AlTi Global, Inc. (NASDAQ:ALTI) Q3 2023 Earnings Conference Call November 14, 2023 5:00 PM ET

Company Participants

Lily Arteaga - Head, IR

Michael Tiedemann - CEO & Director

Stephen Yarad - CFO & Treasurer

Conference Call Participants

Wilma Burdis - Raymond James & Associates

Operator

Good afternoon. My name is Rocco, and I will be your conference operator today. At this time, I would like to welcome everyone to the ALTi Tiedemann Global Third Quarter 2023 Earnings Conference Call. [Operator Instructions]. I'd like to advise all parties that this conference call is being recorded, and a replay of the webcast is available on ALTi Tiedemann Global's Investor Relations website.

I will now turn the call over to Lily Arteaga, Head of Investor Relations for ALTi Tiedemann Global. Please go ahead.

Lily Arteaga

Good afternoon to everyone on the call today. Joining me this afternoon are Michael Tiedemann, our CEO; and Steve Yarad, our CFO. We invite you to visit the Investor Relations section of our website at www.alti-global.com for our earnings materials, including our updated investor presentation.

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. 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 words. 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 forward-looking statements.

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 GAAP reconciliations can be found in our earnings presentation and related SEC filings.

With that, I'll turn the call over to Mike.

Michael Tiedemann

Good afternoon, everyone, and thank you for joining us today for our third quarter 2023 earnings call. In the quarter, we continued to make progress on our strategic initiatives to set ourselves up for a strong 2024 and beyond. Some of these initiatives, particularly the work to restructure and reposition certain businesses have impacted our GAAP earnings this quarter, but are consistent with our stated 2023 goal of simplifying the business with a focus on recurring revenues.

We've continued to rightsize the organization, simplify our business lines and initiate processes to reduce the number of regulated entities. We've done this while securing important client wins and adding key revenue-generating talent. Since the listing, we reported healthy AUM, AUA growth amidst a pressured market environment particularly in the third quarter. We firmly believe that the combination of Wealth Management and Asset Management differentiates us from pure-play firms in both sectors and provides a growing base of recurring diversified revenues.