343,000 as of June 30, 2024, reflecting an increase from $782,493,000 at the beginning of the year[44]. - The company reported a total accumulated deficit in retained earnings reached $170,172,000, indicating ongoing challenges in profitability[48]. - For the six months ended June 30, 2024, the net income was $12,786, compared to a net loss of $62,160 for the same period in 2023[54]. Assets and Liabilities - Assets under management (AUM) reached $5 billion, up from $4.2 billion in the previous quarter, indicating a 19% growth[10]. - Total assets increased to $1,322,730,000 as of June 30, 2024, from $1,266,297,000 as of December 31, 2023, representing a growth of approximately 4.5%[36]. - Total liabilities decreased to $399,209,000 as of June 30, 2024, down from $483,804,000 as of December 31, 2023, a reduction of about 17.5%[36]. - Cash and cash equivalents increased significantly to $59,984,000 as of June 30, 2024, from $15,348,000 as of December 31, 2023[36]. - Cash and cash equivalents at the end of the period were $59.984 million, significantly up from $27.105 million as of June 30, 2023[doc id='56']. Strategic Initiatives - The company expects to achieve a revenue target of $200 million for the next quarter, reflecting a projected growth of 33%[10]. - A strategic acquisition of a competitor is anticipated to enhance the company's service offerings and is expected to close by Q3 2024[10]. - The company is expanding its market presence in Europe, aiming to increase its market share by 10% over the next year[10]. - The company has invested $10 million in research and development for new technologies aimed at improving operational efficiency[10]. - The company has commenced a strategic review of certain businesses within the Strategic Alternatives segment, expected to be completed by the end of Q3 2024[71]. Employee and Compensation - Share-based compensation expenses totaled $9,074,000, reflecting the company's commitment to employee incentives[48]. - The company issued 1,815,560 shares to employees on vesting of equity awards, reflecting ongoing employee engagement strategies[48]. - Compensation and benefits include salaries, bonuses, commissions, and payroll taxes, accrued over the related service period[116]. Investment and Acquisitions - The company incurred cash payments of $69.014 million for the acquisition of East End Advisors, LLC, net of cash acquired[doc id='56']. - The total purchase consideration for the AWMS Acquisition was $16.8 million, with an earn-out liability of $1.1 million reported as of June 30, 2024[150]. - The EEA Acquisition had a total purchase consideration of $93.1 million, including an estimated contingent consideration of $23.3 million, with the earn-out liability's fair value reported at $24.0 million as of June 30, 2024[151]. - The company completed the sale of LXi REIT Advisors Limited for approximately $33.1 million, with an additional contingent consideration of up to $5.1 million based on exchange rates[79]. - The company recognized an intangible asset impairment charge of $23.5 million related to the disposal of LRA, recorded in the Consolidated Statement of Operations for the year ended December 31, 2023[80]. Market and User Engagement - New product launches contributed to a 15% increase in user engagement metrics, with active users rising to 1.2 million[10]. - The Wealth Management segment reported $55.9 billion in Assets Under Administration (AUA) as of June 30, 2024, up from $51.0 billion as of December 31, 2023, representing a growth of approximately 17.1%[72]. - The Strategic Alternatives segment had $7.3 billion in AUA as of June 30, 2024, a slight decrease from $7.6 billion as of December 31, 2023[75]. Financial Adjustments and Impairments - The Company recognized goodwill impairment charges of $153.9 million for the Strategic Alternatives segment as of December 31, 2023, with no impairment charges for the Wealth Management segment[139]. - The Company recognized intangible asset impairment charges of $0.7 million for the three months ended June 30, 2024, compared to $52.9 million for the year ended December 31, 2023, reflecting a significant reduction in impairment[136]. - The company experienced an impairment loss on goodwill and intangible assets of $695 for the six months ended June 30, 2024, compared to $29,393 in 2023[54].