Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 21, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-40103 | ||
Entity Registrant Name | AlTi Global, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 92-1552220 | ||
Entity Address, Address Line One | 520 Madison Avenue | ||
Entity Address, Address Line Two | 26th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10022 | ||
City Area Code | 212 | ||
Local Phone Number | 396-5904 | ||
Title of 12(b) Security | Class A Common stock, par value $0.0001 per share | ||
Trading Symbol | ALTI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 427.2 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's Definitive Proxy Statement relating to the Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant's fiscal year ended December 31, 2023. | ||
Entity Central Index Key | 0001838615 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Year Focus | FY | ||
Class A Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 71,064,411 | ||
Class B Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 48,265,195 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Philadelphia, PA |
Auditor Firm ID | 185 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 15,348 | $ 7,131 |
Investments at fair value | 165,894 | 145 |
Equity method investments | 14,194 | 52 |
Intangible assets, net of accumulated amortization | 435,677 | 20,578 |
Goodwill | 411,904 | 25,464 |
Operating lease right-of-use assets | 48,313 | 10,095 |
Other assets, net | 48,182 | 3,817 |
Total assets held for sale | 56,634 | 0 |
Total assets | 1,266,567 | 91,989 |
Liabilities | ||
Accounts payable and accrued expenses | 36,804 | 8,073 |
Accrued compensation and profit sharing | 57,466 | 15,660 |
Accrued member distributions payable | 7,271 | 11,422 |
Earn-out liability, at fair value | 63,444 | 0 |
TRA liability (includes $13,233 and $0 at fair value, respectively) | 17,607 | 0 |
Delayed share purchase agreement | 1,818 | 1,818 |
Earn-in consideration payable | 1,830 | 1,519 |
Operating lease liabilities | 56,123 | 10,713 |
Debt, net of unamortized deferred financing cost | 186,353 | 21,187 |
Deferred tax liability, net | 14,109 | 82 |
Deferred income | 66 | 0 |
Other liabilities, net | 21,858 | 3,662 |
Liabilities held for sale | 13,792 | 0 |
Total liabilities | 478,541 | 74,136 |
Commitments and contingencies (Note 20) | ||
Shareholders' Equity | ||
Additional paid-in capital | 523,255 | 0 |
Retained earnings (accumulated deficit) | (190,552) | 0 |
Accumulated other comprehensive income (loss) | 9,222 | (1,077) |
Total AlTi Global, Inc. shareholders' equity | 341,932 | 17,533 |
Non-controlling interest in subsidiaries | 446,094 | 320 |
Total shareholders' equity | 788,026 | 17,853 |
Total liabilities and shareholders' equity | 1,266,567 | 91,989 |
Class A Common Stock | ||
Shareholders' Equity | ||
Common stock | 7 | 3 |
Class B Common Stock | ||
Shareholders' Equity | ||
Common stock | 0 | 18,607 |
Fees receivable | ||
Assets | ||
Contract with customer, receivable | 70,421 | 19,540 |
Other receivable, net | ||
Assets | ||
Contract with customer, receivable | $ 0 | $ 5,167 |
Consolidated Statement of Fin_2
Consolidated Statement of Financial Position (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
TRA liability | $ 13,233 | $ 0 |
Fees receivable | ||
Contract with customer, receivable | 70,421 | 19,540 |
Fees receivable | Related Party | ||
Contract with customer, receivable | $ 16,069 | $ 0 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | |
Common stock, authorized (in shares) | 875,000,000 | |
Common stock, issued (in shares) | 65,110,875 | |
Common stock, outstanding (in shares) | 65,110,875 | |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | |
Common stock, authorized (in shares) | 150,000,000 | |
Common stock, issued (in shares) | 53,219,713 | |
Common stock, outstanding (in shares) | 53,219,713 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | |||
Total income | $ 250,880 | $ 76,872 | $ 75,703 |
Operating Expenses | |||
Compensation and employee benefits | 204,052 | 51,234 | 47,413 |
Systems, technology and telephone | 16,341 | 6,331 | 5,070 |
Sales, distribution and marketing | 2,217 | 1,170 | 931 |
Occupancy costs | 13,814 | 4,503 | 3,498 |
Professional fees | 66,115 | 9,400 | 6,882 |
Travel and entertainment | 5,914 | 1,724 | 566 |
Depreciation and amortization | 17,039 | 2,339 | 2,051 |
General, administrative and other | 19,495 | 1,489 | 1,524 |
Total operating expenses | 344,987 | 78,190 | 67,935 |
Total operating income (loss) | (94,107) | (1,318) | 7,768 |
Other Income (Expenses) | |||
Impairment loss on goodwill and intangible assets | (206,507) | 0 | 0 |
Loss on investments | (15,483) | (3,671) | (2,960) |
Loss on TRA | (233) | 0 | 0 |
Loss on warrant liability | (12,866) | 0 | 0 |
Gain on earnout liability | 31,104 | 0 | 0 |
Interest expense | (14,501) | (427) | (397) |
Other expenses | (3,744) | (55) | (105) |
(Loss) income before taxes | (316,337) | (5,471) | 4,306 |
Income tax benefit (expense) | 10,534 | (527) | (515) |
Net (loss) income | (305,803) | (5,998) | 3,791 |
Net loss attributed to non-controlling interests in subsidiaries | (143,197) | (113) | (148) |
Net (loss) income attributable to AlTi Global, Inc. | (162,606) | (5,885) | 3,939 |
Other Comprehensive Income (Loss) | |||
Foreign currency translation adjustments | 21,036 | (1,077) | 0 |
Other comprehensive income (loss) for the period | (764) | 0 | 0 |
Total comprehensive (loss) income | (285,531) | (7,075) | 3,791 |
Other loss attributed to non-controlling interests in subsidiaries | (132,146) | (113) | (148) |
Comprehensive (loss) income attributable to AlTi Global, Inc. | $ (153,385) | $ (6,962) | $ 3,939 |
Net (Loss) Income Per Share | |||
Basic (in dollars per share) | $ (2.65) | $ (839.87) | $ 566.27 |
Diluted (in dollars per share) | $ (2.65) | $ (839.87) | $ 566.27 |
Weighted Average Shares of Class A Common Stock Outstanding | |||
Basic (in shares) | 61,396,692 | 7,007 | 6,956 |
Diluted (in shares) | 61,396,692 | 7,007 | 6,956 |
Management/Advisory fees | |||
Revenue | |||
Total income | $ 184,824 | $ 76,872 | $ 75,703 |
Incentive fees | |||
Revenue | |||
Total income | 43,377 | 0 | 0 |
Distributions from investments | |||
Revenue | |||
Total income | 17,185 | 0 | 0 |
Other fees/income | |||
Revenue | |||
Total income | $ 5,494 | $ 0 | $ 0 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders’ Equity - USD ($) | Total | Alvarium Home REIT Advisors Ltd ("AHRA") | Additional paid-in-capital | Additional paid-in-capital Alvarium Home REIT Advisors Ltd ("AHRA") | Retained earnings (accumulated deficit) | Accumulated other comprehensive income | Non-controlling interest in subsidiaries | Non-controlling interest in subsidiaries Alvarium Home REIT Advisors Ltd ("AHRA") | Total Members' Capital | Class A Common Stock | Class A Common Stock Common Stock | Class B Common Stock | Class B Common Stock Common Stock |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net (loss) income | $ 3,791,000 | $ (148,000) | $ 3,939,000 | $ 3,939,000 | |||||||||
Other comprehensive income | 0 | ||||||||||||
Beginning balance at Dec. 31, 2020 | 38,510,000 | $ 0 | 0 | 38,510,000 | $ 8,000 | 38,502,000 | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||
Member capital distributions | (4,006,000) | (4,006,000) | (2,000) | (4,004,000) | |||||||||
Member tax distributions | (5,013,000) | (5,013,000) | (5,013,000) | ||||||||||
Reclassification of loans to members to notes receivable from members | 626,000 | 626,000 | 626,000 | ||||||||||
Non-controlling interest shareholders' equity | 581,000 | 581,000 | |||||||||||
Reallocation of book capital as a result of member transactions | (1,000) | 1,000 | |||||||||||
Net income (loss) for the period | 3,791,000 | (148,000) | 3,939,000 | 3,939,000 | |||||||||
Restricted unit compensation | 5,532,000 | 5,532,000 | 1,000 | 5,531,000 | |||||||||
Ending balance at Dec. 31, 2021 | 40,021,000 | 0 | 433,000 | 39,588,000 | 6,000 | 39,582,000 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net (loss) income | (5,998,000) | (113,000) | (5,885,000) | (1,000) | (5,884,000) | ||||||||
Other comprehensive income | 0 | ||||||||||||
Ending balance at Dec. 31, 2022 | 17,853,000 | ||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||
Member capital distributions | (11,114,000) | (11,114,000) | (1,000) | (11,113,000) | |||||||||
Member tax distributions | (6,344,000) | (6,344,000) | (1,000) | (6,343,000) | |||||||||
Reallocation of book capital as a result of member transactions | 2,365,000 | 2,365,000 | 2,365,000 | ||||||||||
Net income (loss) for the period | (5,998,000) | (113,000) | (5,885,000) | (1,000) | (5,884,000) | ||||||||
Other comprehensive income (loss) for the period | (1,077,000) | (1,077,000) | |||||||||||
Ending balance at Dec. 31, 2022 | 17,853,000 | (1,077,000) | 320,000 | $ 18,610,000 | $ 3,000 | $ 18,607,000 | |||||||
Beginning balance (in shares) at Jan. 02, 2023 | 55,388,023 | 55,032,961 | |||||||||||
Beginning balance at Jan. 02, 2023 | 1,013,653,000 | $ 434,620,000 | $ (27,946,000) | 0 | 606,973,000 | $ 6,000 | $ 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Issuance of shares to Alvarium Employee Benefit Trust (in shares) | 2,100,000 | ||||||||||||
Issuance of shares to Alvarium Employee Benefit Trust | 21,000,000 | 21,000,000 | |||||||||||
Net (loss) income | (305,803,000) | (162,606,000) | (143,197,000) | ||||||||||
Currency translation adjustment | 21,036,000 | 9,642,000 | 11,394,000 | ||||||||||
Cancellation of AHRA call option | $ 154,000 | $ 154,000 | |||||||||||
Other comprehensive income | (764,000) | (420,000) | (344,000) | ||||||||||
Payment for partner’s tax | (998,000) | (998,000) | |||||||||||
AHRA deconsolidation | 0 | $ 28,768,000 | (28,768,000) | ||||||||||
Measurement period adjustment | $ (753,000) | $ (635,000) | $ (118,000) | ||||||||||
Share based compensation | 7,937,000 | 7,937,000 | |||||||||||
Issuance of shares for business combination (in shares) | 339,967 | ||||||||||||
Issuance of shares for business combination | 2,058,000 | 2,058,000 | |||||||||||
TRA Exchange (in shares) | 1,813,248 | (1,813,248) | |||||||||||
TRA Exchange | 1,026,000 | 1,026,000 | |||||||||||
Issuance of shares - exercise of warrants (in shares) | 5,469,637 | ||||||||||||
Issuance of shares - exercise and exchange of warrants | 29,480,000 | 29,479,000 | $ 1,000 | ||||||||||
Ending balance (in shares) at Dec. 31, 2023 | 65,110,875 | 65,110,875 | 53,219,713 | 53,219,713 | |||||||||
Ending balance at Dec. 31, 2023 | 788,026,000 | $ 523,255,000 | (190,552,000) | $ 9,222,000 | 446,094,000 | $ 7,000 | $ 0 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||
Net income (loss) for the period | $ (305,803,000) | $ (162,606,000) | $ (143,197,000) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities | |||
Net (loss) income | $ (305,803) | $ (5,998) | $ 3,791 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 17,039 | 2,339 | 2,051 |
Amortization of debt discounts and deferred financing costs | 927 | 0 | 0 |
Unrealized (gain) loss on investments | 15,616 | 97 | (51) |
Impairment loss on goodwill and intangible assets | 206,507 | 0 | 0 |
Loss on TRA | 233 | 0 | 0 |
Gain (loss) on Earn-in | 0 | 221 | 0 |
(Income) loss on equity method investments | 3,019 | (33) | 3,050 |
Restricted unit compensation | 0 | 2,365 | 5,532 |
Loss on warrant liability | 12,866 | 0 | 0 |
Gain on earnout liability | (31,104) | 0 | 0 |
Deferred income tax (benefit) expense | (12,387) | (101) | (93) |
Equity-settled share-based payments | 36,749 | 0 | 0 |
Unrealized foreign currency (gains)/losses | 587 | 0 | 0 |
(Gain) loss from retirement of debt | (73) | 0 | 0 |
Fair value of interest rate swap | 33 | (276) | (178) |
Cash flows due to changes in operating assets and liabilities | |||
Fees receivable | (31,086) | 1,336 | (2,648) |
Other assets | (1,709) | (2,993) | (1,381) |
Operating cash flow from operating leases | 7,147 | 618 | 0 |
Accounts payable and accrued expenses | (18,835) | 2,279 | 2,374 |
Accrued compensation and profit sharing | 32,142 | 2,460 | 6,736 |
Payable to equity method investees | 0 | 0 | (298) |
Other liabilities | (13,587) | 3,662 | 0 |
Other operating activities | (248) | 0 | 0 |
Net cash provided by (used in) operating activities | (81,706) | 6,858 | 18,885 |
Cash Flows from Investing Activities | |||
Cash acquired from consolidation of variable interest entity | 0 | 471 | 6 |
Cash payment for acquisition of TWMH and TIG historical equity | (99,999) | 0 | 0 |
Receipt of payments of notes receivable from members | 226 | 428 | 0 |
Loans to members | 0 | (301) | (1,076) |
Cash receipts from the repayment of advances and loans | 601 | 0 | 0 |
Purchases of investments | (15,687) | (224) | (1,139) |
Purchases of equity method investments | 0 | 0 | (1,236) |
Distributions from investments | 0 | 4 | 37 |
Purchase of TIH shares | 0 | (382) | 0 |
Purchase of Holbein | 0 | (8,097) | 0 |
Loss on assets acquired | 0 | 0 | 146 |
Payment of Payout Right | (760) | 0 | 0 |
Acquisition of AWMS, net of cash acquired | (4,383) | 0 | 0 |
Acquisition of AL Wealth Partners, net of cash acquired | (14,430) | 0 | 0 |
Sales of investments | 2,107 | 1,028 | 779 |
Sale of fixed assets | 8 | 0 | 0 |
Purchases of fixed assets | (630) | (156) | (2) |
Net cash provided by (used in) investing activities | (132,947) | (7,229) | (2,485) |
Cash Flows from Financing Activities | |||
Member contribution (distribution) | (8,492) | (9,835) | (8,582) |
Payments on term notes and lines of credit | (160,453) | (2,810) | (7,060) |
Borrowings on term notes and lines of credit | 223,500 | 12,300 | 6,500 |
Payments of debt issuance costs | (2,586) | 0 | 0 |
Increase (decrease) in distributions due to former TIG members | (14,199) | 0 | 0 |
Cash payment for purchase of shares to be transferred as part of Alvarium share compensation | (4,215) | 0 | 0 |
Cash receipts from exercise of Warrants | 5,836 | 0 | 0 |
Dividends paid to former owners of AWMS and ALWP | (3,372) | 0 | 0 |
Payments on promissory notes | 0 | 0 | (2,786) |
Net cash provided by (used in) financing activities | 36,019 | (345) | (11,928) |
Effect of exchange rate changes on cash | 2,793 | (193) | |
Net increase (decrease) in cash | (175,841) | (909) | 4,472 |
Cash and cash equivalents at beginning of the period | 194,086 | 8,040 | 3,568 |
Cash and cash equivalents at end of the period | 18,245 | 7,131 | 8,040 |
Reconciliation of balance sheet cash and cash equivalents to cash flows: | |||
Cash and cash equivalents on balance sheet | 15,348 | 7,131 | 8,040 |
Cash and cash equivalents included in Assets held for sale (Note 3) | 2,897 | 0 | 0 |
Cash and cash equivalents, including cash in Assets held for sale | 18,245 | 7,131 | 8,040 |
Supplemental Disclosure of Cash Flow Information | |||
Income taxes | 848 | 606 | 619 |
Interest payments on term notes and lines of credit | 14,079 | 622 | 298 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Non-cash purchase of equity method investment | 0 | 0 | 298 |
Non-cash delayed share purchase agreement | 0 | 1,818 | 0 |
Non-cash equity issuance | 0 | 0 | 2,505 |
Non-cash repurchase of units with notes payable | 0 | 0 | 6 |
Non-cash repayment of notes receivable in lieu of cash member distribution | 0 | 202 | 0 |
Shareholder Loan | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Forgiveness of debt | 0 | 619 | 0 |
Member Notes Receivable | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Forgiveness of debt | $ 261 | $ 263 | $ 0 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | Description of the Business AlTi Global, Inc. is a multi-disciplinary financial services business, with a diverse array of investment, advisory, and administrative capabilities. The Company is a global organization that manages or advises approximately $71.4 billion in combined assets as of December 31, 2023. The Company provides holistic solutions for wealth management clients through a full spectrum of wealth management services, including discretionary investment management services, non-discretionary investment advisory services, trust services, administration services, and family office services. It also structures, arranges, and provides a network of investors with co-investment opportunities in a variety of alternative assets which are either managed intra-group or by carefully selected managers in the relevant asset class. The Company manages and advises both public and private investment funds. Amounts disclosed throughout this document for the year ended December 31, 2023, relate to AlTi Global, Inc., the Successor in the Business Combination. Amounts disclosed throughout this document for the years ended December 31, 2022 and 2021 relate to TWMH, the Predecessor company. Although the Business Combination closed on January 3, 2023, for convenience purposes, it has been presented as if it closed on January 1, 2023. Based on the Company’s quantitative and qualitative assessment, the amounts related to the period from January 1 through January 2, 2023, are not material to either the Predecessor periods or the Successor period. Due to the Business Combination and the conforming of significant accounting policies, the results of operations, cash flows, and other financial information for the Successor Period are not comparable to the Predecessor periods. Business Combination The Company was initially incorporated in the Cayman Islands as Cartesian Growth Capital, a special purpose acquisition company. In anticipation of the Business Combination: • The holders of the equity of the TIG Entities contributed their TWMH and TIG equity to Umbrella making TWMH and the TIG wholly owned subsidiaries of Umbrella. • Alvarium reorganized such that it became the wholly owned indirect subsidiary of AlTi Global Topco. • Cartesian SPAC formed Umbrella Merger Sub. Pursuant to the Business Combination on January 3, 2023: • The Company was redomiciled as a Delaware corporation and changed its name to Alvarium Tiedemann Holdings, Inc. Effective April 19, 2023, Alvarium Tiedemann Holdings, Inc. changed its name to AlTi Global, Inc. • The Company acquired all the outstanding share capital of AlTi Global Topco. • Umbrella Merger Sub, LLC merged into Umbrella with AlTi Global Capital, LLC, formerly known as Alvarium Tiedemann Capital, LLC as the surviving entity. • The Company acquired 51% of the equity interests of Umbrella, while the existing TWMH and TIG rollover shareholders hold a 49% economic interest in Umbrella. Umbrella holds 100% of the equity interests of TWMH, TIG, and Alvarium. • Through a series of intercompany transactions, AlTi was restructured to reflect the final structure depicted below: Capital Structure The Registrant has the following classes of shares and other instruments outstanding: • Class A Common Stock – Shares of Class A Common Stock that are publicly traded. Class A shareholders are entitled to declared dividends from shares of Class A Common Stock. As of December 31, 2023, the shares of Class A Common Stock represent 55% of the total voting power of all shares. • Class B Common Stock – Shares of Class B Common Stock that are not publicly traded. Class B shareholders are entitled to distributions declared by the Company’s board of directors. The distributions are paid by Umbrella. As of December 31, 2023, the shares of Class B Common Stock represent 45% of the total voting power of all shares. • Prior to the Business Combination, the Company issued warrants to purchase shares of Class A Common Stock at a price of $11.50 per share. Throughout the period from January 1, 2023 to March 31, 2023, 428,626 Warrants were exercised. On April 3, 2023, 78,864 Warrants were exercised. On June 7, 2023, the Company closed an offer and consent solicitation and entered into a warrant amendment, pursuant to which the remaining 19,892,387 Warrants were exchanged for 4,962,147 shares of Class A Common Stock. The exercises and exchanges throughout the period from January 1, 2023 to June 30, 2023 resulted in an increase in Additional Paid-in-Capital amount of $29.5 million. Following the exchanges, none of the Warrants were outstanding as of December 31, 2023. The following table presents the number of shares of the Company that were outstanding as of December 31, 2023: As of December 31, Class A Common Stock 65,110,875 Class B Common Stock 53,219,713 Segments Our business is organized into two operating segments: Wealth Management and Strategic Alternatives. Described below are the segments and the revenue generated by each, which broadly fall into three categories: recurring management, advisory, or administration fees; performance or incentive fees; and transaction fees. Wealth Management Within our Wealth Management segment, services provided principally consist of investment management and advisory services, trusts and administrative services, and family office services. The wealth management client base includes high net worth individuals, families, single family offices, foundations, and endowments globally. Investment management or advisory fees are the primary source of revenue in our Wealth Management segment. These fees are generally calculated based on a percentage of the value of each client’s billable AUM or AUA (as applicable). As of December 31, 2023, this segment had $51.0 billion in AUM/AUA. Investment Management and Advisory Services In our investment management and advisory services teams, we diversify our clients’ portfolios across risk factors, geographies, traditional asset classes such as money markets, equities and fixed income, and alternative asset classes including private equity, private debt, hedge funds, real estate, and other assets through highly experienced third-party managers. Trusts and Administration Services The trust and administration services that we provide include entity formation and management, creating or modifying trust instruments and/or administrative practices to meet beneficiary needs, full corporate, trustee-executor, and fiduciary services. We also offer provision of directors and company secretarial services, administering entity ownership of intellectual property rights, advice and administration services in connection with investments in marine and aviation assets, and administering entity ownership of fine art and collectibles. Family Office Services (FOS) Family office services are tailored outsourced family office solutions and administrative services which we provide primarily to our larger clients. These services include bookkeeping and back-office services, private foundation management and grantmaking, oversight of trust administration, financial tracking and reporting, cash flow management and bill pay, and other financial services. Strategic Alternatives Strategic alternatives services include the alternatives platform and public and private real estate (including co-investment) businesses. Alternatives Platform The alternatives platform embodies our legacy TIG business, which is an alternative asset manager and includes our TIG Arbitrage strategy and funds managed by our External Strategic Managers, predominantly for institutional investors. The TIG Arbitrage strategy is an event-driven strategy fund that earns management fees and incentive fees based on the performance of its underlying funds and accounts. The investment strategies of the External Strategic Managers include Real Estate Bridge Lending, European Equities and Asian Credit and Special Situations. Distributions are received from the External Strategic Managers through profit or revenue sharing arrangements that are generated through management and incentive fees based on the performance of the underlying investments. As of December 31, 2023, this platform had $7.6 billion in AUM/AUA. Co-Investment Real estate co-investment oversees deal origination, documentation, and structuring from inception to exit for a variety of strategies, including development, income, value-add, and planning. Investors are typically HNWIs, single family offices, and institutional investors. Fees earned include private market, incentive fees, management and advisory fees, and placement and brokerage fees. As of December 31, 2023, our real estate co-investment platform had deployed more than $7.8 billion of capital (inclusive of capital raised for our public and private real estate funds), of which approximately 14% has been invested by legacy Alvarium Shareholders and senior employees. Real Estate - Public and Private The real estate business includes fund management services as well as co-investment solutions. As of December 31, 2023, this business had approximately $12.7 billion of AUM/AUA. Fund Management Our real estate fund management business manages two funds based in the United Kingdom, LXi, a publicly traded real estate investment trust, and HLIF, a private fund. Fees from our real estate fund management business are earned from management and advisory services. On January 9, 2024, AlTi RE Public Markets Limited entered into heads of terms to sell 100% of the equity of LXi REIT Advisors Limited (“LRA”), the advisor to the publicly-traded fund LXi REIT plc (“LXi”), to LondonMetric Property Plc (“LondonMetric”) for fixed consideration of approximately $33.1 million and up to an estimated $5.1 million of contingent consideration based on the exchange rate as of the balance sheet date, as applicable. The contingent consideration is preliminary and not final based on available information at the time of this filing. This disposal was completed on March 6, 2024. See Note 22 (Subsequent Events) for further information. As a result, AlTi has recognized an intangible asset impairment charge of $23.5 million as of December 31, 2023 which is recorded in Impairment loss on goodwill and intangible assets in the Consolidated Statement of Operations. Further, the assets and liabilities of LRA are classified as Assets held for sale as of December 31, 2023 in the Consolidated Statement of Financial Position. On February 26, 2024, AFM UK and SHIA served notice to terminate their contracts with HLIF. We are in discussions with a third-party manager to take over the management of HLIF and termination of these contracts will become effective once the transition process has completed. Exit from management of Home REIT PLC Prior to the Business Combination, AlTi RE Limited, formerly known as Alvarium RE Limited (“ARE”), an indirect wholly owned subsidiary of Alvarium, entered into an agreement to sell 100% of the equity of Alvarium Home REIT Advisors Ltd. (“AHRA”), the advisor to the publicly-traded fund Home REIT plc (“Home REIT”), to a newly formed entity (“NewCo”) owned by the management of AHRA, for aggregate consideration approximately equal to $29 million. The consideration comprised a promissory note maturing December 31, 2023, subject to extension if mutually agreed upon by the parties thereto. Additionally, ARE was granted a call option pursuant to which ARE had the right to repurchase AHRA prior to the repayment of the note for a purchase price equal to the note balance then outstanding thereunder. Subsidiaries are companies over which a company has the power indirectly and/or directly to control the financial and operating policies so as to obtain benefits. In assessing control for accounting purposes, potential voting rights that are presently exercisable or convertible (including rights which may arise on the exercise of an option) are taken into account. With respect to the AHRA, the above arrangements resulted in AHRA continuing to be consolidated by AlTi after its legal disposal to NewCo. Due to this consolidation, after the Business Combination, an intangible asset was recognized related to the investment advisory agreement between AHRA and Home REIT. On June 30, 2023, the Company entered into a series of agreements that resulted in the deconsolidation of AHRA from the Strategic Alternatives segment with immediate effect. The agreements removed ARE’s potential controlling voting rights in AHRA (previously ascertainable on the exercise of the option), and terminated other residual contractual relationships between AHRA and ARE. As a result, these agreements removed AlTi’s control of AHRA from an accounting perspective. AHRA’s results are included in the Company’s Consolidated Statement of Operations for the period from January 1, 2023 to June 30, 2023, and its accounts were removed from the Consolidated Statement of Financial Position as of June 30, 2023. The deconsolidation resulted in an intangible asset impairment charge of $29.4 million, which is recorded in Impairment loss on goodwill and intangible assets |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary Of Significant Accounting Policies (a) Basis of Presentation The accompanying audited consolidated financial statements comprise the financial statements of the Company and its subsidiaries for the year ended December 31, 2023 and the consolidated financial statements of TWMH and its subsidiaries as of December 31, 2022 and December 31, 2021. The consolidated financial statements have been prepared under the accrual basis of accounting in accordance with US GAAP and conforms to prevailing practices within the financial services industry, as applicable to the Company. The notes are an integral part of the Company’s consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the Company’s consolidated financial statements have been included and are of a normal and recurring nature. The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period presentations and disclosures, while not required to be recast, may be reclassified to ensure comparability with current period classifications. (b) Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make assumptions and estimates that affect the amounts reported in the consolidated financial statements of the Company. The most critical of these estimates are related to (i) the fair value of the investments included in the Billable Assets within AUM/AUA, as this impacts the amount of revenues the Company recognizes each period; (ii) the fair values of the Company’s investments and liabilities with respect to the TRA and Earn-out Securities, as changes in these fair values have a direct impact on the Company’s consolidated net income (loss); (iii) the estimate of future taxable income, which impacts the realizability and carrying amount of the Company’s deferred income tax assets; (iv) the qualitative and quantitative assessments of whether impairments of equity method investments, carried interest vehicles, acquired intangible assets, and goodwill exist; and (v) the determination of whether to consolidate a variable interest entity (“VIE”); and (vi) fair value of assets acquired and liabilities assumed in business combinations, including assumptions with respect to future cash inflows and outflows, discount rates, assets’ useful lives, market multiples, the allocation of purchase price consideration in the business combination valuation of acquired assets and liabilities, the estimated useful lives of intangible assets, goodwill impairment testing, assumptions used to calculate equity-based compensation, and the realization of deferred tax assets. Inherent in such estimates are judgements relating to future cash flows, which include the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. While management believes that the estimates utilized in preparing the consolidated financial statements are reasonable and prudent, actual results could differ materially from those estimates. (c) Consolidation The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Entities that are not VIEs are further evaluated for consolidation under the voting interest model (“VOE” model). An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. Where the Company’s interests in funds are primarily management fees and insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in such entities. The Company consolidates all VIEs for which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company does not consolidate any of the products it manages as it does not hold any direct or indirect interests in such entities that could expose the Company to an obligation to absorb losses of an entity or the right to receive benefits from an entity that could potentially be significant to such entities. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment, including: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties’ equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and therefore would be deemed the primary beneficiary. Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest. The Company will generally not consolidate those voting interest entities where a single investor or simple majority of third-party investors with equity have the ability to exercise substantive kick-out or participation rights. (d) Revenue Recognition Revenue is recognized when the Company transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services. A five-step framework is utilized that requires an entity to: (i) identify the contract(s) with a customer, which includes assessing the collectability of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the performance obligation in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligation in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. Management/Advisory Fees Revenues from contracts with customers consist of investment management, trustee, and custody fees. The Company recognizes revenue at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Revenue recognized is calculated based on contractual terms, including the transaction price, whether a distinct performance obligation has been satisfied and control is transferred to the customer, and when collection of the revenue is assessed as probable. Investment management, trustee and custody fees are recognized over the period in which the investment management services are performed, using a time-based output method to measure progress. The amount of revenue varies from one reporting period to another as levels of AUA change (from inflows, outflows, and market movements) and the number of days in the reporting period change. For services provided to each client account, the Company charges an investment management fee, inclusive of custody and/or trustee fees, based on the fair value of the AUA of such account representing a single performance obligation. For assets for which valuations are not available on a daily basis, the most recent valuation provided to the Company is used as the fair value for the purpose of calculating the quarterly fee. In certain circumstances, fixed fees are charged to customers on a monthly basis. The nature of the Company’s performance obligation is to provide a series of distinct services in which the customer receives the benefits of the services over time. The Company’s performance obligation is satisfied at the end of each month or quarter, as applicable to the contract with the customer. Fees are charged on a mixture of methodologies that include quarterly in arrears based upon the market value at the end of the quarter, quarterly based on the average daily balance, or monthly. Receivable balances from contracts with customers are included in the fees receivable line in the Consolidated Statement of Financial Position. Our FOS business is also included in the Management/advisory fees line item. FOS fees are generally structured to reflect an annual agreed upon fee or they can be structured on a project/time-based fee. FOS fees are typically billed quarterly in arrears. We also generate FOS project/time-based fees arising from accounting, administration fees, set up, the Foreign Account Tax Compliance Act (“FATCA”), and other non-investment advisory services. Incentive Fees The Company is entitled to incentive fees if targeted returns have been achieved in accordance with customer contracts. Incentive fees are calculated using a percentage of net profit from the amount the customers earn. Incentive fees are variable consideration that is generally calculated as applicable to the contract with the customer. We recognize our incentive fees when it is no longer probable that a significant reversal of revenue will occur. Our incentive fees are not subject to clawback provisions. Other Fees/Income The Company generates arrangement fees in its co-investment division by arranging private debt or equity financing, generally in connection with an acquisition or an investment. Arrangement fees are typically 50 to 100 basis points of equity value contributed into a transaction and are payable upon closing of the transaction. Acquisition fees are typically payable where there are no agency fees or where there is an off-market transaction sourced by the team. Such acquisition fees are usually in the range of 50 to 100 basis points of the purchase price of the relevant acquisition. The equity structures are long-term ( five (e) Distributions from Investments The Company has equity interests in three entities pursuant to which it is entitled to distributions based on the terms of the respective arrangements. Distributions from each investment will be recorded upon receipt of the distribution. These distributions are recurring under investment agreements and are structured as either a profit or revenue share of the investment’s management and incentive fees. (f) Cash and Cash Equivalents Cash and cash equivalents primarily consist of cash and money market funds. Cash balances maintained by consolidated VIEs are not considered legally restricted and are included in cash and cash equivalents on the Consolidated Statement of Financial Position. Cash was held across our U.S. and international markets. A majority of cash in the U.S. was held in checking accounts within the credit facility bank group, including at a major global financial institution which management believes is creditworthy. (g) Restricted Cash and Cash Equivalents Restricted cash and cash equivalents consist of balances that are restricted as to withdrawal or usage. As of December 31, 2023 restricted cash and cash equivalents amounted to $5.4 million and are included in the line item Cash and cash equivalents on the Consolidated Statement of Financial Position. These amounts represent the level of liquidity to be maintained by Company’s certain subsidiaries to meet regulatory requirements. Failing to meet the requirement could lead to censure, fines and ultimately a loss of license. (h) Compensation and Employee Benefits Cash-Based Compensation Compensation and benefits consist of salaries, bonuses, commissions, benefits and payroll taxes. Compensation is accrued over the related service period. Equity-Based Compensation Equity-based compensation awards are reviewed to determine whether such awards are equity-classified or liability-classified. Compensation expense related to equity-classified awards is equal to their grant-date fair value and generally recognized on a straight-line basis over the awards’ requisite service period. When certain settlement features require an award to be liability-classified, compensation expense is recognized over the service period, and such amount is adjusted at each statement of financial position date through the settlement date to the then current fair value of such award. The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Furthermore, the Company recognizes all excess tax benefits and deficiencies as income tax benefit or expense in the Consolidated Statement of Operations. (i) Foreign Currency and Transactions The Company has multiple functional currencies across various consolidated entities. All functional currencies that are not the U.S. dollar are converted upon consolidation at the reporting date. Monetary assets and liabilities denominated in foreign currency are remeasured into U.S. dollars at the closing rates of exchange on the date of the Consolidated Statement of Financial Position. Non-monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars using the historical exchange rate. The profit or loss arising from foreign currency transactions is remeasured using the rate in effect on the date of the relevant transaction. Gains and losses on transactions denominated in foreign currencies due to changes in exchange rates are recorded within Foreign currency translation adjustments. Gains and losses on certain financing transactions which the Company intends to repay in the foreseeable future are recorded in net income. (j) Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC 740. Under this method, deferred tax assets and liabilities are determined based on differences between the consolidated financial statement carrying amounts and tax bases of assets and liabilities and operating loss and tax credit carryforwards and are measured using the enacted tax rates that are expected to be in effect when the differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statement of Operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to an amount that, in the opinion of management, is more likely than not to be realized, meaning the likelihood of realization is greater than 50%. The Company accounts for uncertain tax positions by reporting a liability for unrecognizable tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. (k) Other assets, net and Other liabilities, net Other assets, net include prepaid expenses, miscellaneous receivables, current income taxes receivable, fixed assets, and software licenses. The Company amortizes assets over their respective useful lives, as applicable. Other liabilities, net include the AlTi Wealth Management (Switzerland) SA, formerly known as Alvarium Investment Managers (Suisse) SA, (“AWMS”) deferred cash consideration (see Note 3 (Business Combinations and Divestitures)), accrued payroll and payroll related taxes, accrued legal fees, and corporate taxes payable, among other miscellaneous payables. (l) Investments Investments in Debt Securities. The Company classifies debt investments as held-to-maturity or trading based on the Company’s intent and ability to hold the debt security to maturity or its intent to sell the security. The Company does not have any held-to-maturity debt investments. Trading securities are those investments that are purchased principally for the purpose of selling them in the near term. Trading securities are carried at fair value on the Consolidated Statement of Financial Position with changes in fair value recorded in Loss on investments on the Consolidated Statement of Operations. Investments in Equity Securities . Equity securities are generally carried at fair value on the Consolidated Statement of Financial Position in accordance with ASC 321, Investments – Equity Securities . Changes in fair value are recorded in Loss on investments in the Consolidated Statement of Operations. Equity Method . The Company applies the equity method of accounting for equity investments where the Company does not consolidate the investee but can exert significant influence over the financial and operating policies of the investee. The evaluation of whether the Company exerts control or significant influence over the financial and operational policies of its investees is based on the facts and circumstances surrounding each individual investment. The Company’s share of the investee’s underlying net income or loss is recorded as Loss on investments within current period earnings. The Company’s share of net income of the investee is recorded based upon the most current information available at the time, which may precede the date of the Consolidated Statement of Financial Position. Due to the nature and size of its investees, the Company has adopted a lag in reporting for certain equity method investees for which the Company cannot reliably obtain financial information on a regular basis. Distributions received reduce the Company’s carrying value of the investee and the cost basis if deemed to be a return of capital. For certain investments, the Company may apply the alternative fair value option to the investment at initial measurement. The fair value measurement of investments in which the fair value option is elected will be measured in accordance with ASC 825. For equity method investments and nonmarketable investments, impairment evaluation considers qualitative factors, including the financial conditions and specific events related to an investee, which may indicate the fair value of the investment is less than the carrying value. For held-to-maturity investments, impairment is evaluated using market values, when available, or the expected cash flows of the investment. These losses in value may be considered other than temporary impairment losses. (m) Leases The Company determines if an arrangement is a lease at inception of the arrangement and primarily enters into operating leases, as the lessee, for office space. The Company accounts for its leases in accordance with ASC 842, Leases and recognizes a lease liability and right-of-use asset in the Consolidated Statement of Financial Position for contracts that it determines are leases or contain a lease. The Company evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: (i) the lease has a purchase option that is reasonably certain of being exercised, (ii) the present value of the future cash flows is substantially all of the fair market value of the underlying asset, (iii) the lease term is for a significant portion of the remaining economic life of the underlying asset, (iv) the title to the underlying asset transfers at the end of the lease term, or (v) if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. At the inception of a finance lease, an asset and finance lease obligation are recorded at an amount equal to the lesser of the present value of the minimum lease payments and the property’s fair market value. Finance lease obligations are classified as either current or long-term based on the due dates of future lease payments, net of interest. The Company’s lease portfolio primarily consists of operating leases for office space in various countries around the world. The Company also has operating leases for office equipment and vehicles, which are not significant. The Company does not separate non-lease components from lease components for its office space and equipment operating leases and instead accounts for each separate lease component and its associated non-lease component as a single lease component. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. The Company’s right-of-use assets and lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Lease right-of-use assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. Absent an implicit interest rate in the lease, the Company uses its incremental borrowing rate, adjusted for the effects of collateralization, based on the information available at commencement in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company does not recognize a lease liability or right-of-use asset on the balance for short-term leases. Instead, the Company recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Company evaluates the lease term and the purchase option in the same manner as all other leases. (n) Intangible assets other than goodwill, net The Company recognized certain finite-lived intangible assets as a result of the Business Combination. The Company’s finite-lived intangible assets consist of Trade Names, Customer Relationships, Investment Management Agreements, and Backlog. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated fair value attributable to the intangible asset with its carrying amount. If an impairment exists, the Company adjusts the carrying value to equal the fair value by taking a charge through earnings. The Company also recognized certain indefinite-lived intangible assets as a result of the Business Combination consisting of certain investment management agreements. These indefinite-lived intangibles are not subject to amortization, but are evaluated for impairment at least annually. In assessing its indefinite-lived intangible assets for impairment, the Company has the option to first perform a qualitative assessment to determine whether events or circumstances exist that lead to a determination that it is unlikely that the fair value of the indefinite-lived intangible asset is less than its carrying amount. If the Company determines that it is unlikely that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company is not required to perform any additional tests in assessing the asset for impairment. However, if the Company concludes otherwise or elects not to perform the qualitative assessment, then it is required to perform a quantitative analysis to determine if the fair value of an indefinite-lived intangible asset is less than its carrying value. If through this quantitative analysis the Company determines the fair value of an indefinite-lived intangible asset exceeds its carrying amount, the indefinite-lived intangible asset is considered not to be impaired. If the Company concludes that the fair value of an indefinite-lived intangible asset is less than its carrying value, an impairment loss will be recognized for the amount by which the carrying amount exceeds the indefinite-lived intangible asset’s fair value. As of December 31, 2023, the Company recognized intangible asset impairment charges of $52.9 million. See Note 11 (Intangible assets, net) for further detail. (o) Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of the tangible and intangible assets acquired and the liabilities assumed. Under ASC 350, Intangibles—Goodwill and Other , goodwill is not amortized, but rather is subject to an annual impairment test. Goodwill represents the excess of consideration over identifiable net assets of an acquired business. Goodwill is allocated at a reporting unit level. The Company has two reporting units, Strategic Alternatives and Wealth Management, and tests goodwill annually for impairment at each reporting unit. If, after assessing qualitative factors, the Company believes that it is more-likely-than-not that the fair value of the reporting unit inclusive of goodwill is less than its carrying amount, the Company will perform a quantitative assessment to determine whether an impairment exists. If an impairment exists, the Company adjusts the carrying value of goodwill so that the carrying value of the reporting unit is equal to its fair value by taking a charge through earnings. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more-likely-than-not to reduce the fair value of the reporting unit below its carrying amount. During the year ended December 31, 2023, the Company recognized goodwill impairment charges of $153.6 million for the Strategic Alternatives segment in Impairment loss on goodwill and intangible assets in the Consolidated Statement of Operations. The Company concluded that the estimated fair value of the Wealth Management reporting unit was greater than its carrying value, and as such, no impairment charge was required. See Note 14 (Goodwill, net). (p) Fixed Assets, Net Fixed assets are recorded at cost, less accumulated depreciation and amortization, and are included in the “Other assets” line item in the Company’s Consolidated Statement of Financial Position. Fixed assets are depreciated or amortized on a straight-line basis, with the corresponding depreciation and amortization expense included within general, administrative and other expenses in the Company’s Consolidated Statement of Operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term and the life of the asset, while other fixed assets are generally depreciated over a period of two (q) Debt Obligations, Net The Company’s debt obligations are recorded at amortized cost, net of any debt issuance costs, discounts and premiums. Debt issuances costs are deferred and along with discounts and premiums are amortized to interest expense in the Consolidated Statement of Operations over the life of the related debt instrument using the effective interest method. Unamortized debt issuance costs, discounts and premiums are written off to net losses on retirement of debt in the Consolidated Statement of Operations when the Company prepays borrowings prior to maturity. (r) Tax Receivable Agreement The TRA liability represents amounts payable to certain pre-Business Combination equity holders of the Company. The portion of the TRA liability related to the Business Combination is deemed contingent consideration payable to the previous owners and is carried at fair value, with changes in fair value reported within Gain (loss) on TRA in the Consolidated Statement of Operations. Future exchanges of Class B Units for shares of Class A Common Stock may increase the TRA liability. Those increases will be carried at a value equal to the expected future payments due under the TRA. On August 31, 2023, holders of shares of Class B Common Stock exchanged 1,813,248 Class B Paired Interests to the Company, in exchange for shares of Class A Common Stock on a 1:1 basis totaling an amount equal to $7.31 multiplied by the total number of shares of Class A Common Stock received at the time of the transaction. For future increases due to exchanges the Company will record an initial estimate of future payments under the TRA portion as a decrease to additional paid-in capital in the Consolidated Statement of Financial Position. Subsequent adjustments to the liability for future payments under the TRA related to changes in estimated future tax rates or state income tax apportionment are recognized through current period earnings in the Consolidated Statement of Operations. (s) Warrant Liability The Company evaluated the Warrants in accordance with ASC 815-40 and concluded that a provision in the warrant agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative, the Warrants are recorded as derivative liabilities on the balance sheet and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement , with changes in fair value recognized in Loss on warrant liability in the Consolidated Statement of Operations in the period of change. Prior to the Business Combination the Sponsor held private warrants that were contributed to the Company and legally cancelled. The contribution and cancellation of these warrants resulted in derecognition of the private warrants and accounted for in additional paid in capital as of January 1, 2023. The Company subsequently issued new warrants with terms identical to those of the public warrants to the Target Companies’ selling shareholders classified as derivative liabilities. On June 7, 2023, the Company closed an offer and consent solicitation and entered int |
Business Combinations and Dives
Business Combinations and Divestitures | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations and Divestitures | Business Combinations and Divestitures AlTi Global Business Combination On January 3, 2023, the Company entered into the Business Combination described in Note 1 (Description of the Business). The primary purpose of the Business Combination was to combine established high-growth companies that can benefit from access to capital and public markets and continue value-creation by management. The Business Combination is a forward merger and is accounted for using the acquisition method of accounting. The Company is the accounting acquirer and Umbrella, including the Target Companies, is the accounting acquiree. The Company has been determined to be the accounting acquirer because Umbrella meets the definition of a VIE, and the Company is the primary beneficiary of Umbrella. ASC 805 requires the primary beneficiary of a VIE to be identified as the accounting acquirer. The Company is the primary beneficiary because it controls all activities of Umbrella, and the non-managing members of Umbrella do not have substantive kick-out or participating rights. The Business Combination met the requirements to be considered a business combination under ASC 805. The assets and liabilities acquired from the Target Companies, affected for adjustments to reflect fair market values assigned to assets purchased and liabilities assumed, and results of operations, are included in the Company’s consolidated financial statements from the date of acquisition. The Company has allocated the purchase price to the tangible and identifiable intangible assets based on their estimated fair market values at the acquisition date as required under ASC 805. The excess of the purchase price over the fair value of the net identifiable tangible and intangible assets was recorded as goodwill and is deductible for tax purposes. The Business Combination resulted in the Company acquiring 51% of the equity interests of Umbrella which holds 100% of the equity interests of Alvarium, TWMH, and TIG. The remainder of Umbrella is held by the historical equity holders of TWMH and TIG through their ownership of Class B Units, which are presented as non-controlling interest on the Company’s Consolidated Statement of Financial Position. As a result of the Business Combination, Umbrella, which represents substantially all of the economic activity of the Company, became a subsidiary of the Company. Since the Company is the sole managing member of Umbrella following the Business Combination, the Class B Units held by the former equity holders of TWMH and TIG are classified as non-controlling interests in the Company’s financial statements. An allocation of net income or loss representing the percentage of ownership of Umbrella not controlled by the Company will be attributed to the non-controlling interests in the Company’s Consolidated Statement of Operations. Each Class B Unit of Umbrella is paired with a share of Class B Common Stock (collectively, the “Paired Interests”). Pursuant to the Umbrella LLC Agreement, a Paired Interest is exchangeable at any time after the lock-up period for a share of Class A Common Stock on a one-for-one basis, subject to equitable adjustments for stock splits, stock dividends and reclassifications. As the holder exchanges the Paired Interests pursuant to the Umbrella LLC Agreement, the shares of Class B Common Stock included in the Paired Interests will automatically be canceled and the Class B Common Units included in the Paired Interests shall be automatically transferred to the Company and converted into and become an equal number of Class A Common Units in Umbrella. Alternatively, if approved by the disinterested members of the board of directors of the Company, such Class B Common Stock can be settled in cash funded from the proceeds of a private sale or a public offering of Class A Common Stock. The Sponsor, in connection with the Business Combination, purchased 8,625,000 shares of Class B Common Stock (the “Founder Shares”) for $25,000 (approximately $0.03 per share). These shares had no value until the Business Combination completed. At this point, the Founder Shares automatically converted into Class A Common Stock. This conversion was solely contingent upon the completion of the Business Combination and did not include any future service requirements. As such, this cost of 8,625,000 shares at $10.33 per share for $89.1 million will be presented “on the line” and is not reflected in either predecessor or successor financial statement periods. “On the line” describes those expenses triggered by the consummation of a business combination that are not recognized in the Consolidated Statement of Operations as they are not directly attributable to either period but instead were contingent on the Business Combination. As part of the Business Combination, the Company incurred $17.8 million of acquisition-related costs during the year ended December 31, 2023 which are included predominantly in the “Professional fees” line in the Consolidated Statements of Operations. The Predecessor incurred $1.0 million of acquisition-related costs during the year ended December 31, 2022. In addition, the Company incurred $4.6 million of debt issuance costs related to debt issued to finance the Business Combination. Of the total debt issuance costs, $1.8 million is related to the Term Loan and drawn amount of the Revolver and is recorded as an offset to the “Debt, net of unamortized deferred financing cost” line item of the Consolidated Statement of Financial Position. $2.8 million of the debt issuance costs related to the undrawn amount of the Revolver were recorded in the “Other assets” line item of the Consolidated Statements of Financial Position. The Business Combination was accounted for using the acquisition method of accounting, and the fair value of the total purchase consideration transferred was $1,071.1 million. Included in total purchase consideration is contingent consideration of $85.1 million, which is payable to the selling shareholders upon achievement of certain volume-weighted average price targets for the shares of Class A Common Stock or upon a change of control of the Company occurring between the Closing Date and the fifth anniversary of the Closing Date. The contingent consideration was measured at fair value at the acquisition date and recorded as a liability in the “Earn-out liability” line of the Consolidated Statement of Financial Position. See Note 2 (Summary of Significant Accounting Policies) for additional information. (Dollars in Thousands) Amount Cash consideration $ 99,999 Equity consideration: Class A $ 294,159 Class B $ 573,205 Warrants $ 4,896 Earn-out consideration $ 85,097 Tax Receivable Agreement $ 13,000 Payment of assumed liabilities $ 760 Total purchase consideration transferred $ 1,071,116 The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the Business Combination (in thousands): (Dollars in Thousands) Business Cash and cash equivalents $ 24,023 Management/advisory fees receivable 42,381 Investments at fair value 148,674 Equity method investments 42,185 Property, plant and equipment 3,996 Intangible assets 520,161 Goodwill 530,546 Operating lease right-of-use assets 28,487 Other assets 47,251 Total Assets Acquired $ 1,387,704 Accounts payable and accrued expenses 72,022 Accrued compensation and profit sharing 25,051 Accrued member distributions payable 12,803 Delayed share purchase agreement 1,818 Earn-in consideration payable 1,519 Operating lease liabilities 29,047 Debt 124,533 Deferred tax liability, net 34,640 Other liabilities 15,149 Total Liabilities Assumed $ 316,582 Total Assets Acquired and Liabilities Assumed 1,071,122 Non-controlling interest in subsidiaries (6) $ 1,071,116 For the year ended December 31, 2023, cash and cash equivalents at the beginning of the period of $194.1 million included the proceeds from the PIPE Investors related to the private placement issuances, remaining cash held in the trust account, and the beginning balance sheet cash from each of Alvarium, TIG, and TWMH. During the year ended December 31, 2023, the Company made certain measurement period adjustments to the purchase price allocation, which resulted in an increase to goodwill of $5.8 million. The increase in goodwill was due to a $21.6 million decrease in the fair value of acquired intangible assets and a $5.5 million decrease in the fair value of acquired equity method investments, offset by a $0.8 million decrease to non-controlling interest in subsidiaries and a $20.5 million increase in other net assets acquired, specifically a $15.6 million decrease in deferred tax liabilities, $3.8 million decrease in Accounts payable and accrued expenses, a $0.7 million increase in Management/advisory fees receivable, a $0.3 million decrease in Other liabilities, and a $0.1 million increase in Other assets, that arose from the measurement period adjustments. Additionally, the Company made certain measurement period adjustments to the opening equity balance as a result of the Business Combination, which resulted in a decrease to opening additional paid-in capital of $1.3 million as of January 1, 2023. The measurement period adjustments were a result of the change in net assets described earlier. The fair values of assets acquired and liabilities assumed have been finalized. The measurement period adjustment resulted in a $2.6 million impact to Depreciation and amortization in the Condensed Consolidated Statement of Operations for the year ended December 31, 2023. Fair Value of Net Assets Acquired and Intangibles With the exception of operating right-of-use assets and operating lease liabilities accounted for under Topic 842, in accordance with Accounting Standards Codification, or ASC 805, the assets and liabilities were recorded at their respective fair values as of January 1, 2023. The Company developed the fair value of intangible assets, which include trade names, customer relationships, investment management agreements, developed technology and backlog, using various techniques including discounted cash flow, relief from royalty, multi-period excess earnings, and a Monte Carlo simulation approach. The Company developed the fair value of equity method investments using various techniques including discounted cash flow and a guideline public company approach. The investments at fair value and earn-in consideration are carried at fair value and no adjustment was made. For all other major assets and liabilities acquired, the Company determined that book value approximated fair value. Goodwill is comprised of expected synergies for the combined operations and the assembled workforce acquired in the Business Combination, which does not qualify as a separately recognized intangible asset. Goodwill is allocated between the two reporting segments: Wealth Management and Strategic Alternatives. The goodwill allocation between our wealth management and strategic alternatives is $298.1 million and $232.4 million, respectively. Below is a summary of the intangible assets acquired in the Business Combination (in thousands): (Dollars in Thousands) Acquisition Date Estimated Life Trade Names $ 14,695 9.9 Customer Relationships 163,392 27.1 Investment Management Agreements (definite life) 94,575 18.4 Investment Management Agreements (indefinite life) 245,900 Indefinite Developed Technology 1,000 5.0 Backlog 599 0.5 Total Intangible Assets $ 520,161 The intangible assets acquired and subject to amortization have a weighted average useful life of 23.0 years. Acquisition of AL Wealth Partners Pte. Ltd. On April 6, 2023, (the “ALWP Acquisition Date”), the Company acquired all of the issued and outstanding ownership and membership interests of AL Wealth Partners Pte. Ltd. (“AL Wealth Partners”) pursuant to the terms of the share purchase agreement between the Company and AL Wealth Partners (the “ALWP Acquisition”). The primary purpose of the ALWP Acquisition is to acquire AL Wealth Partners’ extensive business within Southeast Asia to further expand the Company’s global operations. The ALWP Acquisition met the requirements to be considered a business combination under ASC 805. The assets and liabilities acquired from AL Wealth Partners, affected for preliminary adjustments to reflect the fair market values assigned to assets purchased and liabilities assumed, and results of operations, are included in the Company’s consolidated financial statements from the ALWP Acquisition Date. The Company has allocated the purchase price to the tangible and identifiable intangible assets and liabilities assumed based on their estimated fair market values at the ALWP Acquisition Date as required under ASC 805. The ALWP Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $15.5 million, with the total amount paid in cash. The Company will make second and third payments to the sellers of AL Wealth Partners on the third and fifth anniversary of the ALWP Acquisition Date, respectively. Management has determined that these payments will be treated as future compensation expense in the Company’s Consolidated Statement of Operations. There is no contingent consideration as part of the ALWP Acquisition. The Company incurred $0.4 million of direct acquisition-related expenses, which are recognized in the Professional fees line item of the Consolidated Statement of Operations. The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the ALWP Acquisition: (Dollars in Thousands) ALWP Acquisition Date Fair Value Cash and cash equivalents $ 1,092 Management/advisory fees receivable 1,952 Property, plant and equipment 644 Intangible assets 12,300 Goodwill 3,826 Operating lease right-of-use assets 1,048 Other assets 474 Total Assets Acquired 21,336 Accounts payable and accrued expenses 358 Operating lease liabilities 1,048 Other liabilities 4,400 Total Liabilities Assumed $ 5,806 Total Assets Acquired and Liabilities Assumed $ 15,530 The purchase price allocation is preliminary and subject to change during the measurement period, which is not to exceed one year from the ALWP Acquisition Date. As of December 31, 2023, the Company corrected errors in its preliminary purchase price allocation, recording a $2.8 million increase to Goodwill, as a result of certain payments owed to sellers at the ALWP Acquisition Date, which were made during the period ended December 31, 2023. The Company considered the qualitative and quantitative impacts and determined that the change was not material to the Company’s previously issued interim consolidated financial statements. The fair value of assets acquired and liabilities assumed is expected to be finalized during the measurement period, which ends no later than April 6, 2024. Management does not expect any further material changes to the values of the assets acquired and liabilities assumed during the measurement period. Fair Value of Net Assets Acquired and Intangibles Goodwill is comprised of expected synergies for the combined operations, including employees and customer relationships acquired in a business combination. The total amount of goodwill arising in the transaction was allocated to the Company’s Wealth Management segment. The components of goodwill do not qualify as a separately recognized intangible asset. The Company will test for impairment annually to determine changes in goodwill at the Wealth Management reporting unit. The Company will also test goodwill for impairment in other periods if an event occurs or circumstances change such that it is more-likely-than-not to reduce the fair value of the reporting unit below its carrying amount. Below is a summary of the intangible assets acquired in the ALWP Acquisition: (Dollars in Thousands) ALWP Acquisition Date Fair Value Estimated Life (Years) Customer Relationships $ 12,300 10 Total Intangible Assets $ 12,300 The fair value for customer relationships was determined using the multi-period excess earnings method. The intangible assets are subject to amortization over a useful life of 10 years. The results of operations for the ALWP Acquisition have been included in the Company’s Consolidated Financial Statements from the date of ALWP Acquisition. The ALWP Acquisition did not have a material impact on the Company’s Consolidated Financial Statements, and, therefore, historical and pro forma disclosures have not been presented. Acquisition of AlTi Wealth Management (Switzerland) SA On August 2, 2023, (the “AWMS Acquisition Date”), the Company acquired the remaining 70% of the issued and outstanding ownership and membership interests of AlTi Wealth Management (Switzerland) SA (“AWMS”), increasing its interest from 30% to 100% (the “AWMS Acquisition”). The AWMS Acquisition met the requirements to be considered a business combination under ASC 805. The assets and liabilities acquired from AWMS, affected for preliminary adjustments to reflect the fair market values assigned to assets purchased and liabilities assumed, and results of operations, are included in the Company’s consolidated financial statements from the AWMS Acquisition Date. The Company has allocated the purchase price to the tangible and identifiable intangible assets and liabilities assumed based on their estimated fair market values at the AWMS Acquisition Date as required under ASC 805. The AWMS Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $16.8 million. The total purchase consideration transferred consists of cash consideration, equity consideration, deferred cash consideration, earn-out consideration, and the payment of assumed liabilities. The total purchase consideration consists of the following amounts: (Dollars in Thousands) AWMS Amount Initial Cash consideration $ 5,711 Equity consideration 1,459 Deferred cash consideration 6,695 Earn-out consideration 2,721 Payment of assumed liabilities 168 Total purchase consideration transferred $ 16,754 The deferred cash consideration is payable no later than September 30, 2024 and the earn-out consideration is payable no later than December 31, 2024. At the AWMS Acquisition Date, as required by ASC 805, the Company’s existing 30% equity interest in AWMS, which was previously recognized as an equity method investment, was revalued to reflect the fair value at this date. The fair value of this existing equity method investment was $7.4 million, which was calculated as 30% of the fair value of AWMS total equity value (determined using the discounted cash flow method of the income approach, less debt), excluding the impact of any synergies or control premium that would be realized by a controlling interest. This change in fair value resulted in a gain of $1.9 million, which is recognized in the Gain (loss) on investments line of the Consolidated Statement of Operations. The Company incurred $0.01 million of direct acquisition-related expenses, which are recognized in the Professional fees line item of the Consolidated Statement of Operations. The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the AWMS business combination: (Dollars in Thousands) AWMS Acquisition Date Fair Value Cash and cash equivalents $ 1,401 Management/advisory fees receivable 1,057 Equity Method investments 57 Intangible assets 9,679 Goodwill 15,146 Operating lease right-of-use assets 298 Other assets 323 Total Assets Acquired 27,961 Accounts payable and accrued expenses 784 Operating lease liabilities 298 Other liabilities 2,944 Total Liabilities Assumed $ 4,026 Total Assets Acquired and Liabilities Assumed $ 23,935 The purchase price allocation is preliminary and subject to change during the measurement period, which is not to exceed one year from the AWMS Acquisition Date. As of December 31, 2023, the Company corrected errors in its preliminary purchase price allocation, recording a $0.8 million increase to Goodwill, as a result of certain payments owed to sellers at the AWMS Acquisition Date, which were made during the period ended December 31, 2023 and in February 2024. The Company considered the qualitative and quantitative impacts and determined that the change was not material to the Company’s previously issued interim consolidated financial statements. The fair value of assets acquired and liabilities assumed is expected to be finalized during the measurement period, which ends no later than August 2, 2024. Management does not expect any material changes to the values of the assets acquired and liabilities assumed during the measurement period. Fair Value of Net Assets Acquired and Intangibles Goodwill is comprised of expected synergies for the combined operations, including employees and customer relationships acquired in a business combination. The total amount of goodwill arising in the transaction was allocated to the Company’s Wealth Management segment. The components of goodwill do not qualify as a separately recognized intangible asset. The Company will test for impairment annually to determine changes in goodwill at the Wealth Management reporting unit. The Company will also test goodwill for impairment in other periods if an event occurs or circumstances change that may indicate impairment. Below is a summary of the intangible assets acquired in the AWMS business combination: (Dollars in Thousands) AWMS Acquisition Date Fair Value Estimated Life (Years) Customer Relationships $ 9,679 14 Total Intangible Assets $ 9,679 The fair value for customer relationships was determined using the multi-period excess earnings method. The intangible assets are subject to amortization over a useful life of 14 years. The results of operations for the AWMS Acquisition have been included in the Company’s Consolidated Financial Statements from the AWMS Acquisition Date. Prior to the AWMS Acquisition Date, the results of AWMS were included as a 30% held equity method investment. Pro Forma Financial Information The following selected unaudited pro forma financial information is a summary of our combined results with ALWP and AWMS, giving effect to the acquisitions as if they had occurred on January 1, 2023. The unaudited pro forma financial information presented below is for informational purposes only and is not necessarily indicative of the results that would have been achieved if the ALWP and AWMS acquisitions had taken place on January 1, 2023, nor is it indicative of future results. (Dollars in Thousands) January 1, 2023 – December 31, Total Revenue $ 255,805 Net income (loss) $ (304,839) Deconsolidation of Alvarium Home REIT Advisors Ltd On June 30, 2023, the Company entered into a series of agreements that resulted in the deconsolidation of AHRA from the Strategic Alternatives segment with immediate effect. The agreements removed ARE’s potential controlling voting rights in AHRA (previously ascertainable on the exercise of the option), and terminated other residual contractual relationships between AHRA and ARE. As a result, these agreements removed AlTi’s control of AHRA from an accounting perspective. AHRA’s results are included in the Company’s Consolidated Statement of Operations for the period from January 1, 2023 to June 30, 2023, and its accounts were removed from the Consolidated Statement of Financial Position as of June 30, 2023. The deconsolidation resulted in an intangible asset impairment charge of $29.4 million, which is recorded in Impairment loss on goodwill and intangible assets in the Consolidated Statement of Operations. Assets managed by AHRA, however, have been excluded from the Company’s AUM/AUA metrics since January 1, 2023. Assets Held for Sale On November 6, 2023, the Company entered into an agreement to sell FOS, which is part of the Company’s Wealth Management segment, for a cash consideration of approximately $20.1 million. The agreement to sell is subject to regulatory approval but is unconditional in all other regards. On March 6, 2024, the Company completed the sale of LRA, which is part of the Company’s Strategic Alternatives segment for fixed consideration of approximately $33.1 million and up to an estimated $5.1 million of contingent consideration based on the exchange rate of the balance sheet date, as applicable. The contingent consideration is preliminary and not final based on available information at the time of this filing. The proceeds from these disposals will principally be used to further execute on the Company’s strategic priorities. Neither of these disposals represents a strategic shift that will have a major impact on the Company’s operations. Consequently, neither, is classified as a discontinued operation. The carrying amounts of the major classes of assets and liabilities of FOS and LRA are presented as held for sale in the Consolidated Statement of Financial Position at December 31, 2023 is as follows: As of (in thousands) December 31, 2023 (Successor) Assets Cash and cash equivalents $ 2,897 Fees receivable, net 4,792 Intangible assets, net of accumulated amortization 46,658 Operating lease right-of-use assets 434 Deferred tax asset, net 41 Other assets 1,812 Total assets held for sale $ 56,634 Liabilities Accounts payable and accrued expenses $ (1,007) Operating lease liabilities (381) Deferred tax liability, net (10,852) Deferred income (781) Other liabilities (772) Total liabilities held for sale $ (13,792) |
Income
Income | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Income | Income The following table represents the Company’s revenue disaggregated by fee type for the periods presented below: For the Period (Dollars in Thousands) January 1, 2023 – December 31, 2023 January 1, 2022 – December 31, 2022 January 1, 2021 – December 31, 2021 Management/Advisory fees $ 184,824 $ 76,872 $ 75,703 Incentive fees 43,377 — — Other fees/income 5,494 — — Fee income 233,695 76,872 75,703 Distributions from investments 17,185 — — Total Income $ 250,880 $ 76,872 $ 75,703 (Dollars in Thousands) As of December 31, 2023 As of December 31, 2022 Management/Advisory fees receivable Beginning balance $ 30,698 $ 20,019 Ending balance (1) 29,539 19,540 Incentive fees receivable Beginning balance $ 7,570 $ — Ending balance (2) 40,356 — Other fees/income receivable Beginning balance $ 4,112 $ — Ending balance 526 — Deferred management/advisory fees Beginning balance $ (945) $ — Ending balance (66) — Deferred other fees/income Beginning balance $ (422) $ — Ending balance — — (1) As of December 31, 2023 and December 31, 2022, this amount includes $1.2 million and $0.0 million, respectively, in Management/Advisory fees receivable due from related parties. See Note 17 (Related Party Transactions) for further details. (2) As of December 31, 2023 and December 31, 2022, this amount includes $14.9 million and $0.00 million, respectively, in Incentive fees receivable due from related parties. See Note 17 (Related Party Transactions) for further details. |
Equity-Based Compensation and E
Equity-Based Compensation and Earn-in Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity-Based Compensation and Earn-in Expenses | Equity-Based Compensation and Earn-in Expenses In connection with the Business Combination, certain of TWMH’s restricted units vested and the Company granted fully vested shares to Alvarium’s employees, resulting in compensation expense of $4.2 million and $24.6 million, respectively, during the year ended December 31, 2023. The $24.6 million consisted of $21.0 million related to the acceleration of 2.1 million of earn-out shares at closing and $3.6 million for 360,485 shares related to another transaction completed in contemplation of and for the benefit of the acquirer under Topic 805. None of these stock awards were outstanding after the Business Combination. Upon completion of the Business Combination, the Company issued 60,800 shares of Class A Common Stock to employees of the Company. These awards vested in full immediately and had a fair value of $10.00 per share, resulting in compensation expense of $0.6 million during the year ended December 31, 2023. In connection with the Business Combination, the Company granted 65,554 shares of Class A Common Stock to its board of directors on March 23, 2023. These awards vest over an approximate nine On May 31, 2023, the Company granted 4,693,621 shares of Class A Common Stock with a fair value of $4.35 per share to employees as restricted units, vesting over a three one three During the year ended December 31, 2023, the Company granted $1.2 million in shares of Class A Common Stock as part of various revenue share arrangements to its employees, which is included in Compensation and employee benefits in the Consolidated Statement of Operations. In connection with TWMH’s historical acquisition of Holbein, certain employees of Holbein are entitled to receive a combination of cash and shares of the Company based on Holbein revenues in 2023 and 2024 (the “Holbein Earn-Ins”). The Holbein Earn-Ins were measured at fair value using estimates of future revenues as of the closing date. The earn-ins are expected to be paid in a combination of 50% cash and 50% in shares of the Company’s Class A Common Stock on the second and third anniversaries of the closing date of January 7, 2022. On July 14, 2023, the Company amended the Holbein purchase agreement related to the Holbein acquisition. The amendment crystallized the contingent earn-in consideration amount by replacing the valuation of the Holbein Earn-Ins consideration of an estimate of future revenue. Additionally, the first payment date and second payment date are agreed as April 1, 2024 and April 1, 2025, respectively, replacing the original share purchase agreement payment dates of 10 business days after the second and third anniversary of the acquisition of Holbein. The agreed upon first and second date payments are $7.1 million and $8.9 million, respectively. The selling shareholders remain required to maintain certain service agreements to receive the compensatory Holbein Earn-ins. The amount of shares awarded will calculated based on the twenty day average volume weighted average price of the Company's Class A Common Stock preceding the second and third anniversary date. The Company recognized compensation expense for the earn-ins of $7.0 million and $3.7 million for the years ended December 31, 2023 and 2022, respectively, which is included in Compensation and employee benefits in the Consolidated Statement of Operations. Separate from the compensatory Holbein Earn-Ins, the Holbein acquisition consideration included contingent consideration that was measured at fair value using estimates of future revenues as of the closing date. The acquisition consideration was also amended to crystallize the non-compensatory earn-in amount and follows the same fact pattern as the above-described amendment for the compensatory earn-ins. This contingent consideration is recorded as a liability of $1.8 million as of December 31, 2023 and $1.5 million as of December 31, 2022 in the “Earn-in consideration payable” line of the Consolidated Statement of Financial Condition. In connection with TWMH’s historical acquisition of TIH, the Delayed Share Purchase Agreement (“TIH SPA”) was amended on July 28, 2023. The TIH SPA was amended to include the Company’s Class A Common Stock as part of the purchase price. On August 1, 2023, the Company granted 152,930 shares of Class A Common Stock with a fair value of $7.70 per share under the terms of the TIH SPA amendment. The amendment to the purchase price is compensatory in nature. The Company recognized an expense for the TIH SPA of $1.2 million for the year ended December 31, 2023, which is included in Compensation and employee benefits in the Consolidated Statement of Operations. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The computation of the effective tax rate, tax provision and related income tax assets and liabilities are based on, among other things, an estimate of the impact of the exchanges of Common Units for Class A Shares, inclusive of an analysis of tax basis and state tax implications of the Company and their underlying assets and liabilities. The Company’s estimate is based on the most recent information available and cannot be finally determined until the Company’s 2023 tax returns have been filed. The tax basis and impact of the Company and their underlying assets and liabilities are based on estimates subject to finalization of its tax returns. The Company is a domestic corporation for U.S. federal income tax purposes and is subject to U.S. federal and state and local corporate-level income taxes on its share of taxable income from the Umbrella Partnership. The Umbrella Partnership is a partnership for U.S. federal income tax purposes and a taxable entity for certain state and local taxes, such as New York City and Connecticut UBT. Further, the Company’s income tax provision and related income tax assets and liabilities are based on, among other things, an estimate of the impact of exchanges of Warrants and Class B Units for shares of Class A Common Stock, inclusive of an analysis of tax basis and state tax implications of the Umbrella Partnership and its underlying assets and liabilities. The Company’s estimate is based on the most recent information available. The tax basis and state impact of the Umbrella Partnership and its underlying assets and liabilities are based on estimates subject to finalization of the Company’s tax returns. For financial reporting purposes, the components of income (loss) before income tax benefit were as follows: For the Period (Dollars in Thousands) January 1, 2023 – December 31, 2023 January 1, 2022 – December 31, 2022 January 1, 2021 – December 31, 2021 U.S. federal $ (7,708) $ 1,082 $ 4,306 Foreign (308,629) (6,553) — Income (loss) before income tax benefit $ (316,337) $ (5,471) $ 4,306 The following table presents the components of the Company’s income tax expense (benefit): For the Period (Dollars in Thousands) January 1, 2023 – December 31, 2023 January 1, 2022 – December 31, 2022 January 1, 2021 – December 31, 2021 Current income tax expense (benefit) U.S. federal $ 803 $ 320 $ 318 State and local 170 224 290 Foreign 880 84 — $ 1,853 $ 1,853 $ 628 $ 608 Deferred income tax expense (benefit) U.S. federal $ (173) $ (64) $ (82) State and local (863) (31) (11) Foreign (11,351) (6) — $ (12,387) $ (12,387) $ (101) $ (93) Total income tax expense (benefit) U.S. federal $ 630 $ 256 $ 236 State and local (693) 193 279 Foreign (10,471) 78 — Total income tax expense (benefit) $ (10,534) $ (10,534) $ 527 $ 515 The following table sets forth the reconciliation of the Company’s effective rate to the statutory rate: For the Period (Dollars in Thousands) January 1, 2023 – December 31, 2023 January 1, 2022 – December 31, 2022 January 1, 2021 – December 31, 2021 U.S. federal tax expense (benefit) at statutory rate $ (66,416) 21.0 % $ (1,149) 21.0 % $ 935 21.0 % State tax, net of federal benefit (1,119) 0.4 % 38 (0.7) % 39 0.9 % Goodwill Impairment 32,254 (10.2) % — — % — — % Exempt income (6,524) 2.1 % 127 (2.3) % (500) (11.2) % Non-deductible Professional Fees 3,616 (1.1) % — — % — — % Change in fair value of warrant liability 2,702 (0.9) % — — % — — % Change in fair value of contingent consideration (5,500) 1.7 % — — % — — % Other Permanent differences 8 — % 3 (0.1) % 42 0.9 % Prior period adjustments (246) 0.1 % (2) — % — — % Change in Valuation Allowance 28,700 (9.1) % 1,393 (25.5) % — — % Foreign rate differential 236 (0.1) % 116 (2.1) % — — % Stock based compensation 145 — % — — % — — % Impact of investment in subsidiaries on partnership basis — — % — — % — — % Rate Change 247 (0.1) % — — % — — % Net impact of non-controlling interest 1,363 (0.4) % — — % — — % Total Effective Rate $ (10,534) 3.3 % $ 527 (9.6) % $ 515 11.6 % The Company had an effective tax rate of 3.3%, (9.6)% and 11.6% for the years ended December 31, 2023, 2022 and 2021, respectively. The effective tax rates differed from the statutory rate primarily due to the impact of goodwill impairment during the quarter, the portion of income allocated to noncontrolling interests, nondeductible compensation and state and local taxes. As of December 31, 2023 and 2022 the income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows: (Dollars in Thousands) As of December 31, As of December 31, Deferred tax assets Net operating losses $ 23,273 $ 847 Investment in partnership 7,158 — Goodwill 201 — Disallowed interest carryforward 4,376 — Accruals and reserves 11,191 — Operating Lease Liability 5,274 — Other deferred tax asset — 999 Total deferred tax assets 51,473 1,846 Deferred tax liabilities Intangibles $ 17,649 $ 112 Operating Lease - Right Of Use 5,299 — Investment in partnership — — Other deferred tax liability 627 54 Total deferred tax liabilities 23,575 166 Valuation allowance (42,007) (1,762) Net deferred tax asset (liabilities) $ (14,109) $ (82) As of December 31, 2023, the Company has U.S. federal net operating losses (“NOLs”) of $20.2 million and foreign NOLs of $106.6 million that can be carried forward indefinitely until they are used. The Company regularly evaluates the realizability of its deferred tax asset and may recognize or adjust any valuation allowance when it is more-likely-than-not that all or a portion of the deferred tax asset may not be realized. As of December 31, 2023, the Company has recorded a valuation allowance against $15.7 million of NOLs generated by its U.S. operations and $106.6 million of NOLs generated by its foreign subsidiaries primarily in the United Kingdom. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the tax years that remain open under the statute of limitations will be subject to examinations by the appropriate tax authorities. The Company is no longer subject to state or local examinations by tax authorities for tax years prior to 2019. For the years ended December 31, 2023 and December 31, 2022, respectively, the Company has evaluated its tax filing positions and has concluded that a reserve for unrecognized tax benefits is not necessary. In connection with and subsequent to the Business Combination, the Company recognized various adjustments to deferred tax assets and liabilities within additional paid-in capital, as well as related impacts to the TRA liability, related to capital transactions. These adjustments primarily resulted from differences between the Company’s US GAAP and tax basis in its investment in the Umbrella Partnership, as well as portions related to the TRA liability that will eventually lead to additional tax basis in the Umbrella Partnership upon future TRA payments. The deferred tax assets will be recovered as the basis is amortized. See the Company’s Consolidated Statement of Changes in Shareholders’ Equity for these amounts. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures The Company classifies its fair value measurements using a three-tiered fair value hierarchy. The basis of the tiers is dependent upon the various “inputs” used to determine the fair value of the Company’s assets and liabilities. Fair value is considered the value using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the inputs market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The inputs are summarized in the three broad levels listed below: • Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Level 2 Valuation Techniques The financial instrument classified within Level 2 of the fair value hierarchy for the year ended December 31, 2022, is an interest rate swap. The valuation techniques used to value financial instruments classified within Level 2 of the fair value hierarchy are as follows: • The interest rate swap is valued based on observable values of underlying interest rates. Level 3 Valuation Techniques In the absence of observable market prices, the Company values financial instruments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors. Financial instruments for which market prices are not observable include: • Business Combination Earn-Out Liability - The Company’s valuation approach utilized a Monte Carlo simulation to estimate future share prices and the implied earn-out payment discounted using the risk-free rate. • TRA Liability - The Company’s valuation approach utilized a Monte Carlo simulation to estimate future taxable income, share prices, and the implied TRA payments discounted using the liability discount rate which is estimated based on the Company’s credit rating. • AWMS Earn-Out Liability - The Company’s valuation approach utilized a Monte Carlo simulation to estimate future revenue and the implied earn out payment discounted using the liability discount rate which is estimated based on the Company’s credit rating. • Earn-In Consideration Payable - The Company’s valuation approach utilized a Monte Carlo simulation to estimate future revenue and the implied earn in payment discounted using the liability discount rate which was estimated based on the credit rating of TWMH. On July 14, 2023, the Company amended the Holbein purchase agreement related to the Holbein acquisition discussed in Note 5 (Equity-Based Compensation and Earn-in Expenses), which crystallized the contingent earn-in consideration amount and discontinued the use of a Level 3 valuation technique. • Investments in External Strategic Managers - The Company utilized a Discounted Cash Flow approach to determine the fair value of the External Strategic Managers. The discount rate selection for each investment was calibrated using the implied internal rate of return as of the original investment date, adjusted for certain market- and company-specific factors. The selected long-term growth rate for each investment was based on long-term GDP growth rates in the geographic locations of the underlying External Strategic Manager, with consideration for general growth in the asset management industry. Refer to the valuation methodologies table below for further analysis of level 3 valuations. The following is a summary categorization of the Company’s financial instruments based on the inputs utilized in determining the value of such financial instruments. Investments at fair value as of December 31, 2023 and December 31, 2022 are presented below: As of December 31, 2023 (Successor) Level 1 Level 2 Level 3 (Dollars in Thousands) Quoted Prices Observable Inputs Unobservable Inputs Total Assets: Mutual funds $ 75 $ — $ — $ 75 Exchange-traded funds 108 — — 108 Investments – External Strategic Managers 7 — 164,077 164,084 Investments – Affiliated Funds ( 1 ) — — — 1,627 Total $ 190 $ — $ 164,077 $ 165,894 Liabilities: Earn-out liability $ — $ — $ 63,444 $ 63,444 TRA liability (2) — — 13,233 13,233 Earn-in consideration payable 1,830 — — 1,830 Total $ 1,830 $ — $ 76,677 $ 78,507 (1) Investments in Affiliated Funds are measured at fair value using the net asset value (or its equivalent) practical expedient. The Company's investments in Affiliated Funds represent interests that do not trade in an active market and are valued using the NAV of each investment company as reported and without adjustment. The Company does not have any commitments to the Affiliated Funds and redemptions are permitted on a monthly basis and require 30 days’ notice. The strategies of the Affiliated Funds primarily focus on near-dated, hard catalyst events that typically involve hostile deals, proposals, minority interest buy-ins, leverage buyouts, activism, spin-offs, recapitalizations, and agreed upon deals. The investments held in the Affiliated Funds are primarily highly liquid and marketable securities. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statement of Financial Position. (2) The Company carries a portion of its TRA liability at fair value, as it is contingent consideration from the Business Combination. As of December 31, 2022 (Predecessor) Level 1 Level 2 Level 3 (Dollars in Thousands) Quoted Prices Observable Inputs Unobservable Inputs Total Assets: Mutual funds $ 44 $ — $ — $ 44 Exchange-traded funds 101 — — 101 Interest rate swap — 241 — 241 Total $ 145 $ 241 $ — $ 386 Liabilities: Earn-in consideration payable $ — $ — $ 1,519 $ 1,519 Payout right — — 3,662 3,662 Total $ — $ — $ 5,181 $ 5,181 Reconciliation of Fair Value Measurements Categorized within Level 3 Unrealized gains and losses on the Company’s assets and liabilities carried at fair value on a recurring basis are included within other loss Level 3 Liabilities as of December 31, 2023 (Successor) (Dollars in Thousands) TRA Liability Earn-out AWMS earn-out Earn-in consideration payable Total Beginning balance $ 13,000 $ 91,761 — $ 1,519 $ 106,280 Issuances — — 2,721 — 2,721 Settlements — — — — — Net (gains) losses 233 (29,381) (1,657) 311 (30,494) Transfers out of Level 3 — — — (1,830) (1,830) Ending balance $ 13,233 $ 62,380 1,064 $ — $ 76,677 Level 3 Liabilities as of December 31, 2022 (Predecessor) (Dollars in Thousands) Earn-in consideration payable Payout right Total Transfers into Level 3 $ — $ — $ — Transfers out of Level 3 — — — Purchases — — — Issuances 1,519 3,662 5,181 Ending balance $ 1,519 $ 3,662 $ 5,181 Level 3 Assets as of December 31, 2023 (Successor) (Dollars in Thousands) Investments – External Strategic Managers Total Beginning balance $ 146,130 $ 146,130 Realized and Unrealized Gains (Losses) $ 2,580 $ 2,580 Purchases $ 15,367 $ 15,367 Ending balance $ 164,077 $ 164,077 Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of December 31, 2023 (Dollars in Thousands) Fair Valuation Unobservable Ranges Impact to Valuation from an Increase in Input Level 3 Assets: Investments – External Strategic Managers $ 164,077 Discounted Cash Flow Discount rate 21.5% -29% Lower Long-term growth rate 4.0 % Higher Level 3 Liabilities: TRA liability $ 13,233 Monte Carlo Volatility 40.0 % Lower Correlation 20.0 % Higher Cost of debt range 4.1% - 5.1% Lower Equity risk premium 7.4% - 13.1% Lower Earn-out liability $ 62,380 Monte Carlo Volatility 40.0 % Higher Risk-free rate 3.9 % Higher AWMS earn-out liability $ 1,064 Monte Carlo Revenue Volatility 14.0 % Higher Risk-free rate 1.1 % Higher Revenue Discount Rate 3.5 % Lower Liability Discount Rate 5.6 % Lower Deferred Payment Liability Discount Rate 5.3 % Lower Valuation Methodologies for Fair Value Measurements Categorized within Level 3 as of December 31, 2022 The fair value of earn-in consideration is based on expected future revenues discounted at the revenue discount rate less the risk-free rate of return, which approximated 6.8% as of December 31, 2022. It is classified as Level 3 within the fair value hierarchy. As of December 31, 2022, carrying value approximates fair value. |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Equity Method Investments As of December 31, 2023 and December 31, 2022, the Company had $14.2 million and $52.0 thousand of equity method investments, respectively, recorded within equity method investments on the consolidated statements of financial position. In accordance with US GAAP, certain equity method investees do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value. See Note 10 (Investments) for additional information on equity method investments. For the year ended December 31, 2023, the Company recognized $6.6 million of impairment on its equity method investments. Additionally, as part of the Business Combination, AlTi acquired the right to carried interest on several projects. These are held as assets at cost less impairment. We therefore assess for indicators of impairment every quarter, and as a result of a number of factors, namely market conditions, we recognized an impairment to these assets of $9.0 million for the year ended December 31, 2023 in Gain (loss) on investments in the Consolidated Statement of Operations. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively; however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment, including: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties’ equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and therefore would be deemed the primary beneficiary. VIEs include certain private equity, real estate, and CLO vehicles. The purposes of such VIEs is to provide strategy-specific investment opportunities for investors in exchange for management and performance-based fees. The Company holds variable interests in certain VIEs which are not consolidated because it was determined that the Company is not the primary beneficiary of such VIEs. The Company’s involvement with such entities is in the form of direct and indirect equity interests and fee arrangements. The Company’s maximum exposure to loss relating to non-consolidated VIEs is the carrying value of such investments, and in certain instances, its initial investment in and loans to certain VIEs. The Company’s maximum exposure to loss relating to non-consolidated VIEs is as follows: (Dollars in Thousands) As of December 31, 2023 (Successor) Non-Consolidated VIEs Strategic Alternatives Wealth Management Unconsolidated VIE assets $ 1,061,065 $ 2,716,060 Unconsolidated VIE liabilities $ 139,323 $ 76,572 Equity interests on the Consolidated Statement of Financial Position 9,827 40 AlTi exposure $ 10,233 $ 40 (Dollars in Thousands) As of December 31, 2022 (Predecessor) Non-Consolidated VIEs Strategic Alternatives Wealth Management VIE assets $ — $ 3,171,637 VIE liabilities $ — $ 193,142 Equity interests on the Consolidated Statement of Financial Position — 52 AlTi exposure $ — $ 52 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments The Company’s investments include Investments at fair value and Equity method investments. Investments at fair value consist of investments for which the fair value option has been elected. The primary reasons for electing the fair value option are to: • reflect economic events in earnings on a timely basis; • mitigate volatility in earnings from using different measurement attributes; and • address simplification and cost-benefit considerations Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition or at other eligible election dates. Changes in the fair value of such instruments are recognized in Loss on investments in the Consolidated Statement of Operations. The Cost and Fair Value of Investments as of December 31, 2023 and December 31, 2022 are presented below: As of December 31, 2023 As of December 31, 2022 (Dollars in Thousands) Cost Fair Value Cost Fair Value Investments at Fair Value: Mutual funds $ 93 $ 75 $ 73 $ 44 Exchange-traded funds 105 108 115 101 TIG Arbitrage Associates Master Fund 482 500 — — TIG Arbitrage Enhanced Master Fund 179 231 — — TIG Arbitrage Enhanced 682 776 — — Arkkan Opportunities Feeder Fund 111 119 — — Arkkan Capital Management Limited 20,062 24,822 — — Zebedee asset management 68,913 69,454 — — Romspen Investment Corporation 72,523 69,802 — — Other security type 7 7 — — Total Investments at fair value 163,157 165,894 188 145 Equity method investments Real estate equity method investments 9,311 9,311 — — Wealth management - investment advisory 2,505 2,505 — 52 Carried interest vehicles 2,378 2,378 — — Total Equity method investments 14,194 14,194 — 52 Total $ 177,351 $ 180,088 $ 188 $ 197 The Company’s Investments at fair value include unrealized gains (losses) and realized gains (losses) in the Consolidated Statement of Financial Position. The breakdown of unrealized gains (losses) and realized gains (losses) on Investments at fair value for the relevant periods are as follows: For the Period (Dollars in Thousands) January 1, 2023 – December 31, January 1, 2022 – December 31, January 1, 2021 – December 31, Gains (Losses) on Investments at FV: Realized gains (losses) $ 1 $ (68) $ 91 Unrealized gains (losses) 2,749 247 2 Total gains (losses) on Investments at fair value $ 2,750 $ 179 $ 93 |
Intangible Assets, net
Intangible Assets, net | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, net | Intangible Assets, net The following table provides a reconciliation of Intangible assets, net reported on the Consolidated Statement of Financial Position. As of December 31, 2023 (Successor) (Dollars in Thousands) Weighted Gross Impairment Disposal Held for Sale Accumulated Net Carrying Intangible assets Amortizing intangible assets Customer relationships 25.3 $ 186,832 $ — $ (254) $ (2,128) $ (7,180) $ 177,270 Investment management agreements (1) 19.6 100,269 (50,283) — (43,299) (4,545) 2,142 Trade names 10 14,945 (2,635) — (1,231) (1,514) 9,565 Acquired internally developed software 5 1,000 — — — (200) 800 Other intangible asset 0 622 — — — (622) — Total amortized intangible assets 303,668 (52,918) (254) (46,658) (14,061) 189,777 Non-amortized intangible assets (2) Investment management agreements 245,900 — — — — 245,900 Total intangible assets $ 549,568 $ (52,918) $ (254) $ (46,658) $ (14,061) $ 435,677 (1) During the year ended December 31, 2023, the Company deconsolidated AHRA (See Note 3 (Business Combinations and Divestitures)) and as a result, recorded an impairment charge of $29.4 million to the carrying value of AHRA’s investment advisory agreement with Home REIT, which is recorded in the line item Impairment loss on goodwill and intangible assets in the Consolidated Statement of Operations. On January 9th, 2024, AlTi RE Public Markets Limited entered into heads of terms to sell 100% of the equity of LRA, the advisor to the publicly-traded fund LXi to LondonMetric for fixed consideration of approximately $33.1 million and up to an estimated $5.1 million of contingent consideration based on the exchange rate as of the balance sheet date, as applicable. The contingent consideration is preliminary and not final based on available information at the time of this filing. The disposal completed on March 6, 2024. As a result, AlTi has recognized an intangible asset impairment charge of $23.5 million which is recorded in Impairment loss on goodwill and intangible assets in the Consolidated Statement of Operations. (2) The Company’s non-amortized intangible assets consist of management contracts for open-ended fund products, in which there is no contractual termination date. During the year ended December 31, 2023, the Company made certain measurement period adjustments to the preliminary purchase price allocation, which resulted in a decrease to Intangible assets, net of $21.6 million. See Note 3 (Business Combinations and Divestitures). As of December 31, 2022 (Predecessor) (Dollars in Thousands) Weighted Gross Accumulated Net Carrying Intangible assets Amortizing intangible assets Customer relationships 17.3 $ 27,900 $ (7,743) $ 20,157 Trade names 0.8 71 (71) — Acquired internally developed software 5.0 692 (271) 421 Total intangible assets $ 28,663 $ (8,085) $ 20,578 Amortization expense of approximately $14.1 million, $1.9 million and $1.4 million for the years ended December 31, 2023, 2022, and 2021, respectively, were recognized. The estimated future amortization for finite-lived intangible assets for each of the next five years and thereafter are as follows: (Dollars in Thousands) As of December 31, 2023 2024 $ 9,244 2025 9,244 2026 9,244 2027 9,244 2028 and beyond 152,801 Total $ 189,777 |
Other assets, net and Other lia
Other assets, net and Other liabilities, net | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other assets, net and Other liabilities, net | Other assets, net and Other liabilities, net The following table provides a reconciliation of Other assets, net reported on the Consolidated Statement of Financial Position. (Dollars in Thousands) As of December 31, 2023 As of December 31, 2022 Fixed assets, net: Leasehold improvements $ 4,978 $ 2,571 Office equipment and furniture 3,489 2,895 Foreign currency translation difference (270) — Accumulated depreciation and amortization (5,665) (4,491) Fixed assets, net 2,532 975 Accrued income 17,124 — Prepaid expenses 8,045 1,898 Sundry receivables 5,664 — Other receivables 12,204 579 Interest rate swap — 241 Other assets 2,613 124 Other assets, net (1) $ 48,182 $ 3,817 (1) As of December 31, 2023, this amount includes $6.7 million in receivables due from related parties. See Note 17 (Related Party Transactions) for further details. The following table provides a reconciliation of Other liabilities, net reported on the Consolidated Statement of Financial Position. (Dollars in Thousands) As of December 31, 2023 As of December 31, 2022 AWMS deferred cash consideration 7,135 — Payroll 5,202 — Sundry 3,422 — Other 6,100 — Fair value of payout right — 3,662 Other Liabilities, net 21,858 3,662 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company adopted ASC 842 as of January 1, 2022, on a modified retrospective basis with no cumulative adjustment to equity as of the adoption date. The Company has presented financial results and applied its accounting policies for the period beginning January 1, 2022 under ASC 842 for the predecessor and successor periods. The Company elected to take the practical expedient to not separate lease and non-lease components as part of the adoption. Lease agreements entered into after the adoption of ASC 842 that include lease and non-lease components are accounted for as a single lease component. Since January 1, 2022, the Company’s operating leases, excluding those with terms less than 12 months, have been discounted and recorded as assets and liabilities on the Company’s Consolidated Statement of Financial Position. The Company primarily has non-cancellable operating leases for office spaces across various countries. We categorize leases as either operating or finance leases at the commencement date of the respective lease. The components of lease costs are as follows: For the Period (Dollars in Thousands) January 1, 2023 – December 31, January 1, 2022 – December 31, Operating lease expense $ 8,782 $ 2,974 Variable lease expense 3,165 1,353 Short-term lease expense 750 144 Total lease expense $ 12,697 $ 4,471 Supplemental cash flow information and non-cash activity related to our operating leases are as follows: For the Period (Dollars in Thousands) January 1, 2023 – December 31, 2023 January 1, 2022 – December 31, 2022 Operating cash flow information: Operating cash flow from operating leases $ 7,131 $ 2,930 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations 35,629 2,621 Weighted-average remaining lease term and discount rate for our operating leases are as follows: As of December 31, 2023 (Successor) Weighted-average remaining lease term 11.94 Weighted-average discount rate 6.22 % Future minimum lease payments for the Company’s operating leases as of December 31, 2023, are as follows: Future Minimum Rental Operating Leases (Dollars in Thousands) 2024 $ 7,079 2025 7,585 2026 6,533 2027 5,852 2028 5,545 2029 and beyond 53,277 Total lease payments 85,871 Less: Imputed interest 29,748 Present value of lease liabilities $ 56,123 |
Goodwill, net
Goodwill, net | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, net | Goodwill, net The following table provides a reconciliation of Goodwill, net reported on the Consolidated Statement of Financial Position for the years ended December 31, 2023 and December 31, 2022. (Dollars in Thousands) January 1, 2023 – December 31, 2023 January 1, 2022 – December 31, 2022 Goodwill by Segment Strategic Alternatives Wealth Total Tiedemann Wealth Beginning Balance Gross goodwill $ 232,429 $ 298,118 $ 530,547 $ 22,185 Net goodwill: $ 232,429 $ 298,118 $ 530,547 $ 22,185 Goodwill acquired during the period $ — $ 18,972 $ 18,972 $ 3,279 Impairment charges (153,589) — (153,589) — Currency translation and other adjustments 11,910 — 4,064 15,974 — $ (141,679) $ 23,036 $ (118,643) $ 3,279 Ending Balance Gross goodwill $ 90,750 $ 321,154 $ 411,904 $ 25,464 Net goodwill $ 90,750 $ 321,154 $ 411,904 $ 25,464 The Company evaluated as of September 30, 2023 whether circumstances existed, indicating that the fair value of its reporting units may have declined to an amount lower than the carrying value of goodwill recorded on its Consolidated Statement of Financial Position as of that date. The Company considered a variety of factors, including the impact of prevailing market conditions, persistently high interest rates and uncertainties caused by inflation and certain world events as well as the recent actions taken by the Company to restructure and reposition certain of the businesses within its reporting units. Based on the evaluation of these factors, the Company concluded that triggering events had occurred during the period that required the Company to assess whether the goodwill allocated to its Strategic Alternatives segment was impaired. Accordingly, the Company performed a goodwill impairment test, which compared the estimated fair value of the Strategic Alternatives reporting unit to its carrying value. The Company utilized the discounted cash flow method under the income approach and the Guideline Public Company Method (“GPCM”) under the market approach, in equal weightings, in determining a fair value for the reporting unit. The results of the impairment test performed at September 30, 2023 indicated that the carrying value of the Strategic Alternatives reporting unit exceeded its estimated fair value by $153.6 million. Consequently, the Company recognized a goodwill impairment charge for this amount in the Condensed Consolidated Statement of Operations for the period ended September 30, 2023. The assumptions used in the discounted cash flow analyses require significant judgment, including judgment about appropriate growth rates and the amount and timing of expected future cash flows. The Company’s forecasted cash flows were based on its current assessment of the markets and on assumed growth rates expected as of the measurement date. The key assumptions used in the cash flows were revenue growth rates, operating expenses, gross margins, and discount rates that appropriately reflect the risks inherent in the cash flow streams. Under the GPCM approach, the significant assumptions include the consideration of stock price and financial metrics from guideline companies. |
Debt, net of unamortized deferr
Debt, net of unamortized deferred financing cost | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt, net of unamortized deferred financing cost | Debt, net of unamortized deferred financing cost The following table summarizes outstanding debt obligations of the Company as of December 31, 2023: As of December 31, 2023 (Successor) (Dollars in Thousands) Debt Outstanding Net Carrying Value (1) Fair Value (2) Credit Agreement Term Loans $ 95,000 $ 92,603 $ 95,000 Revolving Credit Facility 93,750 93,750 93,750 Total Debt $ 188,750 $ 186,353 $ 188,750 (1) Represents debt outstanding net of unamortized debt issuance costs. (2 ) The fair value of the Term Loans and Revolving Credit Facility approximates carrying value as of December 31, 2023. The fair value is categorized as Level 3 under ASC 820. Credit Agreement On January 3, 2023, the Company entered into a credit agreement (the “Credit Agreement”) with BMO Harris Bank N.A., as administrative agent, for a senior secured credit facility (the “BMO Credit Facility”) in an aggregate principal amount of $250.0 million, consisting of term loan commitments for an aggregate principal amount of $100.0 million (the “Term Loans”) and a revolving credit facility with commitments for an aggregate commitment amount of $150.0 million (the “Revolving Credit Facility”), with an accordion option to increase the revolving commitments an additional $75.0 million to $225.0 million total. Upon the Closing, the Company had initially acquired legacy debt obligations from its subsidiaries in the amount of $124.4 million. Subsequently, after the Closing, the Company obtained additional financing through the BMO Credit Facility from which proceeds from borrowings were used to repay outstanding debt obligations acquired through the transaction, and also for working capital and general corporate purposes, including, without limitation, permitted acquisitions. The Term Loans and Revolving Credit Facility bear interest at a rate per annum equal to, at the Company’s option, either (i) SOFR plus a margin based on the Company’s Total Leverage Ratio (as defined in the Credit Agreement) or (ii) the Base Rate (as defined in the Credit Agreement) plus a margin based on the Company’s Total Leverage Ratio. The margin ranges between 1.0% and 2.0% for base rate loans and between 2.0% and 3.0% for SOFR loans. The Company will pay a commitment fee based on the average daily unused portion of the commitments under the Revolving Credit Facility, a letter of credit fee equal to the margin then in effect with respect to the SOFR loans under the Revolving Credit Facility, a fronting fee and any customary documentary and processing charges for any letter of credit issued under the Credit Agreement. The Term Loan is subject to quarterly amortization payments and will mature on January 3, 2028. The Revolving Credit Facility will terminate on January 3, 2028. As of December 31, 2023, unfunded commitments on the Revolving Credit Facility amounted to $16.3 million, and the weighted-average interest rate on the outstanding borrowings of this facility was 9.0%. As security for the Term Loans and Revolving Credit Facility, the borrower and the guarantors thereunder have pledged substantially all of their assets, subject to agreed-upon exclusions. The guarantor group consists of the Company’s U.S. and non-U.S. subsidiaries, subject to an agreed-upon materiality threshold. As of December 31, 2023, total outstanding debt, net of unamortized deferred financing costs amounted to $186.4 million. First Amendment to Credit Agreement On March 31, 2023 the Company executed the First Amendment to the Credit Agreement (the “First Amendment”). The First Amendment permits the Company to extend the time period for certain payments to be made that would have otherwise been restricted by the Credit Agreement. Second Amendment to Credit Agreement On November 10, 2023, the Company entered into the Second Amendment to the Credit Agreement (“the Second Amendment”). The Second Amendment, among other things, temporarily amends, from the date of the amendment until effectively April 1, 2024, the following provisions of the Credit Agreement: • The aggregate commitment amount under the Revolving Credit Facility is reduced from $150.0 million to $110.0 million; • The financial covenants in the Credit Agreement are adjusted to allow for a higher Total Leverage Ratio and Modified Leverage Ratio as well as a lower Interest Coverage Ratio; • During the amendment period, cash proceeds from the issuance of any debt, (other than certain debt permitted under the Credit Agreement) and any equity securities issued by the Company are required to be used to repay amounts outstanding under the facility, first under the Term Loans until such Term Loans are repaid in full and then under the Revolving Credit Facility, until the Revolving Credit Facility is reduced to $50.0 million in the aggregate; and • Beginning after the end of the amendment period, certain clauses in the Credit Agreement that pertain to restricted payments are amended. Third Amendment to Credit Agreement On February 22, 2024, the Company entered into a Third Amendment to the Credit Agreement (the “Third Amendment”). The Third Amendment amends and restates the Credit Agreement in its entirety to, among other things: • provide for and permit that the investments in the Company being made by Allianz Strategic Investments S.à.r.l. and CWC AlTi Investor LLC, an affiliate of Constellation Wealth Capital, LLC are not required to reduce amounts outstanding under the facility; • amend the financial covenants applicable to the Company, including permanently removing the Modified Leverage Ratio, and a waiver of the Leverage Ratio and Interest Coverage Ratio for the quarters ending March 31, 2024, and June 30, 2024. For these periods, covenants will include a Minimum EBITDA and Minimum Liquidity level. In addition, starting in the quarter ending September 30, 2024 and subsequent periods, certain cash balances will permitted to be netted against debt outstanding when calculating the Company’s Leverage Ratio; • amend the pricing grid setting forth the Applicable Margin to, among other things, increase the Applicable Margin by 0.50% while the leverage ratio and interest coverage ratio are temporarily waived, and provide for additional pricing levels based on the Company’s Total Leverage Ratio after the waiver period; • limit the Company’s use of proceeds relating to the Revolving Credit Facility solely to general working capital; and • provide for the sale of certain assets of the Company, the proceeds of which will be required to pay down the term loan and may reduce the $40,000,000 revolving facility commitment block in place while the leverage ratio and interest coverage ratio are temporarily waived. A copy of the Third Amendment is included as Exhibit 10.14 to this Annual Report on Form 10-K and incorporated herein by reference. As required by accounting standards, the Company has performed an assessment based on its current operations and capital structure of its ability to generate sufficient cash flows to meet its financial obligations for one year subsequent to the financial statement issuance date, based on conditions known and reasonably knowable as of the financial statement issuance date. Management has performed this required assessment as of March 22, 2024, and believes there are sufficient funds available to support its ongoing business operations and continue as a going concern for at least the next 12 months. Management’s assessment is subject to known and unknown risks, uncertainties, assumptions, and changes in circumstances, many of which are beyond our control including the impact of the macroeconomic environment, and that are difficult to predict as to timing, extent, likelihood, and degree of occurrence, and that could cause actual results to differ from estimates and forecasts, potentially materially. Based upon the results of Management’s assessment, these audited consolidated financial statements have been prepared on a going concern basis. The audited consolidated financial statements do not include any adjustments that could result from the outcome of the aforementioned risks and uncertainties. The following tables summarize outstanding debt obligations of the Company as of December 31, 2022 : As of December 31, 2022 (Dollars in Thousands) Debt Outstanding Net Carrying Value (1) Term Loan $ 5,760 $ 5,760 Revolving Credit Facility 14,050 14,050 Promissory Notes 1,377 1,377 Total Debt $ 21,187 $ 21,187 (1) There were no unamortized debt issuance costs as of December 31, 2022. As of December 31, 2022, the Company had an outstanding Term Loan borrowing of $5.8 million with interest calculated based on a variable one-month LIBOR rate plus 1.50%, subject to a LIBOR floor. The Company entered into an interest rate swap agreement in 2020, which converted the variable rate to a fixed rate of 2.60% on borrowings under the Term Loan. The Company also had an outstanding balance of $14.1 million on its Revolving Credit Facility with interest calculated at the rate of the Daily Bloomberg Short-Term Bank Yield Index rate plus 1.50% and an unused commitment fee is 0.15% per annum. In addition, the Company had an outstanding promissory note balance of $1.4 million with interest calculated 3.25%. As of December 31, 2022, total outstanding debt, net of unamortized deferred financing costs amounted to $21.2 million. Contractual maturities of the Term Loans as of December 31, 2023, are set out in the table below: (Dollars in Thousands) Aggregate Maturities 2024 $ 5,000 2025 $ 7,500 2026 $ 10,000 2027 $ 10,000 2028 $ 62,500 Total $ 95,000 Debt is prepayable without penalty prior to maturity. Borrowings under the Revolving Credit Facility are due and payable on the termination date or an earlier date at the Company’s discretion. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2023 | |
Postemployment Benefits [Abstract] | |
Retirement Plans | Retirement Plans The Company sponsors a defined–contribution 401(k) plan (Dollars in Thousands) For the Period January 1, 2023 – December 31, 2023 (Successor) January 1, 2022 – December 31, 2022 (Predecessor) January 1, 2021 – December 31, 2021 (Predecessor) Plan Contributions $ 3,454 $ 738 $ 719 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Related party transactions include the below: (Dollars in Thousands) Related Party Receivables Consolidated Balance Sheet Line Item As of December 31, As of December 31, Due from Certain TWMH Members, TIG GP Members and TIG MGMT Members Other assets $ 712 $ 1,161 Due from Equity Method Investees Other assets $ 5,948 $ — Due from Alvarium related fee arrangements Fees receivable, net $ 247 $ — Due from TIG related fee arrangements Fees receivable, net $ 15,822 $ — Related Party Payables Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements TRA liability $ (17,607) $ — Delayed share purchase agreement Delayed share purchase agreement $ (1,818) $ (1,818) Delayed share purchase agreement Accrued compensation and profit sharing $ (282) $ (400) Due to Certain TWMH Members, TIG GP Members, TIG MGMT Members and Alvarium Shareholders in connection with the Business Combination Earn-out Earn-out liability, at fair value $ (62,380) $ — AWMS earn-out liability Earn-out liability, at fair value $ (1,064) $ — AWMS deferred cash consideration Other liabilities $ (7,135) $ — Due to Equity Method Investees Other liabilities $ (1,277) $ — Shareholders' Equity Delayed share purchase agreement Additional paid-in capital $ (1,178) $ — Due from TWMH Members Certain TWMH Members were offered promissory notes to pay their estimated federal, state and local withholding taxes owed by such members, which constitute loans to members. Promissory notes totaling $1.5 million were issued by the Company in 2020, 2021 and 2022, and bear interest at an annual rate of three and one quarter percent (3.25%). Of these, certain promissory notes totaling $1.1 million included a forgiveness of debt provision. If at each of the first five one-year anniversaries of February 15, 2023, if the members’ employment relationship has not been terminated for any reason, an amount equal to twenty percent (20%) of the principal and accrued interest, shall be forgiven. Upon termination of employment, any outstanding amount of loan not forgiven becomes due within 30 days. The additional notes totaling $0.4 million were paid back in full to the Company as of December 31, 2022. For the years ended December 31, 2023 and 2022, the Company recognized $261 thousand and $280 thousand, respectively, of forgiveness of principal debt and accrued interest within Compensation and employee benefits expense on the Consolidated Statement of Operations. The promissory notes are full legal recourse and have applicable default provisions, which allow the Company to enforce collection against all assets of the note holder, including Class B Units which have been pledged as collateral. These loans are presented in Other assets on the Consolidated Statement of Financial Condition. As of December 31, 2023 and December 31, 2022, the balance of loans to members were $0.7 million and $1.2 million, respectively. Delayed Share Purchase Agreement On July 28, 2023, the Company amended the delayed shared purchase agreement for the shares of Tiedemann International Holdings, AG, which are owned by an executive and shareholder of the Company. The amendment adjusted the purchase price from $2.2 million in cash to $2.1 million in cash and $1.2 million in the Company’s Class A Common Stock. The cash purchase price has been recognized in the Consolidated Statement of Financial Condition as Delayed share purchase agreement and Accrued compensation and profit sharing. As of December 31, 2023 and December 31, 2022, the delayed share purchase agreement liability is reported as $1.8 million and $1.8 million, respectively. As of December 31, 2023 and December 31, 2022, the portion of the Delayed share purchase agreement reported in Accrued compensation and profit sharing is $0.3 million and $0.4 million, respectively. The stock purchase price has been recognized in the Consolidated Statement of Financial Condition as additional paid-in capital. As of December 31, 2023 and December 31, 2022, the portion of the delayed share purchase agreement reported in Additional paid-in capital is reported as $1.2 million and $0.0 million, respectively. For the years ended December 31, 2023 and 2022, the Company recognized $1.1 million and $0.0 million, respectively, of stock and cash compensation associated with the delayed share purchase agreement within Compensation and employee benefits expense on the Consolidated Statement of Operations. Equity Method Investees The Company’s transactions with Equity Method Investees include receivables related to loans, fees, and expenses, which are presented in Other assets on the Consolidated Statement of Financial Condition, and payables related to loans, fees and expenses, which are presented in Accounts payable and accrued expenses and Other Liabilities on the Consolidated Statement of Financial Condition. For the year ended December 31, 2023, the Company recognized $0.7 million in Management/advisory fees, $(1.8) million in Compensation and employee benefits, $(2.4) million in Other income/fees and $0.2 million in Interest and dividend income (expense) from equity method investees on the Consolidated Statement of Operations. Tax Receivable Agreements On the Closing Date, the Company entered into the Tax Receivable Agreement. The TRA generally provides for certain payments and makes certain arrangements with respect to certain tax benefits to be derived by the Company and its subsidiaries as the result of the Business Combination and future exchanges by such TWMH Members, TIG GP Members and TIG MGMT Members of their Paired Interests for Class A Common Stock in accordance with the Umbrella LLC Agreement and the making of payments under the TRA. Pursuant to the terms of the TRA, the Company generally will pay an amount equal to 85% of the net tax benefit that it receives from such exchanges to the TWMH Members, the TIG GP Members and the TIG MGMT Members. The costs and expenses of administering the TRA will be borne 15% by the Company and 85% by the TWMH Members, the TIG GP Members and the TIG MGMT Members, or in certain instances, all or a portion of such 85% amount may be borne by Umbrella. The TRA is recognized on the Consolidated Statement of Financial Condition as the TRA Liability. The value of the TRA Liability was $17.6 million as of December 31, 2023. The Company carries $13.2 million of its TRA Liability at fair value, as it is contingent consideration from the Business Combination. The remaining portion related to the TRA exchange of $4.4 million is recorded at its carrying value. The Company recognized a loss of $(0.2) million for the year ended December 31, 2023, which is recorded in Gain (loss) on TRA in the Consolidated Statement of Operations. On August 31, 2023, holders of Class B Common Stock exchanged a portion of such Class B Units to the Company, in exchange for shares of Class A Common Stock on a 1 :1 basis totaling an amount equal to $7.31 multiplied by the total number of shares of Class B Common Stock exchanged at the time of the transaction. For the year ended December 31, 2023, the Company made tax payments on behalf of and cash distributions to Class B Units holders related to the TRA of $1.8 million. Business Combination Earn-out Liability Under the terms of the Business Combination, upon closing, the selling shareholders of TWMH, TIG, and Alvarium became entitled to receive earn-out shares contingent on various share price milestones and in the event of a change in control. The earn-out shares are precluded from being considered indexed to the Company's own stock and are recognized as a liability at fair value with changes in fair value recognized in earnings. As of December 31, 2023, the fair value of the Business Combination Earn-out Liability was $62.4 million and is reported in Earn-out liability, at fair value, in the Consolidated Statement of Financial Position. The change in fair value of $29.4 million is recorded in Gain on earnout liability in the Consolidated Statement of Operations and in Fair value of earn-out liability in the Consolidated Statement of Cash Flows in the period of change. AWMS Earn-out Liability On August 2, 2023, the Company acquired the remaining 70% of the issued and outstanding ownership and membership interests of AWMS, increasing its interest from 30% to 100%. The AWMS Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $16.8 million. The total purchase consideration transferred consists of cash consideration, equity consideration, deferred cash consideration, earn-out consideration, (or AWMS earn-out liability), and the payment of assumed liabilities. As of December 31, 2023, the AWMS earn-out liability of $1.1 million is reported in Earn-out liability, at fair value, in the Consolidated Statement of Financial Position. Since the AWMS earn-out liability meets the definition of a derivative, it is recorded at fair value as a derivative liability on the Consolidated Statement of Financial Position and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement. The change in fair value of $1.7 million is recognized in Gain (loss) on earn-out liability in the Consolidated Statement of Operations and in Fair value of earn-out liability in the Consolidated Statement of Cash Flows in the period of change. Fees Receivable, net The Company recognizes fees at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Fees recognized are calculated based on contractual terms, including the transaction price, whether a distinct performance obligation has been satisfied and control is transferred to the customer, and when collection of the revenue is assessed as probable. Such fees are recognized in the Consolidated Statement of Financial Condition as Fees Receivable, net. As of December 31, 2023, fees due from Alvarium related fee arrangements were $0.2 million. Additionally, management and incentive fees receivable due from TIG related fee agreements was $15.8 million as of December 31, 2023. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company operates within two business segments: Strategic Alternatives and Wealth Management. See Note 1 (Description of the Business). The Company’s business segment information was prepared using the following methodologies and generally represents the information that is relied upon by management in its decision-making process. • Revenues and expenses directly associated with each business segment are included in determining net income/ (loss) by segment. • Indirect expenses (such as general and administrative expenses including executive and indirect overhead costs) not directly associated with specific business segments are allocated to the business segments’ statement of operations. Accordingly, the Company presents segment information consistent with internal management reporting. See Note 1 (Description of the Business) and the table below for more detail on unallocated items. The following tables present the financial information for the Company’s segments for the periods indicated. For the Period (Dollars in Thousands) January 1, 2023 – December 31, 2023 January 1, 2022 – December 31, 2022 January 1, 2021 – December 31, 2021 Net Income by Segment Strategic Alternatives Wealth Total Tiedemann Wealth Tiedemann Wealth Revenue: Management/advisory fees $ 49,236 $ 135,588 $ 184,824 $ 76,872 $ 75,703 Incentive fees 41,718 1,659 43,377 — — Distributions from investments 17,185 — 17,185 — — Other income/fees 5,204 290 5,494 — — Total income $ 113,343 $ 137,537 $ 250,880 $ 76,872 $ 75,703 Operating Expenses: Compensation and employee benefits 85,792 118,260 204,052 51,234 47,413 Systems, technology, and telephone 5,210 11,131 16,341 6,331 5,070 Sales, distribution, and marketing 948 1,269 2,217 1,170 931 Occupancy costs 4,658 9,156 13,814 4,503 3,498 Professional fees 34,978 31,137 66,115 9,400 6,882 Travel and entertainment 2,623 3,291 5,914 1,724 566 Depreciation and amortization 7,978 9,061 17,039 2,339 2,051 General, administrative, and other 11,608 7,887 19,495 1,489 1,524 Total operating expenses $ 153,795 $ 191,192 $ 344,987 $ 78,190 $ 67,935 Operating income (loss) (40,452) (53,655) (94,107) (1,318) 7,768 Other income (expenses): Impairment loss on goodwill and intangible assets (206,507) — (206,507) — — Gain (loss) on investments (15,520) 37 (15,483) (3,671) (2,960) Loss on TRA (116) (117) (233) — — Loss on warrant liability (6,433) (6,433) (12,866) — — Gain on earn-out liability 14,690 16,414 31,104 — — Interest expense (7,334) (7,167) (14,501) (427) (397) Other expenses (2,294) (1,450) (3,744) (55) (105) Income (loss) before taxes (263,966) (52,371) (316,337) (5,471) 4,306 Income tax (expenses) benefit 14,449 (3,915) 10,534 (527) (515) Net income (loss) $ (249,517) $ (56,286) $ (305,803) $ (5,998) $ 3,791 (Dollars in Thousands) For the period Revenues by Geography January 1 – December 31, 2023 January 1 – December 31, 2022 January 1, 2021 – December 31, 2021 United States $ 153,899 $ 72,181 $ 75,703 United Kingdom $ 58,912 $ 3,863 $ — Rest of World $ 38,069 $ 828 $ — Total Revenues $ 250,880 $ 76,872 $ 75,703 (Dollars in Thousands) As of Long-lived Assets by Geography December 31, 2023 (Successor) December 31, 2022 (Predecessor) United States $ 41,603 $ 11,022 United Kingdom $ 5,434 $ 48 Rest of World $ 3,807 $ — Total Assets $ 50,845 $ 11,070 (Dollars in Thousands) As of Assets by segment December 31, 2023 (Successor) December 31, 2022 (Predecessor) Strategic Alternatives $ 676,196 $ — Wealth Management $ 590,371 $ 91,989 Total Assets $ 1,266,567 $ 91,989 The Company’s Equity method investments as of December 31, 2023 were $11.8 million for the Strategic Alternatives segment and $2.3 million for the Wealth Management segment. The Company’s share of the investee’s underlying net income or (loss) is recorded as Loss on investments within the Consolidated Statement of Operations. For the year ended December 31, 2023, $2.1 million for the Strategic Alternatives segment and $(0.5) million for the Wealth Management segment were recognized. Major Customers |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The table below presents the Company’s treatment for basic and diluted earnings (loss) per share for instruments outstanding of the Company. Potentially dilutive instruments are only considered in the calculation to the extent they would be dilutive. For the Period January 1, 2023 – December 31, Basic Diluted Class A Shares Included Included Class B Shares (1) Excluded If-converted method Warrants (2) Excluded Treasury stock method Earn-Out Shares Excluded Excluded Vested RSUs None outstanding None outstanding Unvested RSUs Excluded Treasury stock method Holbein Earn-In Shares (3) Excluded Treasury stock method (1) The if-converted method for these instruments includes adding back to the numerator any related income or loss allocations to noncontrolling interest, as well as any incremental tax expense had the instruments converted into Class A Shares as of the beginning of the period. (2) Prior to the Business Combination, the Company issued warrants to purchase Class A Shares. As of June 30, 2023, all warrants were exchanged for Class A Shares and no warrants are outstanding as of December 31, 2023. (3) During the third quarter of 2023, the Company modified the Holbein Earn-In shares arrangement such that the settlement of the Earn-In shares would be in shares at each service period. At December 31, 2023, the service periods related to the Holbein Earn-In shares had not been completed, and therefore such shares have not been included in the calculation of basic earnings (loss) per share for the year ended December 31, 2023. However, in calculating the Company’s diluted earnings (loss) per share, the Company utilized the treasury stock method to determine the potential number of dilutive shares for the year ended December 31, 2023. For the quarters ending March 31, 2023 and June 30, 2023, the Holbein Earn-In shares were excluded from the Company’s diluted earnings per share calculation as the Earn-In shares were classified as contingently issuable common shares. The key terms of the Holbein Earn-Ins are discussed in Note 5 (Equity-Based Compensation). Basic earnings per share is computed by dividing income attributable to controlling interest by the weighted average number of shares of Class A Common Stock outstanding during the period. Diluted earnings per common share excludes potentially dilutive instruments which were outstanding during the period but were anti-dilutive. The following table shows the computation of basic and diluted earnings per share: For the Period (Dollars in Thousands, except share data) January 1, 2023 – December 31, Net loss attributable to controlling interest - basic $ (162,606) Net loss available to the Company - diluted $ (162,606) Weighted-average shares of Class A Common Stock outstanding - basic 61,396,692 Weighted-average shares of Class A Common Stock outstanding - diluted 61,396,692 Loss per Class A Common Stock - basic $ (2.65) Loss per Class A Common Stock - diluted $ (2.65) The following potentially dilutive instruments were excluded from the calculation of diluted net loss per share because their effect would have been antidilutive: For the Period January 1, 2023 – December 31, Class B Common Stock and Class B Units 40,668,662 Warrants 4,992,813 Earn-outs 10,396,318 Stock Awards 3,432,030 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Tax Receivable Agreement Pursuant to the TRA, the Company will pay certain parties to the Business Combination 85% of certain tax benefits, if any, that it realizes (or in certain cases is deemed to realize) as a result of any increase in tax basis of the assets of Alvarium Tiedemann related to the Business Combination. Amounts payable under the TRA are contingent upon (i) the generation of taxable income over the life of the TRA, (ii) the tax rates in effect as of time periods in which tax benefits are used, and (iii) certain terms governing the rate of interest to be applied to payments under the TRA. As of December 31, 2023, the liability associated with the TRA was approximately $17.6 million and consisted entirely of a liability recorded under ASC 805 associated with the Business Combination, and as such, is presented at fair value through the discount of future anticipated payments. Payments under the TRA that are on account of liabilities arising in connection with the Business Combination will be revalued at the end of each reporting period with the gain or loss recognized in earnings. In connection with the TRA, certain parties to the Business Combination who received Class B Units in Umbrella have the ability to exchange Class B Units in Umbrella For shares of Class A Common Stock in the Company on a 1:1 exchange basis. These future exchanges are anticipated to be treated as taxable exchanges which may provide an increase in the tax basis of the assets of the Company and therefore provide for additional payments under the TRA. TRA liabilities that are generated on account of future exchanges will be recorded under ASC 450, Contingencies . On August 31, 2023, holders of Class B Units exchanged 1,813,248 Class B Paired Interests to the Company, in exchange for shares of Class A Common Stock on a 1:1 basis totaling an amount equal to $7.31 multiplied by the total number of shares of Class A Common Stock received at the time of the transaction. Payments under the TRA will continue until all such tax benefits have been utilized or expired unless (i) the Company exercises its right to terminate the TRA and pays recipients an amount representing the present value of the remaining payments, (ii) there is a change of control or (iii) the Company breaches any of the material obligations of the TRA, in which case all obligations will generally be accelerated and due as if the Company had exercised its right to terminate the TRA. In each case, if payments are accelerated, such payments will be based on certain assumptions, including that the Company will have sufficient taxable income to fully utilize the deductions arising from the increased tax deductions. The estimate of the timing and amount of future payments under the TRA involves several assumptions that do not account for the significant uncertainties associated with those potential payments, including an assumption that the Company will have sufficient taxable income in the relevant tax years to utilize the tax benefits that would give rise to an obligation to make payments. As of December 31, 2023, assuming no material changes in the relevant tax laws and that the Company generates sufficient taxable income to realize the full tax benefit of the increased amortization resulting from the increase in tax basis of certain of AlTi’s assets, we expect to pay approximately $17.6 million under the TRA. Future changes in the fair value of the TRA liability will be recognized in earnings. Any future cash savings and related payments under the TRA due to subsequent exchanges of Class B Units for shares of Class A Common Stock would be accounted for separately from the amount related to the Business Combination. Business Combination Earn-out Under the terms of the Business Combination, upon Closing, the Sponsor and the selling shareholders of TWMH, TIG, and Alvarium became entitled to receive earn-out shares contingent on various share price milestones. Additionally, upon a change of control of the Company, the share price milestones will be deemed to have been met and all the Business Combination Earn-out Securities will be payable to the earn-out holders. The earn-out shares are precluded from being considered indexed to the Company’s own stock and are recognized as a liability at fair value with changes in fair value recognized in earnings. As of December 31, 2023, the fair value of the earn-out shares was $62.4 million. See Note 2 (Summary of Significant Accounting Policies) for additional detail. AWMS Earn-out Liability On August 2, 2023, the Company acquired the remaining 70% of the issued and outstanding ownership and membership interests of AWMS, increasing its interest from 30% to 100%. The AWMS Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $16.8 million. The total purchase consideration transferred consists of cash consideration, equity consideration, deferred cash consideration, earn-out consideration, (or AWMS earn-out liability), and the payment of assumed liabilities. As of December 31, 2023, the AWMS earn-out liability of $1.1 million is reported in Other liabilities in the Consolidated Statement of Financial Position. Since the AWMS earn-out liability meets the definition of a derivative, it is recorded at fair value as a derivative liability on the Consolidated Statement of Financial Position and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement , with changes in fair value to be recognized in Gain (loss) on earn-out liability in the Consolidated Statement of Operations and in Fair value of earn-out liability in the Consolidated Statement of Cash Flows in the period of change. Litigation From time to time, we may be named as a defendant in legal or regulatory actions. Although there can be no assurance of the outcome of such matters, management’s current assessment is that no loss contingency reserve is required to be recorded as of December 31, 2023 for any potential liability related to any current legal or regulatory proceeding or claim that would individually or in the aggregate materially affect our results of operations, financial condition, or cash flows. Home REIT is a real estate investment trust company listed on the London Stock Exchange. AFM UK was its alternative investment fund manager (“AIFM”) until August 21, 2023 and AHRA was its investment adviser until June 30, 2023. AFM UK is a wholly owned subsidiary of the Company. AHRA was owned by ARE (another wholly owned subsidiary of the Company) up until December 30, 2022, when it was sold. AlTi was formed on January 3, 2023, through a business combination transaction that included certain legacy Alvarium companies, including AFM UK. While the sale of AHRA occurred prior to the Business Combination, under GAAP, its results were required to be consolidated in our financial statements until June 30, 2023, when it was deconsolidated. For UK regulatory purposes, up until June 30, 2023, AHRA was permitted to perform certain limited regulated activities as an “appointed representative” of its regulated principal firm, ARE (which is authorized and regulated by the UK FCA). Since November 2022, Home REIT and AHRA have been the subject of a series of allegations in the UK media regarding Home REIT’s operations, triggered by a report issued by a short seller. Home REIT’s stock price fell materially as a result and its shares are currently suspended from trading. Following the publication of the short seller report, a UK law firm announced that it was seeking current and former shareholders of Home REIT to potentially bring claims in connection with the allegations. The announcement states that claims will likely be brought against Home REIT itself, its directors, and AFM UK. On October 6, 2023, a pre-action letter of claim was received by, among others, AFM UK and ARE asserting potential claims against those entities relating to the above matters (a pre-action letter of claim is required to be sent by a claimant to a potential defendant under the Practice Direction on Pre-Action Protocols and Conduct contained in the United Kingdom’s Ministry of Justice Civil Procedure Rules prior to a claimant commencing litigation in the UK). The pre-action letter was sent by a law firm acting on behalf of a group of current and former shareholders in Home REIT. The pre-action letter does not provide details of amounts being claimed from any of the potential defendants (whether jointly or severally), and it is not possible at this point in time for us to reliably assess what the quantum of such claims might be, or AFM UK’s and ARE’s potential exposure, though they may potentially be material to the Company. If any litigation or other action is commenced against AFM UK and/or ARE, we intend to defend ourselves in any such matters vigorously. However, if any claims were commenced, we would anticipate that such claims may involve complex questions of law and fact and we may incur significant legal expenses in defending such litigation. HLIF is a private fund which pursues a similar investment strategy to Home REIT. In the period from June 30, 2022 to December 31, 2023, the estimated value of its underlying real estate investment portfolio declined by approximately 50%, primarily due to a decrease in the timely collection of rents on the underlying portfolio, but also due to higher interest rates and other macro-economic factors. HLIF is managed by AFM UK as its AIFM and ‘authorized corporate director’ and is advised by SHIA. Like AHRA, SHIA was permitted to perform certain limited regulated activities as an “appointed representative” of its regulated principal firm, ARE. In February 2024, the UK FCA commenced investigations into the historic performance of certain group entities, in their services to Home REIT and/or HLIF, and whether they breached certain civil or criminal regulatory rules and/or principles. The investigations are focused primarily on whether any false or misleading statements were made in relation to Home REIT and/or HLIF and/or whether these group entities breached other FCA rules and/or principles. The commencement of the investigations does not mean that the UK FCA has determined that any such breaches have occurred. However, it is possible that the UK FCA may determine that certain breaches have occurred and it may seek to impose financial penalties or other outcomes on one or more group entities, that may potentially be material to the Company. We intend to cooperate fully with the UK FCA as it conducts the investigations. We are not able to estimate how long it might take for the UK FCA to complete such investigations, but it is possible that the investigations may continue for a prolonged period, potentially over several years. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | Equity Class A Common Stock As of December 31, 2023, there were 65,110,875 shares of Class A Common Stock outstanding. Of those shares, 754,968 are subject to performance targets under the terms of the Business Combination Earn-out. The holders of the Class A Common Stock represent the controlling interest of the Company. Class B Common Stock Upon the Closing of the Business Combination, the Company issued 53,219,713 shares of Class B Common Stock to the holders of Class B Units. The Class B Common Stock has no economic rights but entitles each holder of at least one such share (regardless of the number of shares so held) to a number of votes that is equal |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Management evaluated events and transactions through the date of issuance of these financial statements. Based on management’s evaluation there are no events subsequent to December 31, 2023 that require adjustment to or disclosure in the consolidated financial statements, except as noted below. Allianz and CWC Investment On February 22, 2024, the Company entered into an Investment Agreement (the “Allianz Investment Agreement”) with Allianz Strategic Investments S.à.r.l. (“Allianz”), pursuant to which, among other things, at the closing of the transaction, and based on the terms and subject to the conditions set forth therein: (i) Allianz will purchase in the aggregate $250 million of the Company’s capital securities, consisting of (a) 140,000 shares of a newly created class of preferred stock to be designated Series A Cumulative Convertible Preferred Stock, with a liquidation preference of $1,000 per share (the “Series A Preferred Stock”) and (b) 19,318,580.96 shares of the Company’s Class A Common Stock at a purchase price of $5.69 per share, and (ii) the Company will issue to Allianz warrants to purchase 5,000,000 shares of Class A Common Stock at an exercise price of $7.40 per share of Class A Common Stock, subject to customary adjustments (collectively, the “Allianz Transaction”). Consummation of the Allianz Transaction is subject to, among other things, applicable regulatory approvals, Company stockholder approval and other customary closing conditions. In addition, on February 22, 2024, the Company entered into a Supplemental Series A Preferred Stock Investment Agreement with Allianz, pursuant to which, for purposes of funding one or more strategic international acquisitions by the Company or its subsidiaries, Allianz is permitted, at its option, to purchase additional shares of Series A Preferred Stock up to an aggregate amount equal to $50,000,000. Concurrently with the Company’s execution of the Allianz Investment Agreement, the Company entered into an Investment Agreement (the “Constellation Investment Agreement”) with CWC AlTi Investor LLC (“Constellation”), pursuant to which, among other things, at the initial closing of the transaction, and based on the terms and subject to the conditions set forth therein: (i) Constellation will purchase 115,000 shares of a newly created class of preferred stock to be designated Series C Cumulative Convertible Preferred Stock, with a liquidation preference of $1,000 per share (the “Series C Preferred Stock”), representing an initial investment equal to $115 million and (ii) the Company will issue to Constellation warrants to purchase 1,533,333 shares of Class A Common Stock at an exercise price of $7.40 per share of Class A Common Stock, subject to certain customary adjustments (collectively, the “Constellation Transaction”). Consummation of the initial closing of the Constellation Transaction is subject to customary closing conditions (the “Constellation Initial Closing”). Following the Constellation Initial Closing and during the period commencing May 1, 2024 until September 30, 2024, the Company is permitted to deliver a capital demand notice, requiring Constellation to purchase and acquire an additional 35,000 shares of Series C Preferred Stock, representing an additional investment equal to $35 million, subject to applicable regulatory approvals and other customary closing conditions. In the event that the Company delivers such notice to Constellation, Constellation will also receive from the Company, and the Company shall issue to Constellation, warrants to purchase 466,667 shares of Class A Common Stock. On February 22, 2024, the Company entered into a Third Amendment to the Credit Agreement. See Note 15 (Debt, net of unamortized deferred financing cost) for more information regarding this amendment. LRA Sale On January 9, 2024, AlTi RE Public Markets Limited entered into heads of terms to sell 100% of the equity of LRA, the advisor to the publicly-traded fund LXi, to LondonMetric for fixed consideration of approximately $33.1 million and up to an estimated $5.1 million of contingent consideration based on the exchange rate as of the balance sheet date, as applicable. The contingent consideration is preliminary and not final based on available information at the time of this filing. The disposal was completed on March 6, 2024. As a result, AlTi has recognized an intangible asset impairment charge of $23.5 million which is recorded in Impairment loss on goodwill and intangible assets in the Consolidated Statement of Operations. Pointwise Acquisition On March 11, 2024, the Company entered into non-legally binding heads of terms for the acquisition of the remaining 50% of the issued share capital of Pointwise Partners Limited (“Pointwise”). The Company currently owns 50% of the shares in Pointwise and equity method accounts for it as a joint venture. Subject to the completion of the required due diligence and the finalization of the share purchase agreement, this transaction is expected to close in the second quarter of 2024 for an estimated total consideration of $7.2 million. Broker Dealer Wind-down In February 2024, the Company determined that the non-operating broker dealer subsidiary AlTi Strategic Advisory (US) BD, LLC (“AlTi BD”) was no longer necessary to the Company’s operations. Accordingly, on February 15, 2024, AlTi BD filed a Uniform Request for Broker-Dealer Withdrawal (“Form BDW”) with Financial Industry Regulatory Authority, Inc. to withdraw its registration as a broker-dealer from each jurisdiction in which it was licensed or registered as a securities broker-dealer. Withdrawal from broker-dealer registration becomes effective 60 days after the filing of Form BDW, unless a firm consents to a longer period or the SEC institutes a proceeding, delays or shortens the date of effectiveness, or otherwise imposes terms or conditions upon such withdrawal. HLIF Contract Termination |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (162,606) | $ (5,885) | $ 3,939 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying audited consolidated financial statements comprise the financial statements of the Company and its subsidiaries for the year ended December 31, 2023 and the consolidated financial statements of TWMH and its subsidiaries as of December 31, 2022 and December 31, 2021. The consolidated financial statements have been prepared under the accrual basis of accounting in accordance with US GAAP and conforms to prevailing practices within the financial services industry, as applicable to the Company. The notes are an integral part of the Company’s consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the Company’s consolidated financial statements have been included and are of a normal and recurring nature. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make assumptions and estimates that affect the amounts reported in the consolidated financial statements of the Company. The most critical of these estimates are related to (i) the fair value of the investments included in the Billable Assets within AUM/AUA, as this impacts the amount of revenues the Company recognizes each period; (ii) the fair values of the Company’s investments and liabilities with respect to the TRA and Earn-out Securities, as changes in these fair values have a direct impact on the Company’s consolidated net income (loss); (iii) the estimate of future taxable income, which impacts the realizability and carrying amount of the Company’s deferred income tax assets; (iv) the qualitative and quantitative assessments of whether impairments of equity method investments, carried interest vehicles, acquired intangible assets, and goodwill exist; and (v) the determination of whether to consolidate a variable interest entity (“VIE”); and (vi) fair value of assets acquired and liabilities assumed in business combinations, including assumptions with respect to future cash inflows and outflows, discount rates, assets’ useful lives, market multiples, the allocation of purchase price consideration in the business combination valuation of acquired assets and liabilities, the estimated useful lives of intangible assets, goodwill impairment testing, assumptions used to calculate equity-based compensation, and the realization of deferred tax assets. Inherent in such estimates are judgements relating to future cash flows, which include the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. While management believes that the estimates utilized in preparing the consolidated financial statements are reasonable and prudent, actual results could differ materially from those estimates. |
Consolidation | Consolidation The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Entities that are not VIEs are further evaluated for consolidation under the voting interest model (“VOE” model). An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. Where the Company’s interests in funds are primarily management fees and insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in such entities. The Company consolidates all VIEs for which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company does not consolidate any of the products it manages as it does not hold any direct or indirect interests in such entities that could expose the Company to an obligation to absorb losses of an entity or the right to receive benefits from an entity that could potentially be significant to such entities. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders that conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment, including: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties’ equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and therefore would be deemed the primary beneficiary. Under the voting interest model, the Company consolidates those entities it controls through a majority voting interest. The Company will generally not consolidate those voting interest entities where a single investor or simple majority of third-party investors with equity have the ability to exercise substantive kick-out or participation rights. |
Revenue Recognition | Revenue Recognition Revenue is recognized when the Company transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services. A five-step framework is utilized that requires an entity to: (i) identify the contract(s) with a customer, which includes assessing the collectability of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the performance obligation in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligation in the contract, and (v) recognize revenue when the entity satisfies a performance obligation. Management/Advisory Fees Revenues from contracts with customers consist of investment management, trustee, and custody fees. The Company recognizes revenue at the time of transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Revenue recognized is calculated based on contractual terms, including the transaction price, whether a distinct performance obligation has been satisfied and control is transferred to the customer, and when collection of the revenue is assessed as probable. Investment management, trustee and custody fees are recognized over the period in which the investment management services are performed, using a time-based output method to measure progress. The amount of revenue varies from one reporting period to another as levels of AUA change (from inflows, outflows, and market movements) and the number of days in the reporting period change. For services provided to each client account, the Company charges an investment management fee, inclusive of custody and/or trustee fees, based on the fair value of the AUA of such account representing a single performance obligation. For assets for which valuations are not available on a daily basis, the most recent valuation provided to the Company is used as the fair value for the purpose of calculating the quarterly fee. In certain circumstances, fixed fees are charged to customers on a monthly basis. The nature of the Company’s performance obligation is to provide a series of distinct services in which the customer receives the benefits of the services over time. The Company’s performance obligation is satisfied at the end of each month or quarter, as applicable to the contract with the customer. Fees are charged on a mixture of methodologies that include quarterly in arrears based upon the market value at the end of the quarter, quarterly based on the average daily balance, or monthly. Receivable balances from contracts with customers are included in the fees receivable line in the Consolidated Statement of Financial Position. Our FOS business is also included in the Management/advisory fees line item. FOS fees are generally structured to reflect an annual agreed upon fee or they can be structured on a project/time-based fee. FOS fees are typically billed quarterly in arrears. We also generate FOS project/time-based fees arising from accounting, administration fees, set up, the Foreign Account Tax Compliance Act (“FATCA”), and other non-investment advisory services. Incentive Fees The Company is entitled to incentive fees if targeted returns have been achieved in accordance with customer contracts. Incentive fees are calculated using a percentage of net profit from the amount the customers earn. Incentive fees are variable consideration that is generally calculated as applicable to the contract with the customer. We recognize our incentive fees when it is no longer probable that a significant reversal of revenue will occur. Our incentive fees are not subject to clawback provisions. Other Fees/Income The Company generates arrangement fees in its co-investment division by arranging private debt or equity financing, generally in connection with an acquisition or an investment. Arrangement fees are typically 50 to 100 basis points of equity value contributed into a transaction and are payable upon closing of the transaction. Acquisition fees are typically payable where there are no agency fees or where there is an off-market transaction sourced by the team. Such acquisition fees are usually in the range of 50 to 100 basis points of the purchase price of the relevant acquisition. The equity structures are long-term ( five |
Distributions From Investments | Distributions from Investments The Company has equity interests in three entities pursuant to which it is entitled to distributions based on the terms of the respective arrangements. Distributions from each investment will be recorded upon receipt of the distribution. These distributions are recurring under investment agreements and are structured as either a profit or revenue share of the investment’s management and incentive fees. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents primarily consist of cash and money market funds. Cash balances maintained by consolidated VIEs are not considered legally restricted and are included in cash and cash equivalents on the Consolidated Statement of Financial Position. |
Restricted Cash and Cash Equivalents | Restricted Cash and Cash Equivalents Restricted cash and cash equivalents consist of balances that are restricted as to withdrawal or usage. As of December 31, 2023 restricted cash and cash equivalents amounted to $5.4 million and are included in the line item Cash and cash equivalents on the Consolidated Statement of Financial Position. These amounts represent the level of liquidity to be maintained by Company’s certain subsidiaries to meet regulatory requirements. Failing to meet the requirement could lead to censure, fines and ultimately a loss of license. |
Compensation and Employee Benefits | Compensation and Employee Benefits Cash-Based Compensation Compensation and benefits consist of salaries, bonuses, commissions, benefits and payroll taxes. Compensation is accrued over the related service period. Equity-Based Compensation Equity-based compensation awards are reviewed to determine whether such awards are equity-classified or liability-classified. Compensation expense related to equity-classified awards is equal to their grant-date fair value and generally recognized on a straight-line basis over the awards’ requisite service period. When certain settlement features require an award to be liability-classified, compensation expense is recognized over the service period, and such amount is adjusted at each statement of financial position date through the settlement date to the then current fair value of such award. The Company recognizes equity-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Furthermore, the Company recognizes all excess tax benefits and deficiencies as income tax benefit or expense in the Consolidated Statement of Operations. |
Foreign Currency and Transactions | Foreign Currency and Transactions The Company has multiple functional currencies across various consolidated entities. All functional currencies that are not the U.S. dollar are converted upon consolidation at the reporting date. Monetary assets and liabilities denominated in foreign currency are remeasured into U.S. dollars at the closing rates of exchange on the date of the Consolidated Statement of Financial Position. Non-monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars using the historical exchange rate. The profit or loss arising from foreign currency transactions is remeasured using the rate in effect on the date of the relevant transaction. Gains and losses on transactions denominated in foreign currencies due to changes in exchange rates are recorded within Foreign currency translation adjustments. Gains and losses on certain financing transactions which the Company intends to repay in the foreseeable future are recorded in net income. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method in accordance with ASC 740. Under this method, deferred tax assets and liabilities are determined based on differences between the consolidated financial statement carrying amounts and tax bases of assets and liabilities and operating loss and tax credit carryforwards and are measured using the enacted tax rates that are expected to be in effect when the differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statement of Operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to an amount that, in the opinion of management, is more likely than not to be realized, meaning the likelihood of realization is greater than 50%. The Company accounts for uncertain tax positions by reporting a liability for unrecognizable tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. |
Other assets, net and Other liabilities, net | Other assets, net and Other liabilities, net Other assets, net include prepaid expenses, miscellaneous receivables, current income taxes receivable, fixed assets, and software licenses. The Company amortizes assets over their respective useful lives, as applicable. Other liabilities, net include the AlTi Wealth Management (Switzerland) SA, formerly known as Alvarium Investment Managers (Suisse) SA, (“AWMS”) deferred cash consideration (see Note 3 (Business Combinations and Divestitures)), accrued payroll and payroll related taxes, accrued legal fees, and corporate taxes payable, among other miscellaneous payables. |
Investments | Investments Investments in Debt Securities. The Company classifies debt investments as held-to-maturity or trading based on the Company’s intent and ability to hold the debt security to maturity or its intent to sell the security. The Company does not have any held-to-maturity debt investments. Trading securities are those investments that are purchased principally for the purpose of selling them in the near term. Trading securities are carried at fair value on the Consolidated Statement of Financial Position with changes in fair value recorded in Loss on investments on the Consolidated Statement of Operations. Investments in Equity Securities . Equity securities are generally carried at fair value on the Consolidated Statement of Financial Position in accordance with ASC 321, Investments – Equity Securities . Changes in fair value are recorded in Loss on investments in the Consolidated Statement of Operations. Equity Method . The Company applies the equity method of accounting for equity investments where the Company does not consolidate the investee but can exert significant influence over the financial and operating policies of the investee. The evaluation of whether the Company exerts control or significant influence over the financial and operational policies of its investees is based on the facts and circumstances surrounding each individual investment. The Company’s share of the investee’s underlying net income or loss is recorded as Loss on investments within current period earnings. The Company’s share of net income of the investee is recorded based upon the most current information available at the time, which may precede the date of the Consolidated Statement of Financial Position. Due to the nature and size of its investees, the Company has adopted a lag in reporting for certain equity method investees for which the Company cannot reliably obtain financial information on a regular basis. Distributions received reduce the Company’s carrying value of the investee and the cost basis if deemed to be a return of capital. For certain investments, the Company may apply the alternative fair value option to the investment at initial measurement. The fair value measurement of investments in which the fair value option is elected will be measured in accordance with ASC 825. For equity method investments and nonmarketable investments, impairment evaluation considers qualitative factors, including the financial conditions and specific events related to an investee, which may indicate the fair value of the investment is less than the carrying value. For held-to-maturity investments, impairment is evaluated using market values, when available, or the expected cash flows of the investment. These losses in value may be considered other than temporary impairment losses. |
Leases | Leases The Company determines if an arrangement is a lease at inception of the arrangement and primarily enters into operating leases, as the lessee, for office space. The Company accounts for its leases in accordance with ASC 842, Leases and recognizes a lease liability and right-of-use asset in the Consolidated Statement of Financial Position for contracts that it determines are leases or contain a lease. The Company evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: (i) the lease has a purchase option that is reasonably certain of being exercised, (ii) the present value of the future cash flows is substantially all of the fair market value of the underlying asset, (iii) the lease term is for a significant portion of the remaining economic life of the underlying asset, (iv) the title to the underlying asset transfers at the end of the lease term, or (v) if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. At the inception of a finance lease, an asset and finance lease obligation are recorded at an amount equal to the lesser of the present value of the minimum lease payments and the property’s fair market value. Finance lease obligations are classified as either current or long-term based on the due dates of future lease payments, net of interest. The Company’s lease portfolio primarily consists of operating leases for office space in various countries around the world. The Company also has operating leases for office equipment and vehicles, which are not significant. The Company does not separate non-lease components from lease components for its office space and equipment operating leases and instead accounts for each separate lease component and its associated non-lease component as a single lease component. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. The Company’s right-of-use assets and lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Lease right-of-use assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. Absent an implicit interest rate in the lease, the Company uses its incremental borrowing rate, adjusted for the effects of collateralization, based on the information available at commencement in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company does not recognize a lease liability or right-of-use asset on the balance for short-term leases. Instead, the Company recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Company evaluates the lease term and the purchase option in the same manner as all other leases. |
Intangible assets other than goodwill, net | Intangible assets other than goodwill, net The Company recognized certain finite-lived intangible assets as a result of the Business Combination. The Company’s finite-lived intangible assets consist of Trade Names, Customer Relationships, Investment Management Agreements, and Backlog. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated fair value attributable to the intangible asset with its carrying amount. If an impairment exists, the Company adjusts the carrying value to equal the fair value by taking a charge through earnings. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of the tangible and intangible assets acquired and the liabilities assumed. Under ASC 350, Intangibles—Goodwill and Other , goodwill is not amortized, but rather is subject to an annual impairment test. Goodwill represents the excess of consideration over identifiable net assets of an acquired business. Goodwill is allocated at a reporting unit level. The Company has two reporting units, Strategic Alternatives and Wealth Management, and tests goodwill annually for impairment at each reporting unit. If, after assessing qualitative factors, the Company believes that it is more-likely-than-not that the fair value of the reporting unit inclusive of goodwill is less than its carrying amount, the Company will perform a quantitative assessment to determine whether an impairment exists. If an impairment exists, the Company adjusts the carrying value of goodwill so that the carrying value of the reporting unit is equal to its fair value by taking a charge through earnings. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more-likely-than-not to reduce the fair value of the reporting unit below its carrying amount. During the year ended December 31, 2023, the Company recognized goodwill impairment charges of $153.6 million for the Strategic Alternatives segment in Impairment loss on goodwill and intangible assets in the Consolidated Statement of Operations. The Company concluded that the estimated fair value of the Wealth Management reporting unit was greater than its carrying value, and as such, no impairment charge was required. See Note 14 (Goodwill, net). |
Fixed Assets, Net | Fixed Assets, Net Fixed assets are recorded at cost, less accumulated depreciation and amortization, and are included in the “Other assets” line item in the Company’s Consolidated Statement of Financial Position. Fixed assets are depreciated or amortized on a straight-line basis, with the corresponding depreciation and amortization expense included within general, administrative and other expenses in the Company’s Consolidated Statement of Operations. The estimated useful life for leasehold improvements is the lesser of the remaining lease term and the life of the asset, while other fixed assets are generally depreciated over a period of two |
Debt Obligations, Net | Debt Obligations, Net |
Tax Receivable Agreement | Tax Receivable Agreement The TRA liability represents amounts payable to certain pre-Business Combination equity holders of the Company. The portion of the TRA liability related to the Business Combination is deemed contingent consideration payable to the previous owners and is carried at fair value, with changes in fair value reported within Gain (loss) on TRA in the Consolidated Statement of Operations. Future exchanges of Class B Units for shares of Class A Common Stock may increase the TRA liability. Those increases will be carried at a value equal to the expected future payments due under the TRA. On August 31, 2023, holders of shares of Class B Common Stock exchanged 1,813,248 Class B Paired Interests to the Company, in exchange for shares of Class A Common Stock on a 1:1 basis totaling an amount equal to $7.31 multiplied by the total number of shares of Class A Common Stock received at the time of the transaction. For future increases due to exchanges the Company will record an initial estimate of future payments under the TRA portion as a decrease to additional paid-in capital in the Consolidated Statement of Financial Position. Subsequent adjustments to the liability for future payments under the TRA related to changes in estimated future tax rates or state income tax apportionment are recognized through current period earnings in the Consolidated Statement of Operations. |
Warrant Liability, Business Combination Earn-out Liability, AWMS Earn-out Liability, and Derivative Financial Instruments | Warrant Liability The Company evaluated the Warrants in accordance with ASC 815-40 and concluded that a provision in the warrant agreement related to certain tender or exchange offers precludes the Warrants from being accounted for as components of equity. As the Warrants meet the definition of a derivative, the Warrants are recorded as derivative liabilities on the balance sheet and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement , with changes in fair value recognized in Loss on warrant liability in the Consolidated Statement of Operations in the period of change. Prior to the Business Combination the Sponsor held private warrants that were contributed to the Company and legally cancelled. The contribution and cancellation of these warrants resulted in derecognition of the private warrants and accounted for in additional paid in capital as of January 1, 2023. The Company subsequently issued new warrants with terms identical to those of the public warrants to the Target Companies’ selling shareholders classified as derivative liabilities. On June 7, 2023, the Company closed an offer and consent solicitation and entered into a warrant amendment, pursuant to which the remaining Warrants were exchanged. In total, the Warrants were exchanged for approximately 4,962,221 shares of Class A Common Stock. See Note 1 (Description of the Business). Following the exchange, none of the Warrants remain outstanding as of December 31, 2023. Business Combination Earn-out Liability The Business Combination Earn-out Securities, comprised of 3.3 million Class A Shares, 7.1 million shares of Class B Common Stock, and 7.1 million Class B Units (one Class B share and one Class B Unit comprising a Paired Interest, as described in Note 3 (Business Combination)), are payable to the Sponsor and the selling shareholders of TWMH, TIG, and Alvarium upon the achievement of certain vesting conditions in accordance with the terms of the Business Combination Agreement. Upon the Company’s Class A Share price meeting a volume-weighted average price threshold of $12.50 for 20 out of 30 trading days within five years of the Closing, fifty percent of the Business Combination Earn-out Securities will vest and be issued in settlement of the Business Combination Earn-out Liability (or, in the case of the Sponsor, which shares have already been issued, will no longer be subject to forfeiture). Upon the Company’s Class A Share price meeting a volume-weighted average price threshold of $15.00 for 20 out of 30 trading days within five years of the Closing, the remaining fifty percent of the Business Combination Earn-out Securities will vest and be issued. If, within five years of the Closing, a change of control event occurs (as defined in the Business Combination Agreement), any Business Combination Earn-out Securities not previously issued will be deemed to have vested and will be issued (or, in the case of the Sponsor, which shares have already been issued, will no longer be subject to forfeiture). The Company evaluated the terms of the Business Combination earn-out agreement in accordance with ASC 815-40 and concluded that the Business Combination Earn-out Securities are precluded from being accounted for as a component of equity. Since the Business Combination earn-out agreement meets the definition of a derivative, the Business Combination Earn-out Securities are recorded in Earn-out liability, at fair value as a derivative liability on the Consolidated Statement of Financial Position and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement , with changes in fair value recognized in Gain (loss) on earn-out liability in the Consolidated Statement of Operations and in Fair value of earn-out liability in the Consolidated Statement of Cash Flows in the period of change. AWMS Earn-out Liability On August 2, 2023, (the “AWMS Acquisition Date”), the Company acquired the remaining 70% of the issued and outstanding ownership and membership interests of AWMS, increasing its interest from 30% to 100% (the “AWMS Acquisition”). The AWMS Acquisition was accounted for using the acquisition method of accounting and the fair value of the total purchase consideration transferred was $16.8 million. The total purchase consideration transferred consists of cash consideration, equity consideration, deferred cash consideration, earn-out consideration (“AWMS earn-out liability”), and the payment of assumed liabilities. As of December 31, 2023, the AWMS earn-out liability of $1.1 million is reported in Other liabilities in the Consolidated Statement of Financial Position. Since the AWMS earn-out liability meets the definition of a derivative, it is recorded at fair value as a derivative liability on the Consolidated Statement of Financial Position and measured at fair value at each reporting date in accordance with ASC 820, Fair Value Measurement , with changes in fair value to be recognized in Gain (loss) on earn-out liability in the Consolidated Statement of Operations and in Fair value of earn-out liability in the Consolidated Statement of Cash Flows in the period of change. See Note 3 (Business Combinations and Divestiture) for further information. Derivative Financial Instruments The Company accounts for derivative financial instruments in accordance with ASC 815, Derivatives and Hedging |
Non-controlling Interests | Non-controlling Interests Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Company’s equity. Non-controlling interests consist of the amount of those interests at the date of the original Business Combination and the minority’s share of changes in equity since the date of the Business Combination. The proportions of profit and loss and changes in equity allocated to the owners of the parent and to the non-controlling interests are determined on the basis of existing ownership interests. |
Segment Reporting | Segment Reporting Our business is organized into two operating segments: Wealth Management and Strategic Alternatives. Described below are the segments and the revenue generated by each, which broadly fall into three categories: recurring management, advisory, or administration fees; performance or incentive fees; and transaction fees. Wealth Management Our wealth management services principally consist of investment management and advisory services, trusts and administrative services, and family office services. Our wealth management client base includes HNWIs, families, single family offices, foundations, and endowments globally. Investment management or advisory fees are the primary source of revenue in our Wealth Management segment. These fees are generally calculated based on a percentage of the value of each client’s AUM or AUA (as applicable). As of December 31, 2023, this segment had $51.0 billion in AUM/AUA (unaudited). Investment Management and Advisory Services In our investment management and advisory services teams, we diversify our clients’ portfolios across risk factors, geographies, and asset classes including private equity, private debt, hedge funds, real estate, and other assets through highly experienced third-party managers, who may be hard to access. Trusts and Administration Services The trusts and administration services that we provide include entity formation and management, creating or modifying trust instruments and/or administrative practices to meet beneficiary needs, full corporate, trustee-executor, and fiduciary services. We also offer provision of directors and company secretarial services, administering entity ownership of intellectual property rights, advice and administration services in connection with investments in marine and aviation assets, and administering entity ownership of fine art and collectibles. Family Office Services Our family office services are tailored outsourced family office solutions and administrative services which we provide primarily to our larger clients. These services include bookkeeping and back-office services, private foundation management and grantmaking, oversight of trust administration, financial tracking and reporting, cash flow management and bill pay, and other financial services. Strategic Alternatives Our strategic alternatives services include alternatives platform and public and private real estate (including co-investment) businesses. Alternatives Platform Our alternatives platform represents our legacy TIG business which is an alternative asset manager. This platform includes our TIG Arbitrage strategy and funds managed by our External Strategic Managers. Our alternatives platform client base is predominantly comprised of institutional investors. The TIG Arbitrage strategy is our event-driven strategy through which management fees and incentive fees based on performance are received from the underlying funds and accounts. The strategies of our External Strategic Managers include Real Estate Bridge Lending, European Equities and Asian Credit and Special Situations. We receive distributions from our External Strategic Managers through our profit or revenue sharing arrangements that are generated through their management and incentive fees based on performance of the underlying investments. As of December 31, 2023, this platform had $7.6 billion in AUM/AUA (unaudited). Real Estate - Public and Private Our real estate business includes co-investment solutions and fund management services. As of December 31, 2023, this business had approximately $12.7 billion of AUM/AUA (unaudited). Co-Investment Our real estate co-investment business, oversees deal origination, documentation, and structuring from inception to exit for a variety of strategies including development, income, value-add, and planning. Investors are typically HNWIs, single family offices, and institutional investors. Fees earned related to our real estate co-investment business include private market, incentive fees, management and advisory fees, and placement and brokerage fees. Fund Management |
Other Income and Expenses | Other Income and Expenses Other income and expenses include unrealized gains (losses) on investments, interest and dividend income (expense), income from equity method investees, and other items. The Company holds investments in common stock, mutual funds, exchange-traded funds, and exchange-traded notes, which represent investments in equity and debt securities. The Company earns realized and unrealized gains and losses which depend on investment performance. Changes in fair value of these investments are recorded in Loss on investments in the Consolidated Statement of Operations. Interest income is earned through its investments in exchange-traded notes. These generally include debt securities held on a short- or medium-term basis when the Company has excess cash. The Company recognizes and records interest income in Interest expense in the Consolidated Statement of Operations. Dividend income is earned through investments in common stock, mutual funds, and exchange-traded funds. Dividend income is recorded on the date received and is included in Interest expense in the Consolidated Statement of Operations. The Company holds interests in various affiliated limited partnerships and limited liability companies, whose purpose is to achieve capital appreciation through investments in financial instruments and investment vehicles. The Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting and may earn income related to its equity in income of equity method investees. The equity method investments are in various fund complexes, including funds focused on infrastructure and utilities, high income yields, and multi-strategy, among others. Changes in fair value of these investments are recorded in Loss on investments in the Consolidated Statement of Operations. |
Held for Sale Accounting | Held for Sale Accounting In circumstances when the Company is evaluating its components, we may establish plans that require us to evaluate whether a component qualifies for held-for-sale accounting under ASC 360, Property, Plant, and Equipment |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which modifies ASC 805 to require an acquiring entity in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with ASC 606 as if it had originated the contracts. Under current US GAAP, an acquirer generally recognizes such items at fair value on the acquisition date. This guidance is effective for annual and interim periods beginning after December 15, 2022, with early adoption permitted. The Company adopted this guidance on January 1, 2022 and applied the guidance prospectively to business combinations that occurred after this date. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update clarify the guidance in ASC 820 when measuring the fair value of an equity security subject to contractual sale restrictions and introduce new disclosure requirements related to such equity securities. The amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company does not expect the impact of this guidance to be material to its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect the impact of this guidance to be material to its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments in this update related to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company does not expect the impact of this guidance to be material to its consolidated financial statements. The Company has considered all newly issued accounting guidance that is applicable to its operations and the preparation of its unaudited consolidated statements, including those it has not yet adopted. The Company does not believe that any such guidance has or will have a material effect on its financial position or results of operations. |
Fair Value Disclosures | The Company classifies its fair value measurements using a three-tiered fair value hierarchy. The basis of the tiers is dependent upon the various “inputs” used to determine the fair value of the Company’s assets and liabilities. Fair value is considered the value using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the inputs market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The inputs are summarized in the three broad levels listed below: • Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Level 2 Valuation Techniques The financial instrument classified within Level 2 of the fair value hierarchy for the year ended December 31, 2022, is an interest rate swap. The valuation techniques used to value financial instruments classified within Level 2 of the fair value hierarchy are as follows: • The interest rate swap is valued based on observable values of underlying interest rates. Level 3 Valuation Techniques In the absence of observable market prices, the Company values financial instruments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors. Financial instruments for which market prices are not observable include: • Business Combination Earn-Out Liability - The Company’s valuation approach utilized a Monte Carlo simulation to estimate future share prices and the implied earn-out payment discounted using the risk-free rate. • TRA Liability - The Company’s valuation approach utilized a Monte Carlo simulation to estimate future taxable income, share prices, and the implied TRA payments discounted using the liability discount rate which is estimated based on the Company’s credit rating. • AWMS Earn-Out Liability - The Company’s valuation approach utilized a Monte Carlo simulation to estimate future revenue and the implied earn out payment discounted using the liability discount rate which is estimated based on the Company’s credit rating. • Earn-In Consideration Payable - The Company’s valuation approach utilized a Monte Carlo simulation to estimate future revenue and the implied earn in payment discounted using the liability discount rate which was estimated based on the credit rating of TWMH. On July 14, 2023, the Company amended the Holbein purchase agreement related to the Holbein acquisition discussed in Note 5 (Equity-Based Compensation and Earn-in Expenses), which crystallized the contingent earn-in consideration amount and discontinued the use of a Level 3 valuation technique. • Investments in External Strategic Managers - |
Description of the Business (Ta
Description of the Business (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Stock by Class | The following table presents the number of shares of the Company that were outstanding as of December 31, 2023: As of December 31, Class A Common Stock 65,110,875 Class B Common Stock 53,219,713 |
Structure of Related Business Entities | Through a series of intercompany transactions, AlTi was restructured to reflect the final structure depicted below: |
Business Combinations and Div_2
Business Combinations and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | (Dollars in Thousands) Amount Cash consideration $ 99,999 Equity consideration: Class A $ 294,159 Class B $ 573,205 Warrants $ 4,896 Earn-out consideration $ 85,097 Tax Receivable Agreement $ 13,000 Payment of assumed liabilities $ 760 Total purchase consideration transferred $ 1,071,116 (Dollars in Thousands) AWMS Amount Initial Cash consideration $ 5,711 Equity consideration 1,459 Deferred cash consideration 6,695 Earn-out consideration 2,721 Payment of assumed liabilities 168 Total purchase consideration transferred $ 16,754 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the Business Combination (in thousands): (Dollars in Thousands) Business Cash and cash equivalents $ 24,023 Management/advisory fees receivable 42,381 Investments at fair value 148,674 Equity method investments 42,185 Property, plant and equipment 3,996 Intangible assets 520,161 Goodwill 530,546 Operating lease right-of-use assets 28,487 Other assets 47,251 Total Assets Acquired $ 1,387,704 Accounts payable and accrued expenses 72,022 Accrued compensation and profit sharing 25,051 Accrued member distributions payable 12,803 Delayed share purchase agreement 1,818 Earn-in consideration payable 1,519 Operating lease liabilities 29,047 Debt 124,533 Deferred tax liability, net 34,640 Other liabilities 15,149 Total Liabilities Assumed $ 316,582 Total Assets Acquired and Liabilities Assumed 1,071,122 Non-controlling interest in subsidiaries (6) $ 1,071,116 The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the ALWP Acquisition: (Dollars in Thousands) ALWP Acquisition Date Fair Value Cash and cash equivalents $ 1,092 Management/advisory fees receivable 1,952 Property, plant and equipment 644 Intangible assets 12,300 Goodwill 3,826 Operating lease right-of-use assets 1,048 Other assets 474 Total Assets Acquired 21,336 Accounts payable and accrued expenses 358 Operating lease liabilities 1,048 Other liabilities 4,400 Total Liabilities Assumed $ 5,806 Total Assets Acquired and Liabilities Assumed $ 15,530 The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the AWMS business combination: (Dollars in Thousands) AWMS Acquisition Date Fair Value Cash and cash equivalents $ 1,401 Management/advisory fees receivable 1,057 Equity Method investments 57 Intangible assets 9,679 Goodwill 15,146 Operating lease right-of-use assets 298 Other assets 323 Total Assets Acquired 27,961 Accounts payable and accrued expenses 784 Operating lease liabilities 298 Other liabilities 2,944 Total Liabilities Assumed $ 4,026 Total Assets Acquired and Liabilities Assumed $ 23,935 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | Below is a summary of the intangible assets acquired in the Business Combination (in thousands): (Dollars in Thousands) Acquisition Date Estimated Life Trade Names $ 14,695 9.9 Customer Relationships 163,392 27.1 Investment Management Agreements (definite life) 94,575 18.4 Investment Management Agreements (indefinite life) 245,900 Indefinite Developed Technology 1,000 5.0 Backlog 599 0.5 Total Intangible Assets $ 520,161 Below is a summary of the intangible assets acquired in the ALWP Acquisition: (Dollars in Thousands) ALWP Acquisition Date Fair Value Estimated Life (Years) Customer Relationships $ 12,300 10 Total Intangible Assets $ 12,300 Below is a summary of the intangible assets acquired in the AWMS business combination: (Dollars in Thousands) AWMS Acquisition Date Fair Value Estimated Life (Years) Customer Relationships $ 9,679 14 Total Intangible Assets $ 9,679 |
Disposal Groups, Including Discontinued Operations | The carrying amounts of the major classes of assets and liabilities of FOS and LRA are presented as held for sale in the Consolidated Statement of Financial Position at December 31, 2023 is as follows: As of (in thousands) December 31, 2023 (Successor) Assets Cash and cash equivalents $ 2,897 Fees receivable, net 4,792 Intangible assets, net of accumulated amortization 46,658 Operating lease right-of-use assets 434 Deferred tax asset, net 41 Other assets 1,812 Total assets held for sale $ 56,634 Liabilities Accounts payable and accrued expenses $ (1,007) Operating lease liabilities (381) Deferred tax liability, net (10,852) Deferred income (781) Other liabilities (772) Total liabilities held for sale $ (13,792) |
Business Acquisition, Pro Forma Information | (Dollars in Thousands) January 1, 2023 – December 31, Total Revenue $ 255,805 Net income (loss) $ (304,839) |
Income (Tables)
Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table represents the Company’s revenue disaggregated by fee type for the periods presented below: For the Period (Dollars in Thousands) January 1, 2023 – December 31, 2023 January 1, 2022 – December 31, 2022 January 1, 2021 – December 31, 2021 Management/Advisory fees $ 184,824 $ 76,872 $ 75,703 Incentive fees 43,377 — — Other fees/income 5,494 — — Fee income 233,695 76,872 75,703 Distributions from investments 17,185 — — Total Income $ 250,880 $ 76,872 $ 75,703 (Dollars in Thousands) As of December 31, 2023 As of December 31, 2022 Management/Advisory fees receivable Beginning balance $ 30,698 $ 20,019 Ending balance (1) 29,539 19,540 Incentive fees receivable Beginning balance $ 7,570 $ — Ending balance (2) 40,356 — Other fees/income receivable Beginning balance $ 4,112 $ — Ending balance 526 — Deferred management/advisory fees Beginning balance $ (945) $ — Ending balance (66) — Deferred other fees/income Beginning balance $ (422) $ — Ending balance — — (1) As of December 31, 2023 and December 31, 2022, this amount includes $1.2 million and $0.0 million, respectively, in Management/Advisory fees receivable due from related parties. See Note 17 (Related Party Transactions) for further details. (2) As of December 31, 2023 and December 31, 2022, this amount includes $14.9 million and $0.00 million, respectively, in Incentive fees receivable due from related parties. See Note 17 (Related Party Transactions) for further details. |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | (Dollars in Thousands) As of December 31, 2023 As of December 31, 2022 Management/Advisory fees receivable Beginning balance $ 30,698 $ 20,019 Ending balance (1) 29,539 19,540 Incentive fees receivable Beginning balance $ 7,570 $ — Ending balance (2) 40,356 — Other fees/income receivable Beginning balance $ 4,112 $ — Ending balance 526 — Deferred management/advisory fees Beginning balance $ (945) $ — Ending balance (66) — Deferred other fees/income Beginning balance $ (422) $ — Ending balance — — (1) As of December 31, 2023 and December 31, 2022, this amount includes $1.2 million and $0.0 million, respectively, in Management/Advisory fees receivable due from related parties. See Note 17 (Related Party Transactions) for further details. (2) As of December 31, 2023 and December 31, 2022, this amount includes $14.9 million and $0.00 million, respectively, in Incentive fees receivable due from related parties. See Note 17 (Related Party Transactions) for further details. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | For financial reporting purposes, the components of income (loss) before income tax benefit were as follows: For the Period (Dollars in Thousands) January 1, 2023 – December 31, 2023 January 1, 2022 – December 31, 2022 January 1, 2021 – December 31, 2021 U.S. federal $ (7,708) $ 1,082 $ 4,306 Foreign (308,629) (6,553) — Income (loss) before income tax benefit $ (316,337) $ (5,471) $ 4,306 |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of the Company’s income tax expense (benefit): For the Period (Dollars in Thousands) January 1, 2023 – December 31, 2023 January 1, 2022 – December 31, 2022 January 1, 2021 – December 31, 2021 Current income tax expense (benefit) U.S. federal $ 803 $ 320 $ 318 State and local 170 224 290 Foreign 880 84 — $ 1,853 $ 1,853 $ 628 $ 608 Deferred income tax expense (benefit) U.S. federal $ (173) $ (64) $ (82) State and local (863) (31) (11) Foreign (11,351) (6) — $ (12,387) $ (12,387) $ (101) $ (93) Total income tax expense (benefit) U.S. federal $ 630 $ 256 $ 236 State and local (693) 193 279 Foreign (10,471) 78 — Total income tax expense (benefit) $ (10,534) $ (10,534) $ 527 $ 515 |
Schedule of Effective Income Tax Rate Reconciliation | The following table sets forth the reconciliation of the Company’s effective rate to the statutory rate: For the Period (Dollars in Thousands) January 1, 2023 – December 31, 2023 January 1, 2022 – December 31, 2022 January 1, 2021 – December 31, 2021 U.S. federal tax expense (benefit) at statutory rate $ (66,416) 21.0 % $ (1,149) 21.0 % $ 935 21.0 % State tax, net of federal benefit (1,119) 0.4 % 38 (0.7) % 39 0.9 % Goodwill Impairment 32,254 (10.2) % — — % — — % Exempt income (6,524) 2.1 % 127 (2.3) % (500) (11.2) % Non-deductible Professional Fees 3,616 (1.1) % — — % — — % Change in fair value of warrant liability 2,702 (0.9) % — — % — — % Change in fair value of contingent consideration (5,500) 1.7 % — — % — — % Other Permanent differences 8 — % 3 (0.1) % 42 0.9 % Prior period adjustments (246) 0.1 % (2) — % — — % Change in Valuation Allowance 28,700 (9.1) % 1,393 (25.5) % — — % Foreign rate differential 236 (0.1) % 116 (2.1) % — — % Stock based compensation 145 — % — — % — — % Impact of investment in subsidiaries on partnership basis — — % — — % — — % Rate Change 247 (0.1) % — — % — — % Net impact of non-controlling interest 1,363 (0.4) % — — % — — % Total Effective Rate $ (10,534) 3.3 % $ 527 (9.6) % $ 515 11.6 % |
Schedule of Deferred Tax Assets and Liabilities | As of December 31, 2023 and 2022 the income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows: (Dollars in Thousands) As of December 31, As of December 31, Deferred tax assets Net operating losses $ 23,273 $ 847 Investment in partnership 7,158 — Goodwill 201 — Disallowed interest carryforward 4,376 — Accruals and reserves 11,191 — Operating Lease Liability 5,274 — Other deferred tax asset — 999 Total deferred tax assets 51,473 1,846 Deferred tax liabilities Intangibles $ 17,649 $ 112 Operating Lease - Right Of Use 5,299 — Investment in partnership — — Other deferred tax liability 627 54 Total deferred tax liabilities 23,575 166 Valuation allowance (42,007) (1,762) Net deferred tax asset (liabilities) $ (14,109) $ (82) |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following is a summary categorization of the Company’s financial instruments based on the inputs utilized in determining the value of such financial instruments. Investments at fair value as of December 31, 2023 and December 31, 2022 are presented below: As of December 31, 2023 (Successor) Level 1 Level 2 Level 3 (Dollars in Thousands) Quoted Prices Observable Inputs Unobservable Inputs Total Assets: Mutual funds $ 75 $ — $ — $ 75 Exchange-traded funds 108 — — 108 Investments – External Strategic Managers 7 — 164,077 164,084 Investments – Affiliated Funds ( 1 ) — — — 1,627 Total $ 190 $ — $ 164,077 $ 165,894 Liabilities: Earn-out liability $ — $ — $ 63,444 $ 63,444 TRA liability (2) — — 13,233 13,233 Earn-in consideration payable 1,830 — — 1,830 Total $ 1,830 $ — $ 76,677 $ 78,507 (1) Investments in Affiliated Funds are measured at fair value using the net asset value (or its equivalent) practical expedient. The Company's investments in Affiliated Funds represent interests that do not trade in an active market and are valued using the NAV of each investment company as reported and without adjustment. The Company does not have any commitments to the Affiliated Funds and redemptions are permitted on a monthly basis and require 30 days’ notice. The strategies of the Affiliated Funds primarily focus on near-dated, hard catalyst events that typically involve hostile deals, proposals, minority interest buy-ins, leverage buyouts, activism, spin-offs, recapitalizations, and agreed upon deals. The investments held in the Affiliated Funds are primarily highly liquid and marketable securities. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statement of Financial Position. (2) The Company carries a portion of its TRA liability at fair value, as it is contingent consideration from the Business Combination. As of December 31, 2022 (Predecessor) Level 1 Level 2 Level 3 (Dollars in Thousands) Quoted Prices Observable Inputs Unobservable Inputs Total Assets: Mutual funds $ 44 $ — $ — $ 44 Exchange-traded funds 101 — — 101 Interest rate swap — 241 — 241 Total $ 145 $ 241 $ — $ 386 Liabilities: Earn-in consideration payable $ — $ — $ 1,519 $ 1,519 Payout right — — 3,662 3,662 Total $ — $ — $ 5,181 $ 5,181 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table sets forth a summary of changes in the fair value of Level 3 measurements as of December 31, 2023 and December 31, 2022: Level 3 Liabilities as of December 31, 2023 (Successor) (Dollars in Thousands) TRA Liability Earn-out AWMS earn-out Earn-in consideration payable Total Beginning balance $ 13,000 $ 91,761 — $ 1,519 $ 106,280 Issuances — — 2,721 — 2,721 Settlements — — — — — Net (gains) losses 233 (29,381) (1,657) 311 (30,494) Transfers out of Level 3 — — — (1,830) (1,830) Ending balance $ 13,233 $ 62,380 1,064 $ — $ 76,677 Level 3 Liabilities as of December 31, 2022 (Predecessor) (Dollars in Thousands) Earn-in consideration payable Payout right Total Transfers into Level 3 $ — $ — $ — Transfers out of Level 3 — — — Purchases — — — Issuances 1,519 3,662 5,181 Ending balance $ 1,519 $ 3,662 $ 5,181 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Level 3 Assets as of December 31, 2023 (Successor) (Dollars in Thousands) Investments – External Strategic Managers Total Beginning balance $ 146,130 $ 146,130 Realized and Unrealized Gains (Losses) $ 2,580 $ 2,580 Purchases $ 15,367 $ 15,367 Ending balance $ 164,077 $ 164,077 |
Fair Value Measurement Inputs and Valuation Techniques | (Dollars in Thousands) Fair Valuation Unobservable Ranges Impact to Valuation from an Increase in Input Level 3 Assets: Investments – External Strategic Managers $ 164,077 Discounted Cash Flow Discount rate 21.5% -29% Lower Long-term growth rate 4.0 % Higher Level 3 Liabilities: TRA liability $ 13,233 Monte Carlo Volatility 40.0 % Lower Correlation 20.0 % Higher Cost of debt range 4.1% - 5.1% Lower Equity risk premium 7.4% - 13.1% Lower Earn-out liability $ 62,380 Monte Carlo Volatility 40.0 % Higher Risk-free rate 3.9 % Higher AWMS earn-out liability $ 1,064 Monte Carlo Revenue Volatility 14.0 % Higher Risk-free rate 1.1 % Higher Revenue Discount Rate 3.5 % Lower Liability Discount Rate 5.6 % Lower Deferred Payment Liability Discount Rate 5.3 % Lower |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The Company’s maximum exposure to loss relating to non-consolidated VIEs is as follows: (Dollars in Thousands) As of December 31, 2023 (Successor) Non-Consolidated VIEs Strategic Alternatives Wealth Management Unconsolidated VIE assets $ 1,061,065 $ 2,716,060 Unconsolidated VIE liabilities $ 139,323 $ 76,572 Equity interests on the Consolidated Statement of Financial Position 9,827 40 AlTi exposure $ 10,233 $ 40 (Dollars in Thousands) As of December 31, 2022 (Predecessor) Non-Consolidated VIEs Strategic Alternatives Wealth Management VIE assets $ — $ 3,171,637 VIE liabilities $ — $ 193,142 Equity interests on the Consolidated Statement of Financial Position — 52 AlTi exposure $ — $ 52 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment | The Cost and Fair Value of Investments as of December 31, 2023 and December 31, 2022 are presented below: As of December 31, 2023 As of December 31, 2022 (Dollars in Thousands) Cost Fair Value Cost Fair Value Investments at Fair Value: Mutual funds $ 93 $ 75 $ 73 $ 44 Exchange-traded funds 105 108 115 101 TIG Arbitrage Associates Master Fund 482 500 — — TIG Arbitrage Enhanced Master Fund 179 231 — — TIG Arbitrage Enhanced 682 776 — — Arkkan Opportunities Feeder Fund 111 119 — — Arkkan Capital Management Limited 20,062 24,822 — — Zebedee asset management 68,913 69,454 — — Romspen Investment Corporation 72,523 69,802 — — Other security type 7 7 — — Total Investments at fair value 163,157 165,894 188 145 Equity method investments Real estate equity method investments 9,311 9,311 — — Wealth management - investment advisory 2,505 2,505 — 52 Carried interest vehicles 2,378 2,378 — — Total Equity method investments 14,194 14,194 — 52 Total $ 177,351 $ 180,088 $ 188 $ 197 The breakdown of unrealized gains (losses) and realized gains (losses) on Investments at fair value for the relevant periods are as follows: For the Period (Dollars in Thousands) January 1, 2023 – December 31, January 1, 2022 – December 31, January 1, 2021 – December 31, Gains (Losses) on Investments at FV: Realized gains (losses) $ 1 $ (68) $ 91 Unrealized gains (losses) 2,749 247 2 Total gains (losses) on Investments at fair value $ 2,750 $ 179 $ 93 |
Intangible Assets, net (Tables)
Intangible Assets, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table provides a reconciliation of Intangible assets, net reported on the Consolidated Statement of Financial Position. As of December 31, 2023 (Successor) (Dollars in Thousands) Weighted Gross Impairment Disposal Held for Sale Accumulated Net Carrying Intangible assets Amortizing intangible assets Customer relationships 25.3 $ 186,832 $ — $ (254) $ (2,128) $ (7,180) $ 177,270 Investment management agreements (1) 19.6 100,269 (50,283) — (43,299) (4,545) 2,142 Trade names 10 14,945 (2,635) — (1,231) (1,514) 9,565 Acquired internally developed software 5 1,000 — — — (200) 800 Other intangible asset 0 622 — — — (622) — Total amortized intangible assets 303,668 (52,918) (254) (46,658) (14,061) 189,777 Non-amortized intangible assets (2) Investment management agreements 245,900 — — — — 245,900 Total intangible assets $ 549,568 $ (52,918) $ (254) $ (46,658) $ (14,061) $ 435,677 (1) During the year ended December 31, 2023, the Company deconsolidated AHRA (See Note 3 (Business Combinations and Divestitures)) and as a result, recorded an impairment charge of $29.4 million to the carrying value of AHRA’s investment advisory agreement with Home REIT, which is recorded in the line item Impairment loss on goodwill and intangible assets in the Consolidated Statement of Operations. On January 9th, 2024, AlTi RE Public Markets Limited entered into heads of terms to sell 100% of the equity of LRA, the advisor to the publicly-traded fund LXi to LondonMetric for fixed consideration of approximately $33.1 million and up to an estimated $5.1 million of contingent consideration based on the exchange rate as of the balance sheet date, as applicable. The contingent consideration is preliminary and not final based on available information at the time of this filing. The disposal completed on March 6, 2024. As a result, AlTi has recognized an intangible asset impairment charge of $23.5 million which is recorded in Impairment loss on goodwill and intangible assets in the Consolidated Statement of Operations. (2) The Company’s non-amortized intangible assets consist of management contracts for open-ended fund products, in which there is no contractual termination date. During the year ended December 31, 2023, the Company made certain measurement period adjustments to the preliminary purchase price allocation, which resulted in a decrease to Intangible assets, net of $21.6 million. See Note 3 (Business Combinations and Divestitures). As of December 31, 2022 (Predecessor) (Dollars in Thousands) Weighted Gross Accumulated Net Carrying Intangible assets Amortizing intangible assets Customer relationships 17.3 $ 27,900 $ (7,743) $ 20,157 Trade names 0.8 71 (71) — Acquired internally developed software 5.0 692 (271) 421 Total intangible assets $ 28,663 $ (8,085) $ 20,578 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization for finite-lived intangible assets for each of the next five years and thereafter are as follows: (Dollars in Thousands) As of December 31, 2023 2024 $ 9,244 2025 9,244 2026 9,244 2027 9,244 2028 and beyond 152,801 Total $ 189,777 |
Other assets, net and Other l_2
Other assets, net and Other liabilities, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | The following table provides a reconciliation of Other assets, net reported on the Consolidated Statement of Financial Position. (Dollars in Thousands) As of December 31, 2023 As of December 31, 2022 Fixed assets, net: Leasehold improvements $ 4,978 $ 2,571 Office equipment and furniture 3,489 2,895 Foreign currency translation difference (270) — Accumulated depreciation and amortization (5,665) (4,491) Fixed assets, net 2,532 975 Accrued income 17,124 — Prepaid expenses 8,045 1,898 Sundry receivables 5,664 — Other receivables 12,204 579 Interest rate swap — 241 Other assets 2,613 124 Other assets, net (1) $ 48,182 $ 3,817 (1) |
Other Liabilities | The following table provides a reconciliation of Other liabilities, net reported on the Consolidated Statement of Financial Position. (Dollars in Thousands) As of December 31, 2023 As of December 31, 2022 AWMS deferred cash consideration 7,135 — Payroll 5,202 — Sundry 3,422 — Other 6,100 — Fair value of payout right — 3,662 Other Liabilities, net 21,858 3,662 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease Expense And Supplemental Cash Flow Information | The components of lease costs are as follows: For the Period (Dollars in Thousands) January 1, 2023 – December 31, January 1, 2022 – December 31, Operating lease expense $ 8,782 $ 2,974 Variable lease expense 3,165 1,353 Short-term lease expense 750 144 Total lease expense $ 12,697 $ 4,471 Supplemental cash flow information and non-cash activity related to our operating leases are as follows: For the Period (Dollars in Thousands) January 1, 2023 – December 31, 2023 January 1, 2022 – December 31, 2022 Operating cash flow information: Operating cash flow from operating leases $ 7,131 $ 2,930 Non-cash activity: Right-of-use assets obtained in exchange for lease obligations 35,629 2,621 Weighted-average remaining lease term and discount rate for our operating leases are as follows: As of December 31, 2023 (Successor) Weighted-average remaining lease term 11.94 Weighted-average discount rate 6.22 % |
Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments for the Company’s operating leases as of December 31, 2023, are as follows: Future Minimum Rental Operating Leases (Dollars in Thousands) 2024 $ 7,079 2025 7,585 2026 6,533 2027 5,852 2028 5,545 2029 and beyond 53,277 Total lease payments 85,871 Less: Imputed interest 29,748 Present value of lease liabilities $ 56,123 |
Goodwill, net (Tables)
Goodwill, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table provides a reconciliation of Goodwill, net reported on the Consolidated Statement of Financial Position for the years ended December 31, 2023 and December 31, 2022. (Dollars in Thousands) January 1, 2023 – December 31, 2023 January 1, 2022 – December 31, 2022 Goodwill by Segment Strategic Alternatives Wealth Total Tiedemann Wealth Beginning Balance Gross goodwill $ 232,429 $ 298,118 $ 530,547 $ 22,185 Net goodwill: $ 232,429 $ 298,118 $ 530,547 $ 22,185 Goodwill acquired during the period $ — $ 18,972 $ 18,972 $ 3,279 Impairment charges (153,589) — (153,589) — Currency translation and other adjustments 11,910 — 4,064 15,974 — $ (141,679) $ 23,036 $ (118,643) $ 3,279 Ending Balance Gross goodwill $ 90,750 $ 321,154 $ 411,904 $ 25,464 Net goodwill $ 90,750 $ 321,154 $ 411,904 $ 25,464 |
Debt, net of unamortized defe_2
Debt, net of unamortized deferred financing cost (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | The following table summarizes outstanding debt obligations of the Company as of December 31, 2023: As of December 31, 2023 (Successor) (Dollars in Thousands) Debt Outstanding Net Carrying Value (1) Fair Value (2) Credit Agreement Term Loans $ 95,000 $ 92,603 $ 95,000 Revolving Credit Facility 93,750 93,750 93,750 Total Debt $ 188,750 $ 186,353 $ 188,750 (1) Represents debt outstanding net of unamortized debt issuance costs. (2 ) The fair value of the Term Loans and Revolving Credit Facility approximates carrying value as of December 31, 2023. The fair value is categorized as Level 3 under ASC 820. The following tables summarize outstanding debt obligations of the Company as of December 31, 2022 : As of December 31, 2022 (Dollars in Thousands) Debt Outstanding Net Carrying Value (1) Term Loan $ 5,760 $ 5,760 Revolving Credit Facility 14,050 14,050 Promissory Notes 1,377 1,377 Total Debt $ 21,187 $ 21,187 (1) There were no unamortized debt issuance costs as of December 31, 2022. |
Schedule of Maturities of Long-Term Debt | Contractual maturities of the Term Loans as of December 31, 2023, are set out in the table below: (Dollars in Thousands) Aggregate Maturities 2024 $ 5,000 2025 $ 7,500 2026 $ 10,000 2027 $ 10,000 2028 $ 62,500 Total $ 95,000 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Postemployment Benefits [Abstract] | |
Schedule of Costs of Retirement Plans | (Dollars in Thousands) For the Period January 1, 2023 – December 31, 2023 (Successor) January 1, 2022 – December 31, 2022 (Predecessor) January 1, 2021 – December 31, 2021 (Predecessor) Plan Contributions $ 3,454 $ 738 $ 719 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Related party transactions include the below: (Dollars in Thousands) Related Party Receivables Consolidated Balance Sheet Line Item As of December 31, As of December 31, Due from Certain TWMH Members, TIG GP Members and TIG MGMT Members Other assets $ 712 $ 1,161 Due from Equity Method Investees Other assets $ 5,948 $ — Due from Alvarium related fee arrangements Fees receivable, net $ 247 $ — Due from TIG related fee arrangements Fees receivable, net $ 15,822 $ — Related Party Payables Due to Certain Non-Controlling Interest Holders in Connection with the Tax Receivable Agreements TRA liability $ (17,607) $ — Delayed share purchase agreement Delayed share purchase agreement $ (1,818) $ (1,818) Delayed share purchase agreement Accrued compensation and profit sharing $ (282) $ (400) Due to Certain TWMH Members, TIG GP Members, TIG MGMT Members and Alvarium Shareholders in connection with the Business Combination Earn-out Earn-out liability, at fair value $ (62,380) $ — AWMS earn-out liability Earn-out liability, at fair value $ (1,064) $ — AWMS deferred cash consideration Other liabilities $ (7,135) $ — Due to Equity Method Investees Other liabilities $ (1,277) $ — Shareholders' Equity Delayed share purchase agreement Additional paid-in capital $ (1,178) $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present the financial information for the Company’s segments for the periods indicated. For the Period (Dollars in Thousands) January 1, 2023 – December 31, 2023 January 1, 2022 – December 31, 2022 January 1, 2021 – December 31, 2021 Net Income by Segment Strategic Alternatives Wealth Total Tiedemann Wealth Tiedemann Wealth Revenue: Management/advisory fees $ 49,236 $ 135,588 $ 184,824 $ 76,872 $ 75,703 Incentive fees 41,718 1,659 43,377 — — Distributions from investments 17,185 — 17,185 — — Other income/fees 5,204 290 5,494 — — Total income $ 113,343 $ 137,537 $ 250,880 $ 76,872 $ 75,703 Operating Expenses: Compensation and employee benefits 85,792 118,260 204,052 51,234 47,413 Systems, technology, and telephone 5,210 11,131 16,341 6,331 5,070 Sales, distribution, and marketing 948 1,269 2,217 1,170 931 Occupancy costs 4,658 9,156 13,814 4,503 3,498 Professional fees 34,978 31,137 66,115 9,400 6,882 Travel and entertainment 2,623 3,291 5,914 1,724 566 Depreciation and amortization 7,978 9,061 17,039 2,339 2,051 General, administrative, and other 11,608 7,887 19,495 1,489 1,524 Total operating expenses $ 153,795 $ 191,192 $ 344,987 $ 78,190 $ 67,935 Operating income (loss) (40,452) (53,655) (94,107) (1,318) 7,768 Other income (expenses): Impairment loss on goodwill and intangible assets (206,507) — (206,507) — — Gain (loss) on investments (15,520) 37 (15,483) (3,671) (2,960) Loss on TRA (116) (117) (233) — — Loss on warrant liability (6,433) (6,433) (12,866) — — Gain on earn-out liability 14,690 16,414 31,104 — — Interest expense (7,334) (7,167) (14,501) (427) (397) Other expenses (2,294) (1,450) (3,744) (55) (105) Income (loss) before taxes (263,966) (52,371) (316,337) (5,471) 4,306 Income tax (expenses) benefit 14,449 (3,915) 10,534 (527) (515) Net income (loss) $ (249,517) $ (56,286) $ (305,803) $ (5,998) $ 3,791 (Dollars in Thousands) As of Assets by segment December 31, 2023 (Successor) December 31, 2022 (Predecessor) Strategic Alternatives $ 676,196 $ — Wealth Management $ 590,371 $ 91,989 Total Assets $ 1,266,567 $ 91,989 |
Revenue from External Customers by Geographic Areas | (Dollars in Thousands) For the period Revenues by Geography January 1 – December 31, 2023 January 1 – December 31, 2022 January 1, 2021 – December 31, 2021 United States $ 153,899 $ 72,181 $ 75,703 United Kingdom $ 58,912 $ 3,863 $ — Rest of World $ 38,069 $ 828 $ — Total Revenues $ 250,880 $ 76,872 $ 75,703 |
Long-Lived Assets by Geographic Areas | (Dollars in Thousands) As of Long-lived Assets by Geography December 31, 2023 (Successor) December 31, 2022 (Predecessor) United States $ 41,603 $ 11,022 United Kingdom $ 5,434 $ 48 Rest of World $ 3,807 $ — Total Assets $ 50,845 $ 11,070 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The table below presents the Company’s treatment for basic and diluted earnings (loss) per share for instruments outstanding of the Company. Potentially dilutive instruments are only considered in the calculation to the extent they would be dilutive. For the Period January 1, 2023 – December 31, Basic Diluted Class A Shares Included Included Class B Shares (1) Excluded If-converted method Warrants (2) Excluded Treasury stock method Earn-Out Shares Excluded Excluded Vested RSUs None outstanding None outstanding Unvested RSUs Excluded Treasury stock method Holbein Earn-In Shares (3) Excluded Treasury stock method (1) The if-converted method for these instruments includes adding back to the numerator any related income or loss allocations to noncontrolling interest, as well as any incremental tax expense had the instruments converted into Class A Shares as of the beginning of the period. (2) Prior to the Business Combination, the Company issued warrants to purchase Class A Shares. As of June 30, 2023, all warrants were exchanged for Class A Shares and no warrants are outstanding as of December 31, 2023. (3) During the third quarter of 2023, the Company modified the Holbein Earn-In shares arrangement such that the settlement of the Earn-In shares would be in shares at each service period. At December 31, 2023, the service periods related to the Holbein Earn-In shares had not been completed, and therefore such shares have not been included in the calculation of basic earnings (loss) per share for the year ended December 31, 2023. However, in calculating the Company’s diluted earnings (loss) per share, the Company utilized the treasury stock method to determine the potential number of dilutive shares for the year ended December 31, 2023. For the quarters ending March 31, 2023 and June 30, 2023, the Holbein Earn-In shares were excluded from the Company’s diluted earnings per share calculation as the Earn-In shares were classified as contingently issuable common shares. The key terms of the Holbein Earn-Ins are discussed in Note 5 (Equity-Based Compensation). Basic earnings per share is computed by dividing income attributable to controlling interest by the weighted average number of shares of Class A Common Stock outstanding during the period. Diluted earnings per common share excludes potentially dilutive instruments which were outstanding during the period but were anti-dilutive. The following table shows the computation of basic and diluted earnings per share: For the Period (Dollars in Thousands, except share data) January 1, 2023 – December 31, Net loss attributable to controlling interest - basic $ (162,606) Net loss available to the Company - diluted $ (162,606) Weighted-average shares of Class A Common Stock outstanding - basic 61,396,692 Weighted-average shares of Class A Common Stock outstanding - diluted 61,396,692 Loss per Class A Common Stock - basic $ (2.65) Loss per Class A Common Stock - diluted $ (2.65) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potentially dilutive instruments were excluded from the calculation of diluted net loss per share because their effect would have been antidilutive: For the Period January 1, 2023 – December 31, Class B Common Stock and Class B Units 40,668,662 Warrants 4,992,813 Earn-outs 10,396,318 Stock Awards 3,432,030 |
Description of the Business - N
Description of the Business - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2023 USD ($) $ / shares shares | Apr. 03, 2023 shares | Mar. 31, 2023 shares | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) fund segment category $ / shares shares | Jan. 09, 2024 USD ($) | Jun. 07, 2023 shares | Jan. 03, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Assets under management | $ 71,400,000 | $ 71,400,000 | $ 71,400,000 | |||||||
Financial Designation, Predecessor and Successor | Successor | |||||||||
Warrant, exercise price (in dollars per share) | $ / shares | $ 11.50 | $ 11.50 | $ 11.50 | |||||||
Number of securities called by warrants or rights (in shares) | shares | 19,892,387 | |||||||||
Adjustments to additional paid in capital | $ 29,500 | |||||||||
Warrants, outstanding (in shares) | shares | 0 | 0 | 0 | |||||||
Number of operating segments | segment | 2 | |||||||||
Number of operating segments, number of revenue generating categories | category | 3 | |||||||||
Impairment loss on goodwill and intangible assets | $ 52,918 | |||||||||
Wealth Management | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Assets under management and advisement | $ 51,000,000 | $ 51,000,000 | 51,000,000 | |||||||
Strategic Alternatives | Alternatives Platform | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Assets under management and advisement | 7,600,000 | 7,600,000 | 7,600,000 | |||||||
Strategic Alternatives | Co-Investment | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Deployed capital | $ 7,800,000 | |||||||||
Deployed capital, percentage invested | 14% | |||||||||
Strategic Alternatives | Real Estate - Public and Private | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Assets under management and advisement | 12,700,000 | $ 12,700,000 | $ 12,700,000 | |||||||
Strategic Alternatives | Fund Management | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Number of funds managed | fund | 2 | |||||||||
Strategic Alternatives | Fund Management | LondonMetric Property Plc | Disposal Group, Disposed of by Sale, Not Discontinued Operations | LXi Reit Advisors Limited (“LRA”) | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Impairment loss on goodwill and intangible assets | $ 23,500 | |||||||||
Strategic Alternatives | Fund Management | LondonMetric Property Plc | Disposal Group, Disposed of by Sale, Not Discontinued Operations | LXi Reit Advisors Limited (“LRA”) | Subsequent Event | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Ownership percentage in disposed asset (in percent) | 100% | |||||||||
Consideration receivable | $ 33,100 | |||||||||
Contingent consideration receivable | $ 5,100 | |||||||||
Class A Common Stock | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Total voting power (in percent) | 55% | 55% | 55% | |||||||
Issuance of shares - exercise of warrants (in shares) | shares | 78,864 | 428,626 | ||||||||
Number of securities called by warrants or rights (in shares) | shares | 4,962,221 | 4,962,221 | 4,962,221 | 4,962,147 | ||||||
Class B Common Stock | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Total voting power (in percent) | 45% | 45% | 45% | |||||||
Entity Owned By Management Of Alvarium Home REIT Advisors Ltd (“AHRA”) | Strategic Alternatives | Alvarium RE Limited ("ARE") | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Impairment loss on goodwill and intangible assets | $ 29,400 | |||||||||
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Goodwill and Intangible Asset Impairment | |||||||||
Umbrella | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Voting interest acquired (in percent) | 51% | |||||||||
Umbrella | TWMH and TIG Shareholders | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Voting interest acquired (in percent) | 49% | |||||||||
TWMH, TIG, and Alvarium | Umbrella | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Voting interest acquired (in percent) | 100% | |||||||||
Alvarium Home REIT Advisors Ltd ("AHRA") | Entity Owned By Management Of Alvarium Home REIT Advisors Ltd (“AHRA”) | Strategic Alternatives | Fund Management | Alvarium RE Limited ("ARE") | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||||||
Voting interest to be acquired (in percent) | 100% | |||||||||
Price of acquisition, expected | $ 29,000 |
Description of the Business - S
Description of the Business - Shares Outstanding (Details) - shares | Dec. 31, 2023 | Jan. 03, 2023 |
Class A Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, outstanding (in shares) | 65,110,875 | |
Class B Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, outstanding (in shares) | 53,219,713 | 53,219,713 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | |
Disaggregation of Revenue [Line Items] | |
Percentage of equity value contributed in transaction | 0.50% |
Percentage of purchase price in acquisition | 0.50% |
Equity structures, term (in years) | 5 years |
Equity structures, percentage of equity value committed or drawn | 0.50% |
Debt structures, term (in months) | 12 months |
Maximum | |
Disaggregation of Revenue [Line Items] | |
Percentage of equity value contributed in transaction | 1% |
Percentage of purchase price in acquisition | 1% |
Equity structures, term (in years) | 10 years |
Equity structures, percentage of equity value committed or drawn | 1.75% |
Debt structures, term (in months) | 36 months |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Distributions from Investment (Details) | Dec. 31, 2023 entity |
Accounting Policies [Abstract] | |
Number of entities in which company is entitled to distributions | 3 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Accounting Policies [Abstract] | |
Restricted cash and cash equivalents | $ 5.4 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Intangible Assets Other Than Goodwill, Net (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Accounting Policies [Abstract] | |
Impairment loss on goodwill and intangible assets | $ 52,918 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Goodwill (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | |
Accounting Policies [Abstract] | ||
Number of operating segments | segment | 2 | |
Impairment charges | $ | $ 153,589 | $ 0 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Fixed Assets (Details) - Property, Plant and Equipment, Other Types | Dec. 31, 2023 |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 2 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 7 years |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Tax Receivable Agreement (Details) | Aug. 31, 2023 $ / shares shares | Dec. 31, 2023 | Jan. 03, 2023 |
Class of Stock [Line Items] | |||
Conversion ratio | 1 | ||
Class A Common Stock | |||
Class of Stock [Line Items] | |||
Converted shares (in shares) | shares | 1,813,248 | ||
Conversion ratio | 1 | 1 | |
Share price (in dollars per share) | $ / shares | $ 7.31 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Warrant Liability (Details) - shares | Dec. 31, 2023 | Jun. 07, 2023 |
Class of Warrant or Right [Line Items] | ||
Number of securities called by warrants or rights (in shares) | 19,892,387 | |
Class A Common Stock | ||
Class of Warrant or Right [Line Items] | ||
Number of securities called by warrants or rights (in shares) | 4,962,221 | 4,962,147 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Business Combination And AWMS Earn-out Liability (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | ||||
Aug. 02, 2023 | Jan. 03, 2023 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | |||||
Earn-out liability, at fair value | $ 63,444 | $ 0 | |||
Alvarium, TWMH And TIG | |||||
Business Acquisition [Line Items] | |||||
Total purchase consideration transferred | $ 1,071,116 | ||||
Earn-out liability, at fair value | 62,400 | ||||
AlTi Wealth Management (Switzerland) SA (“AWMS”) | |||||
Business Acquisition [Line Items] | |||||
Voting interest acquired (in percent) | 70% | ||||
Equity interest (in percent) | 30% | ||||
Equity interest, including subsequent acquisition (in percent) | 100% | ||||
Total purchase consideration transferred | $ 16,754 | ||||
Earn-out liability, at fair value | $ 1,100 | ||||
Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium | Alvarium, TWMH And TIG | Earnout Shares | Class A Common Stock | |||||
Business Acquisition [Line Items] | |||||
Number of earn-out securities (in shares) | 3.3 | ||||
Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium | Alvarium, TWMH And TIG | Earnout Shares | Class B Common Stock | |||||
Business Acquisition [Line Items] | |||||
Number of earn-out securities (in shares) | 7.1 | ||||
Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium | Alvarium, TWMH And TIG | Earnout Shares | Class B Units | |||||
Business Acquisition [Line Items] | |||||
Number of earn-out securities (in shares) | 7.1 | ||||
Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium | Alvarium, TWMH And TIG | Earnout Shares, Tranche One | Class A Common Stock | |||||
Business Acquisition [Line Items] | |||||
Volume weighted average price (in dollars per share) | $ 12.50 | ||||
Volume weighted average price, number of trading days | 20 days | ||||
Volume weighted average price, number of consecutive trading days | 30 days | ||||
Volume weighted average price, term within closing of transaction (in years) | 5 years | ||||
Earnout securities to be issued, issued (in percent) | 50% | ||||
Sponsor and Selling Shareholders of TWMH, TIG, and Alvarium | Alvarium, TWMH And TIG | Earnout Shares, Tranche Two | Class A Common Stock | |||||
Business Acquisition [Line Items] | |||||
Volume weighted average price (in dollars per share) | $ 15 | ||||
Volume weighted average price, number of trading days | 20 days | ||||
Volume weighted average price, number of consecutive trading days | 30 days | ||||
Volume weighted average price, term within closing of transaction (in years) | 5 years | ||||
Earnout securities to be issued, issued (in percent) | 50% |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Delayed Share Purchase Agreement (Details) - USD ($) $ in Thousands | Jul. 28, 2023 | Jul. 27, 2023 | Dec. 31, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | ||||
Delayed share purchase agreement | $ 1,818 | $ 1,818 | ||
Accrued compensation and profit sharing | ||||
Business Acquisition [Line Items] | ||||
Delayed share purchase agreement | 300 | 400 | ||
Additional paid-in-capital | ||||
Business Acquisition [Line Items] | ||||
Delayed share purchase agreement | $ 1,200 | $ 0 | ||
Tiedemann International Holdings, AG ("TIH") | Tiedemann Wealth Management Holdings, LLC | ||||
Business Acquisition [Line Items] | ||||
Voting interest acquired (in percent) | 51.10% | |||
Cash consideration | $ 2,100 | $ 2,200 | ||
Tiedemann International Holdings, AG ("TIH") | Tiedemann Wealth Management Holdings, LLC | Class A Common Stock | ||||
Business Acquisition [Line Items] | ||||
Equity consideration | $ 1,200 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Segment Reporting (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2023 USD ($) fund segment category | |
Segment Reporting Information [Line Items] | |
Number of operating segments | segment | 2 |
Number of operating segments, number of revenue generating categories | category | 3 |
Wealth Management | |
Segment Reporting Information [Line Items] | |
Assets under management and advisement | $ 51 |
Strategic Alternatives | Alternatives Platform | |
Segment Reporting Information [Line Items] | |
Assets under management and advisement | 7.6 |
Strategic Alternatives | Real Estate - Public and Private | |
Segment Reporting Information [Line Items] | |
Assets under management and advisement | $ 12.7 |
Strategic Alternatives | Fund Management | |
Segment Reporting Information [Line Items] | |
Number of funds managed | fund | 2 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Held for Sale Accounting (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Millions | Nov. 06, 2023 | Jan. 09, 2024 |
Family Office Service ("FOS") | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash consideration | $ 20.1 | |
LXi Reit Advisors Limited (“LRA”) | LondonMetric Property Plc | Strategic Alternatives | Fund Management | Subsequent Event | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Consideration receivable | $ 33.1 | |
Contingent consideration receivable | $ 5.1 |
Business Combinations and Div_3
Business Combinations and Divestitures - AlTi Global Business Combination (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Jan. 03, 2023 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Aug. 31, 2023 | Jan. 02, 2023 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | |||||||
Conversion ratio | 1 | ||||||
Acquisition-related costs | $ 1,000 | ||||||
Cash and cash equivalents | $ 18,245 | 7,131 | $ 194,086 | $ 8,040 | $ 3,568 | ||
Class A Common Stock | |||||||
Business Acquisition [Line Items] | |||||||
Conversion ratio | 1 | 1 | |||||
Umbrella | |||||||
Business Acquisition [Line Items] | |||||||
Voting interest acquired (in percent) | 51% | ||||||
TWMH, TIG, and Alvarium | Umbrella | |||||||
Business Acquisition [Line Items] | |||||||
Voting interest acquired (in percent) | 100% | ||||||
Alvarium, TWMH And TIG | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition-related costs | 17,800 | ||||||
Debt issuance costs | $ 4,600 | ||||||
Total purchase consideration transferred | 1,071,116 | ||||||
Earn-out consideration | 85,097 | ||||||
Cash and cash equivalents | $ 194,100 | ||||||
Goodwill, purchase accounting adjustments | 5,800 | ||||||
Decrease in fair value of acquired intangible assets | 21,600 | ||||||
Decrease in fair value of acquired equity method investments | 5,500 | ||||||
Decrease to non-controlling interest in subsidiaries | 800 | ||||||
Increase in other net assets acquired | 20,500 | ||||||
Decrease to deferred tax liabilities | 15,600 | ||||||
Decrease in accounts payable and accrued expenses | 3,800 | ||||||
Increase in Management/advisory fees receivable | 700 | ||||||
Decrease in other liabilities | 300 | ||||||
Other assets, purchase price adjustments | 100 | ||||||
Decrease to opening additional paid-in capital | 1,300 | ||||||
Impact to depreciation and amortization due to measurement period adjustment | $ 2,600 | ||||||
Alvarium, TWMH And TIG | Long-Term Debt | |||||||
Business Acquisition [Line Items] | |||||||
Debt issuance costs | 1,800 | ||||||
Alvarium, TWMH And TIG | Other assets | |||||||
Business Acquisition [Line Items] | |||||||
Debt issuance costs | $ 2,800 | ||||||
Alvarium, TWMH And TIG | Class A Common Stock | CGC Sponsor LLC | The Founder Shares | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, shares purchased (in shares) | shares | 8,625,000 | ||||||
Share price | $ / shares | $ 10.33 | ||||||
Conversion of stock upon closing, expense | $ 89,100 | ||||||
Alvarium, TWMH And TIG | Class B Common Stock | CGC Sponsor LLC | The Founder Shares | |||||||
Business Acquisition [Line Items] | |||||||
Consideration received | $ 25 | ||||||
Sale of stock, price per share (in dollars per share) | $ / shares | $ 0.03 |
Business Combinations and Div_4
Business Combinations and Divestitures - Fair Value of Net Assets Acquired and Intangibles (Details) $ in Thousands | 12 Months Ended | ||||
Jan. 03, 2023 USD ($) | Dec. 31, 2023 USD ($) segment | Jan. 02, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | |||||
Number of operating segments | segment | 2 | ||||
Goodwill | $ 411,904 | $ 530,547 | $ 25,464 | $ 22,185 | |
Wealth Management | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 321,154 | 298,118 | |||
Strategic Alternatives | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 90,750 | $ 232,429 | |||
Alvarium, TWMH And TIG | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 530,546 | ||||
Estimated Life (Years) | 23 years | ||||
Alvarium, TWMH And TIG | Wealth Management | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 298,100 | ||||
Alvarium, TWMH And TIG | Strategic Alternatives | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 232,400 |
Business Combinations and Div_5
Business Combinations and Divestitures - Acquisition of AL Wealth Partners Pte. Ltd. (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 06, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | |||
Acquisition-related costs | $ 1 | ||
AL Wealth Partners Pte. Ltd. (“AL Wealth Partners”) | |||
Business Acquisition [Line Items] | |||
Total purchase consideration transferred | $ 15.5 | ||
Acquisition-related costs | $ 0.4 | ||
Goodwill, purchase accounting adjustments | $ 2.8 | ||
AL Wealth Partners Pte. Ltd. (“AL Wealth Partners”) | Customer relationships | |||
Business Acquisition [Line Items] | |||
Estimated Life (Years) | 10 years |
Business Combinations and Div_6
Business Combinations and Divestitures - Acquisition of AlTi Wealth Management (Switzerland) SA (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Aug. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
Business Acquisition [Line Items] | ||||
Acquisition-related costs | $ 1,000 | |||
AlTi Wealth Management (Switzerland) SA (“AWMS”) | ||||
Business Acquisition [Line Items] | ||||
Equity method investment, ownership percentage (in percent) | 30% | |||
AlTi Wealth Management (Switzerland) SA (“AWMS”) | ||||
Business Acquisition [Line Items] | ||||
Voting interest acquired (in percent) | 70% | |||
Equity interest (in percent) | 30% | |||
Equity interest, including subsequent acquisition (in percent) | 100% | |||
Total purchase consideration transferred | $ 16,754 | |||
Fair value of existing equity method investment | 7,400 | |||
Remeasurement gain | 1,900 | |||
Acquisition-related costs | $ 10 | |||
Increase (decrease) to other liabilities | $ 800 | |||
AlTi Wealth Management (Switzerland) SA (“AWMS”) | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Estimated Life (Years) | 14 years |
Business Combinations and Div_7
Business Combinations and Divestitures - Deconsolidation of Alvarium Home REIT Advisors Ltd (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Nov. 06, 2023 | Dec. 31, 2023 | Jan. 09, 2024 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment loss on goodwill and intangible assets | $ 52,918 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Family Office Service ("FOS") | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash consideration | $ 20,100 | |||
Alvarium RE Limited ("ARE") | Strategic Alternatives | Entity Owned By Management Of Alvarium Home REIT Advisors Ltd (“AHRA”) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment loss on goodwill and intangible assets | $ 29,400 | |||
LondonMetric Property Plc | Strategic Alternatives | Disposal Group, Disposed of by Sale, Not Discontinued Operations | LXi Reit Advisors Limited (“LRA”) | Fund Management | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment loss on goodwill and intangible assets | $ 23,500 | |||
LondonMetric Property Plc | Strategic Alternatives | Disposal Group, Disposed of by Sale, Not Discontinued Operations | LXi Reit Advisors Limited (“LRA”) | Fund Management | Subsequent Event | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Consideration receivable | $ 33,100 | |||
Contingent consideration receivable | $ 5,100 |
Business Combinations and Div_8
Business Combinations and Divestitures - Purchase Consideration Transferred (Details) - USD ($) $ in Thousands | Aug. 02, 2023 | Jan. 03, 2023 |
Alvarium, TWMH And TIG | ||
Business Combination, Consideration Transferred [Abstract] | ||
Cash consideration | $ 99,999 | |
Earn-out consideration | 85,097 | |
Tax Receivable Agreement | 13,000 | |
Payment of assumed liabilities | 760 | |
Total purchase consideration transferred | 1,071,116 | |
Alvarium, TWMH And TIG | Class A Common Stock | ||
Business Combination, Consideration Transferred [Abstract] | ||
Equity consideration | 294,159 | |
Alvarium, TWMH And TIG | Class B Common Stock | ||
Business Combination, Consideration Transferred [Abstract] | ||
Equity consideration | 573,205 | |
Alvarium, TWMH And TIG | Warrants | ||
Business Combination, Consideration Transferred [Abstract] | ||
Equity consideration | $ 4,896 | |
AlTi Wealth Management (Switzerland) SA (“AWMS”) | ||
Business Combination, Consideration Transferred [Abstract] | ||
Cash consideration | $ 5,711 | |
Equity consideration | 1,459 | |
Deferred cash consideration | 6,695 | |
Earn-out consideration | 2,721 | |
Payment of assumed liabilities | 168 | |
Total purchase consideration transferred | $ 16,754 |
Business Combinations and Div_9
Business Combinations and Divestitures - Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Aug. 02, 2023 | Apr. 06, 2023 | Jan. 03, 2023 | Jan. 02, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||||
Goodwill | $ 411,904 | $ 530,547 | $ 25,464 | $ 22,185 | |||
Wealth Management | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||||
Goodwill | 321,154 | 298,118 | |||||
Strategic Alternatives | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||||
Goodwill | $ 90,750 | $ 232,429 | |||||
Alvarium, TWMH And TIG | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||||
Cash and cash equivalents | $ 24,023 | ||||||
Investments at fair value | 148,674 | ||||||
Equity method investments | 42,185 | ||||||
Property, plant and equipment | 3,996 | ||||||
Intangible assets | 520,161 | ||||||
Goodwill | 530,546 | ||||||
Operating lease right-of-use assets | 28,487 | ||||||
Other assets | 47,251 | ||||||
Total Assets Acquired | 1,387,704 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||||
Accounts payable and accrued expenses | 72,022 | ||||||
Accrued compensation and profit sharing | 25,051 | ||||||
Accrued member distributions payable | 12,803 | ||||||
Delayed share purchase agreement | 1,818 | ||||||
Earn-in consideration payable | 1,519 | ||||||
Operating lease liabilities | 29,047 | ||||||
Debt | 124,533 | ||||||
Deferred tax liability, net | 34,640 | ||||||
Other liabilities | 15,149 | ||||||
Total Liabilities Assumed | 316,582 | ||||||
Total Assets Acquired and Liabilities Assumed | 1,071,122 | ||||||
Non-controlling interest in subsidiaries | (6) | ||||||
Total Assets Acquired and Liabilities Assumed, Less Noncontrolling Interest | 1,071,116 | ||||||
Alvarium, TWMH And TIG | Wealth Management | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||||
Goodwill | 298,100 | ||||||
Alvarium, TWMH And TIG | Strategic Alternatives | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||||
Goodwill | 232,400 | ||||||
Alvarium, TWMH And TIG | Management/Advisory fees | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||||
Contract with customer, receivable | $ 42,381 | ||||||
AL Wealth Partners Pte. Ltd. (“AL Wealth Partners”) | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||||
Cash and cash equivalents | $ 1,092 | ||||||
Property, plant and equipment | 644 | ||||||
Intangible assets | 12,300 | ||||||
Goodwill | 3,826 | ||||||
Operating lease right-of-use assets | 1,048 | ||||||
Other assets | 474 | ||||||
Total Assets Acquired | 21,336 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||||
Accounts payable and accrued expenses | 358 | ||||||
Operating lease liabilities | 1,048 | ||||||
Other liabilities | 4,400 | ||||||
Total Liabilities Assumed | 5,806 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 15,530 | ||||||
AL Wealth Partners Pte. Ltd. (“AL Wealth Partners”) | Management/Advisory fees | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||||
Contract with customer, receivable | $ 1,952 | ||||||
AlTi Wealth Management (Switzerland) SA (“AWMS”) | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||||
Cash and cash equivalents | $ 1,401 | ||||||
Contract with customer, receivable | 1,057 | ||||||
Equity method investments | 57 | ||||||
Intangible assets | 9,679 | ||||||
Goodwill | 15,146 | ||||||
Operating lease right-of-use assets | 298 | ||||||
Other assets | 323 | ||||||
Total Assets Acquired | 27,961 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||||||
Accounts payable and accrued expenses | 784 | ||||||
Operating lease liabilities | 298 | ||||||
Other liabilities | 2,944 | ||||||
Total Liabilities Assumed | 4,026 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 23,935 |
Business Combinations and Di_10
Business Combinations and Divestitures - Intangible Assets (Details) - USD ($) $ in Thousands | Aug. 02, 2023 | Apr. 06, 2023 | Jan. 03, 2023 |
Alvarium, TWMH And TIG | |||
Acquisition Date Fair Value | |||
Total Intangible Assets | $ 520,161 | ||
Estimated Life (Years) | 23 years | ||
Alvarium, TWMH And TIG | Investment management agreements | |||
Acquisition Date Fair Value | |||
Indefinite-Lived Intangible Assets | $ 245,900 | ||
Alvarium, TWMH And TIG | Trade names | |||
Acquisition Date Fair Value | |||
Definite-Lived Intangible Assets | $ 14,695 | ||
Estimated Life (Years) | 9 years 10 months 24 days | ||
Alvarium, TWMH And TIG | Customer relationships | |||
Acquisition Date Fair Value | |||
Definite-Lived Intangible Assets | $ 163,392 | ||
Estimated Life (Years) | 27 years 1 month 6 days | ||
Alvarium, TWMH And TIG | Investment management agreements | |||
Acquisition Date Fair Value | |||
Definite-Lived Intangible Assets | $ 94,575 | ||
Estimated Life (Years) | 18 years 4 months 24 days | ||
Alvarium, TWMH And TIG | Developed Technology | |||
Acquisition Date Fair Value | |||
Definite-Lived Intangible Assets | $ 1,000 | ||
Estimated Life (Years) | 5 years | ||
Alvarium, TWMH And TIG | Backlog | |||
Acquisition Date Fair Value | |||
Definite-Lived Intangible Assets | $ 599 | ||
Estimated Life (Years) | 6 months | ||
AL Wealth Partners Pte. Ltd. (“AL Wealth Partners”) | |||
Acquisition Date Fair Value | |||
Total Intangible Assets | $ 12,300 | ||
AL Wealth Partners Pte. Ltd. (“AL Wealth Partners”) | Customer relationships | |||
Acquisition Date Fair Value | |||
Definite-Lived Intangible Assets | $ 12,300 | ||
Estimated Life (Years) | 10 years | ||
AlTi Wealth Management (Switzerland) SA (“AWMS”) | |||
Acquisition Date Fair Value | |||
Total Intangible Assets | $ 9,679 | ||
AlTi Wealth Management (Switzerland) SA (“AWMS”) | Customer relationships | |||
Acquisition Date Fair Value | |||
Definite-Lived Intangible Assets | $ 9,679 | ||
Estimated Life (Years) | 14 years |
Business Combinations and Di_11
Business Combinations and Divestitures - Pro Forma Financial Information (Details) - AlTi Wealth Management (Switzerland) SA (“AWMS”) And AL Wealth Partners Pte. Ltd. (“AL Wealth Partners”) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Total Revenue | $ 255,805 |
Net income (loss) | $ (304,839) |
Business Combinations and Di_12
Business Combinations and Divestitures - Assets and Liabilities Held-For-Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | |||
Cash and cash equivalents | $ 2,897 | $ 0 | $ 0 |
Total assets held for sale | 56,634 | 0 | |
Liabilities | |||
Total liabilities held for sale | (13,792) | $ 0 | |
Disposal Group, Held-for-Sale, Not Discontinued Operations | Family Office Service ("FOS") | |||
Assets | |||
Cash and cash equivalents | 2,897 | ||
Fees receivable, net | 4,792 | ||
Intangible assets, net of accumulated amortization | 46,658 | ||
Operating lease right-of-use assets | 434 | ||
Deferred tax asset, net | 41 | ||
Other assets | 1,812 | ||
Total assets held for sale | 56,634 | ||
Liabilities | |||
Accounts payable and accrued expenses | (1,007) | ||
Operating lease liabilities | (381) | ||
Deferred tax liability, net | (10,852) | ||
Deferred income | (781) | ||
Other liabilities | (772) | ||
Total liabilities held for sale | $ (13,792) |
Income - Disaggregation of Reve
Income - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total income | $ 250,880 | $ 76,872 | $ 75,703 |
Management/Advisory fees | |||
Disaggregation of Revenue [Line Items] | |||
Total income | 184,824 | 76,872 | 75,703 |
Incentive fees | |||
Disaggregation of Revenue [Line Items] | |||
Total income | 43,377 | 0 | 0 |
Other fees/income | |||
Disaggregation of Revenue [Line Items] | |||
Total income | 5,494 | 0 | 0 |
Distributions from investments | |||
Disaggregation of Revenue [Line Items] | |||
Total income | 17,185 | 0 | 0 |
Operating Segments | |||
Disaggregation of Revenue [Line Items] | |||
Total income | 250,880 | 76,872 | 75,703 |
Operating Segments | Fee income | |||
Disaggregation of Revenue [Line Items] | |||
Total income | 233,695 | 76,872 | 75,703 |
Operating Segments | Management/Advisory fees | |||
Disaggregation of Revenue [Line Items] | |||
Total income | 184,824 | 76,872 | 75,703 |
Operating Segments | Incentive fees | |||
Disaggregation of Revenue [Line Items] | |||
Total income | 43,377 | 0 | 0 |
Operating Segments | Other fees/income | |||
Disaggregation of Revenue [Line Items] | |||
Total income | 5,494 | 0 | 0 |
Operating Segments | Distributions from investments | |||
Disaggregation of Revenue [Line Items] | |||
Total income | $ 17,185 | $ 0 | $ 0 |
Income - Contract with Customer
Income - Contract with Customer (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jan. 02, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward] | ||||
Deferred revenue | $ (66) | $ 0 | ||
Operating Segments | Management/Advisory fees | ||||
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward] | ||||
Contract with customer, receivable | 29,539 | $ 30,698 | 19,540 | $ 20,019 |
Deferred revenue | (66) | (945) | 0 | 0 |
Operating Segments | Management/Advisory fees | Related Party | ||||
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward] | ||||
Contract with customer, receivable | 1,200 | 0 | ||
Operating Segments | Incentive fees | ||||
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward] | ||||
Contract with customer, receivable | 40,356 | 7,570 | 0 | 0 |
Operating Segments | Incentive fees | Related Party | ||||
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward] | ||||
Contract with customer, receivable | 14,900 | 0 | ||
Operating Segments | Other fees/income | ||||
Contract with Customer, Receivable, after Allowance for Credit Loss [Roll Forward] | ||||
Contract with customer, receivable | 526 | 4,112 | 0 | 0 |
Deferred revenue | $ 0 | $ (422) | $ 0 | $ 0 |
Equity-Based Compensation and_2
Equity-Based Compensation and Earn-in Expenses - Narrative (Details) - USD ($) | 7 Months Ended | 12 Months Ended | ||||
Aug. 01, 2023 | Jul. 14, 2023 | May 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Earn-in expense, cash (in percent) | 50% | |||||
Earn-in expense, equity (in percent) | 50% | |||||
Earn-in payment, first date | $ 7,100,000 | |||||
Earn-in payment, second date | $ 8,900,000 | |||||
Earn-in expense | $ 7,000,000 | $ 3,700,000 | ||||
Earn-in consideration payable | $ 1,830,000 | 1,830,000 | $ 1,519,000 | |||
Delayed Share Purchase Agreement (“TIH SPA”) | ||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Stock-based compensation expense | 1,200,000 | |||||
Class A Common Stock | Delayed Share Purchase Agreement (“TIH SPA”) | ||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Shares issued in period (in shares) | 152,930 | |||||
Fair value of shares issued (in dollars per share) | $ 7.70 | |||||
Restricted Stock Units (RSUs) | ||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Stock-based compensation expense | 4,200,000 | |||||
Restricted Stock Units (RSUs) | Class A Common Stock | ||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Stock-based compensation expense | $ 5,400,000 | |||||
Shares issued in period (in shares) | 4,693,621 | |||||
Fair value of shares issued (in dollars per share) | $ 4.35 | |||||
Vesting period (in years) | 3 years | |||||
Shares forfeited in period (in shares) | 167,074 | |||||
Shares outstanding (in shares) | 4,526,547 | 4,526,547 | ||||
Alvarium Employee Awards | ||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Stock-based compensation expense | $ 24,600,000 | |||||
Share-based payment arrangement, accelerated cost | $ 21,000,000 | |||||
Share-based compensation arrangement, accelerated vesting (in shares) | 2,100,000 | |||||
Alvarium Employee Awards, Benefiting Acquirer | ||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Stock-based compensation expense | $ 3,600,000 | |||||
Number of shares vested in period (in shares) | 360,485 | |||||
Nasdaq Awards | Class A Common Stock | ||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Stock-based compensation expense | $ 600,000 | |||||
Shares issued in period (in shares) | 60,800 | |||||
Fair value of shares issued (in dollars per share) | $ 10 | $ 10 | ||||
Nasdaq Awards | Class A Common Stock | Board of Directors | ||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Stock-based compensation expense | $ 800,000 | |||||
Shares issued in period (in shares) | 65,554 | |||||
Fair value of shares issued (in dollars per share) | $ 12.56 | $ 12.56 | ||||
Vesting period (in years) | 9 months | |||||
Buy-out Equity Awards As Restricted Stock Units (RSUs) | Class A Common Stock | ||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Stock-based compensation expense | $ 1,000,000 | |||||
Shares issued in period (in shares) | 107,263 | |||||
Buy-out Equity Awards As Restricted Stock Units (RSUs) | Class A Common Stock | Minimum | ||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Vesting period (in years) | 1 year | |||||
Buy-out Equity Awards As Restricted Stock Units (RSUs) | Class A Common Stock | Maximum | ||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Vesting period (in years) | 3 years | |||||
Revenue Share Arrangement | Class A Common Stock | ||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||||
Value of granted shares | $ 1,200,000 |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal | $ (7,708) | $ 1,082 | $ 4,306 |
Foreign | (308,629) | (6,553) | 0 |
(Loss) income before taxes | $ (316,337) | $ (5,471) | $ 4,306 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current income tax expense (benefit) | |||
U.S. federal | $ 803 | $ 320 | $ 318 |
State and local | 170 | 224 | 290 |
Foreign | 880 | 84 | 0 |
Current income tax expense (benefit) | 1,853 | 628 | 608 |
Deferred income tax expense (benefit) | |||
U.S. federal | (173) | (64) | (82) |
State and local | (863) | (31) | (11) |
Foreign | (11,351) | (6) | 0 |
Deferred income tax expense (benefit) | (12,387) | (101) | (93) |
U.S. federal | 630 | 256 | 236 |
State and local | (693) | 193 | 279 |
Foreign | (10,471) | 78 | 0 |
Total income tax expense (benefit) | $ (10,534) | $ 527 | $ 515 |
Income Taxes - Reconciliation (
Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal tax expense (benefit) at statutory rate | 21% | 21% | 21% |
State tax, net of federal benefit | 0.40% | (0.70%) | 0.90% |
Goodwill Impairment | (10.20%) | 0% | 0% |
Exempt income | 2.10% | (2.30%) | (11.20%) |
Non-deductible Professional Fees | (1.10%) | 0% | 0% |
Change in fair value of warrant liability | (0.90%) | 0% | 0% |
Change in fair value of contingent consideration | 1.70% | 0% | 0% |
Other Permanent differences | 0% | (0.10%) | 0.90% |
Prior period adjustments | 0.10% | 0% | 0% |
Change in Valuation Allowance | (9.10%) | (25.50%) | 0% |
Foreign rate differential | (0.10%) | (2.10%) | 0% |
Stock based compensation | 0% | 0% | 0% |
Impact of investment in subsidiaries on partnership basis | 0% | 0% | 0% |
Rate Change | (0.10%) | 0% | 0% |
Net impact of non-controlling interest | (0.40%) | 0% | 0% |
Total Effective Rate | 3.30% | (9.60%) | 11.60% |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. federal tax expense (benefit) at statutory rate | $ (66,416) | $ (1,149) | $ 935 |
State tax, net of federal benefit | (1,119) | 38 | 39 |
Goodwill Impairment | 32,254 | 0 | 0 |
Exempt income | (6,524) | 127 | (500) |
Non-deductible Professional Fees | 3,616 | 0 | 0 |
Change in fair value of warrant liability | 2,702 | 0 | 0 |
Change in fair value of contingent consideration | (5,500) | 0 | 0 |
Other Permanent differences | 8 | 3 | 42 |
Prior period adjustments | (246) | (2) | 0 |
Change in Valuation Allowance | 28,700 | 1,393 | 0 |
Foreign rate differential | 236 | 116 | 0 |
Stock based compensation | 145 | 0 | 0 |
Impact of investment in subsidiaries on partnership basis | 0 | 0 | 0 |
Rate Change | 247 | 0 | 0 |
Net impact of non-controlling interest | 1,363 | 0 | 0 |
Total income tax expense (benefit) | $ (10,534) | $ 527 | $ 515 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | |||
Effective tax rate (in percent) | 3.30% | (9.60%) | 11.60% |
Valuation allowance | $ 42,007 | $ 1,762 | |
Domestic Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Net operating losses | 20,200 | ||
Valuation allowance | 15,700 | ||
Foreign Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Net operating losses | 106,600 | ||
Valuation allowance | $ 106,600 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Net operating losses | $ 23,273 | $ 847 |
Investment in partnership | 7,158 | 0 |
Goodwill | 201 | 0 |
Disallowed interest carryforward | 4,376 | 0 |
Accruals and reserves | 11,191 | 0 |
Operating Lease Liability | 5,274 | 0 |
Other deferred tax asset | 0 | 999 |
Total deferred tax assets | 51,473 | 1,846 |
Deferred tax liabilities | ||
Intangibles | 17,649 | 112 |
Operating Lease - Right Of Use | 5,299 | 0 |
Investment in partnership | 0 | 0 |
Other deferred tax liability | 627 | 54 |
Total deferred tax liabilities | 23,575 | 166 |
Valuation allowance | (42,007) | (1,762) |
Net deferred tax asset (liabilities) | $ (14,109) | $ (82) |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured At Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Investments at fair value | $ 165,894 | $ 145 |
Interest rate swap | 0 | 241 |
Liabilities: | ||
Earn-out liability, at fair value | 63,444 | 0 |
TRA liability | 13,233 | 0 |
Earn-in consideration payable | 1,830 | 1,519 |
Fair Value, Recurring | ||
Assets: | ||
Interest rate swap | 241 | |
Total | 165,894 | 386 |
Liabilities: | ||
Earn-out liability, at fair value | 63,444 | |
TRA liability | 13,233 | |
Earn-in consideration payable | 1,830 | 1,519 |
Payout right | 3,662 | |
Total | 78,507 | 5,181 |
Mutual funds | ||
Assets: | ||
Investments at fair value | 75 | 44 |
Mutual funds | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | 75 | 44 |
Exchange-traded funds | ||
Assets: | ||
Investments at fair value | 108 | 101 |
Exchange-traded funds | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | 108 | 101 |
Investments – External Strategic Managers | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | 164,084 | |
Investments - Affiliated Funds | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | $ 1,627 | |
Liabilities: | ||
Redemption, required notice | 30 days | |
Level 1 | Fair Value, Recurring | ||
Assets: | ||
Interest rate swap | 0 | |
Total | $ 190 | 145 |
Liabilities: | ||
Earn-out liability, at fair value | 0 | |
TRA liability | 0 | |
Earn-in consideration payable | 1,830 | 0 |
Payout right | 0 | |
Total | 1,830 | 0 |
Level 1 | Mutual funds | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | 75 | 44 |
Level 1 | Exchange-traded funds | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | 108 | 101 |
Level 1 | Investments – External Strategic Managers | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | 7 | |
Level 1 | Investments - Affiliated Funds | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | 0 | |
Level 2 | Fair Value, Recurring | ||
Assets: | ||
Interest rate swap | 241 | |
Total | 0 | 241 |
Liabilities: | ||
Earn-out liability, at fair value | 0 | |
TRA liability | 0 | |
Earn-in consideration payable | 0 | 0 |
Payout right | 0 | |
Total | 0 | 0 |
Level 2 | Mutual funds | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | 0 | 0 |
Level 2 | Exchange-traded funds | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | 0 | 0 |
Level 2 | Investments – External Strategic Managers | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | 0 | |
Level 2 | Investments - Affiliated Funds | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | 0 | |
Level 3 | ||
Liabilities: | ||
TRA liability | 13,233 | |
Level 3 | Fair Value, Recurring | ||
Assets: | ||
Interest rate swap | 0 | |
Total | 164,077 | 0 |
Liabilities: | ||
Earn-out liability, at fair value | 63,444 | |
TRA liability | 13,233 | |
Earn-in consideration payable | 0 | 1,519 |
Payout right | 3,662 | |
Total | 76,677 | 5,181 |
Level 3 | Mutual funds | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | 0 | 0 |
Level 3 | Exchange-traded funds | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | 0 | $ 0 |
Level 3 | Investments – External Strategic Managers | ||
Assets: | ||
Investments at fair value | 164,077 | |
Level 3 | Investments – External Strategic Managers | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | 164,077 | |
Level 3 | Investments - Affiliated Funds | Fair Value, Recurring | ||
Assets: | ||
Investments at fair value | $ 0 |
Fair Value Disclosures - Change
Fair Value Disclosures - Changes In Fair Value of Level 3 Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 106,280 | $ 0 |
Settlements | 0 | |
Transfers out of Level 3 | (1,830) | 0 |
Purchases | 0 | |
Issuances | 2,721 | 5,181 |
Net (gains) losses | (30,494) | |
Ending balance | 76,677 | 5,181 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 146,130 | |
Realized and Unrealized Gains (Losses) | 2,580 | |
Purchases | 15,367 | |
Ending balance | 164,077 | |
TRA Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 13,000 | |
Settlements | 0 | |
Transfers out of Level 3 | 0 | |
Issuances | 0 | |
Net (gains) losses | 233 | |
Ending balance | 13,233 | |
Earn-out Liability | Alvarium, TWMH And TIG | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 91,761 | |
Settlements | 0 | |
Transfers out of Level 3 | 0 | |
Issuances | 0 | |
Net (gains) losses | (29,381) | |
Ending balance | 62,380 | |
Earn-out Liability | AlTi Wealth Management (Switzerland) SA (“AWMS”) | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 0 | |
Settlements | 0 | |
Transfers out of Level 3 | 0 | |
Issuances | 2,721 | |
Net (gains) losses | (1,657) | |
Ending balance | 1,064 | |
Earn-in consideration payable | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,519 | 0 |
Settlements | 0 | |
Transfers out of Level 3 | (1,830) | 0 |
Purchases | 0 | |
Issuances | 0 | 1,519 |
Net (gains) losses | 311 | |
Ending balance | 0 | 1,519 |
Payout right | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 0 | |
Transfers out of Level 3 | 0 | |
Purchases | 0 | |
Issuances | 3,662 | |
Ending balance | $ 3,662 | |
Investments – External Strategic Managers | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 146,130 | |
Realized and Unrealized Gains (Losses) | 2,580 | |
Purchases | 15,367 | |
Ending balance | $ 164,077 |
Fair Value Disclosures - Valuat
Fair Value Disclosures - Valuation Methodologies (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments at fair value | $ 165,894 | $ 145 |
TRA liability, fair value | 13,233 | 0 |
Earn-out liability, fair value | 63,444 | $ 0 |
Alvarium, TWMH And TIG | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Earn-out liability, fair value | 62,400 | |
AlTi Wealth Management (Switzerland) SA (“AWMS”) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Earn-out liability, fair value | 1,100 | |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
TRA liability, fair value | 13,233 | |
Level 3 | Alvarium, TWMH And TIG | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Earn-out liability, fair value | 62,380 | |
Level 3 | AlTi Wealth Management (Switzerland) SA (“AWMS”) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Earn-out liability, fair value | $ 1,064 | |
Level 3 | Volatility | Monte Carlo | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
TRA liability, measurement input | 0.400 | |
Level 3 | Volatility | Monte Carlo | Alvarium, TWMH And TIG | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Earn-out liability, measurement input | 0.400 | |
Level 3 | Correlation | Monte Carlo | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
TRA liability, measurement input | 0.200 | |
Level 3 | Cost of debt range | Monte Carlo | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
TRA liability, measurement input | 0.041 | |
Level 3 | Cost of debt range | Monte Carlo | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
TRA liability, measurement input | 0.051 | |
Level 3 | Equity risk premium | Monte Carlo | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
TRA liability, measurement input | 0.074 | |
Level 3 | Equity risk premium | Monte Carlo | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
TRA liability, measurement input | 0.131 | |
Level 3 | Risk-free rate | Monte Carlo | Alvarium, TWMH And TIG | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Earn-out liability, measurement input | 0.039 | |
Level 3 | Risk-free rate | Monte Carlo | AlTi Wealth Management (Switzerland) SA (“AWMS”) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Earn-out liability, measurement input | 0.011 | |
Level 3 | Revenue Volatility | Monte Carlo | AlTi Wealth Management (Switzerland) SA (“AWMS”) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Earn-out liability, measurement input | 0.140 | |
Level 3 | Revenue Discount Rate | Monte Carlo | AlTi Wealth Management (Switzerland) SA (“AWMS”) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Earn-out liability, measurement input | 0.035 | |
Level 3 | Liability Discount Rate | Monte Carlo | AlTi Wealth Management (Switzerland) SA (“AWMS”) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Earn-out liability, measurement input | 0.056 | |
Level 3 | Deferred Payment Liability Discount Rate | Monte Carlo | AlTi Wealth Management (Switzerland) SA (“AWMS”) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Earn-out liability, measurement input | 0.053 | |
Level 3 | Investments – External Strategic Managers | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments at fair value | $ 164,077 | |
Level 3 | Investments – External Strategic Managers | Discount rate | Discounted Cash Flow | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.215 | |
Level 3 | Investments – External Strategic Managers | Discount rate | Discounted Cash Flow | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.29 | |
Level 3 | Investments – External Strategic Managers | Long-term growth rate | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, measurement input | 0.040 |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Loss on investments | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Loss on investments | |
Level 3 | Risk-free rate | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Earn-in consideration payable, measurement input | 0.068 | |
Level 3 | Risk-free rate | Monte Carlo | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Payout right, measurement input | 1 |
Equity Method Investments - Equ
Equity Method Investments - Equity Method Investments At Cost and Carrying Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Equity method investments | $ 14,194 | $ 52 |
Impairment on its equity method investments | 6,600 | |
Asset impairment charge | $ 9,000 |
Variable Interest Entities - Ma
Variable Interest Entities - Maximum Exposure To Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Assets | $ 1,266,567 | $ 91,989 |
Liabilities | 478,541 | 74,136 |
Equity interests on the Consolidated Statement of Financial Position | 341,932 | 17,533 |
Strategic Alternatives | ||
Variable Interest Entity [Line Items] | ||
Assets | 676,196 | 0 |
Wealth Management | ||
Variable Interest Entity [Line Items] | ||
Assets | 590,371 | 91,989 |
Variable Interest Entity, Not Primary Beneficiary | Strategic Alternatives | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,061,065 | 0 |
Liabilities | 139,323 | 0 |
Equity interests on the Consolidated Statement of Financial Position | 9,827 | 0 |
AlTi exposure | 10,233 | 0 |
Variable Interest Entity, Not Primary Beneficiary | Wealth Management | ||
Variable Interest Entity [Line Items] | ||
Assets | 2,716,060 | 3,171,637 |
Liabilities | 76,572 | 193,142 |
Equity interests on the Consolidated Statement of Financial Position | 40 | 52 |
AlTi exposure | $ 40 | $ 52 |
Investments - Cost and Fair Val
Investments - Cost and Fair Value of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investments, Cost | $ 163,157 | $ 188 |
Investments, Fair Value | 165,894 | 145 |
Equity method investments, Cost | 14,194 | 0 |
Equity method investments, Fair Value | 14,194 | 52 |
Total Investments, Cost | 177,351 | 188 |
Total Investments, Fair Value | 180,088 | 197 |
Mutual funds | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investments, Cost | 93 | 73 |
Investments, Fair Value | 75 | 44 |
Exchange-traded funds | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investments, Cost | 105 | 115 |
Investments, Fair Value | 108 | 101 |
TIG Arbitrage Associates Master Fund | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investments, Cost | 482 | 0 |
Investments, Fair Value | 500 | 0 |
TIG Arbitrage Enhanced Master Fund | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investments, Cost | 179 | 0 |
Investments, Fair Value | 231 | 0 |
TIG Arbitrage Enhanced | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investments, Cost | 682 | 0 |
Investments, Fair Value | 776 | 0 |
Arkkan Opportunities Feeder Fund | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investments, Cost | 111 | 0 |
Investments, Fair Value | 119 | 0 |
Arkkan Capital Management Limited | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investments, Cost | 20,062 | 0 |
Investments, Fair Value | 24,822 | 0 |
Zebedee asset management | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investments, Cost | 68,913 | 0 |
Investments, Fair Value | 69,454 | 0 |
Romspen Investment Corporation | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investments, Cost | 72,523 | 0 |
Investments, Fair Value | 69,802 | 0 |
Other security type | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investments, Cost | 7 | 0 |
Investments, Fair Value | 7 | 0 |
Real estate equity method investments | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Equity method investments, Cost | 9,311 | 0 |
Equity method investments, Fair Value | 9,311 | 0 |
Wealth management - investment advisory | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Equity method investments, Cost | 2,505 | 0 |
Equity method investments, Fair Value | 2,505 | 52 |
Carried interest vehicles | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Equity method investments, Cost | 2,378 | 0 |
Equity method investments, Fair Value | $ 2,378 | $ 0 |
Investments - Unrealized Gains
Investments - Unrealized Gains (Losses) And Realized Gains (Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Realized gains (losses) | $ 1 | $ (68) | $ 91 |
Unrealized gains (losses) | 2,749 | 247 | 2 |
Total gains (losses) on Investments at fair value | $ 2,750 | $ 179 | $ 93 |
Intangible Assets, net - Schedu
Intangible Assets, net - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2023 | Jan. 09, 2024 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | $ 303,668 | $ 303,668 | $ 28,663 | |
Impairment | (52,918) | |||
Accumulated Amortization | (14,061) | (14,061) | (8,085) | |
Net Carrying Amount | 189,777 | 189,777 | 20,578 | |
Impairment loss on goodwill and intangible assets | 52,918 | |||
Acquired Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment | 0 | |||
Intangible Assets, Gross Carrying Amount | 549,568 | 549,568 | ||
Intangible Assets, Impairment | 52,918 | |||
Intangible Assets, Net Carrying Amount | 435,677 | 435,677 | $ 20,578 | |
Disposal Group, Not Discontinued Operations | Family Office Service ("FOS") | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, net of accumulated amortization | (254) | (254) | ||
Disposal Group, Held-for-Sale, Not Discontinued Operations | Family Office Service ("FOS") | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, net of accumulated amortization | (46,658) | (46,658) | ||
Alvarium RE Limited ("ARE") | Strategic Alternatives | Entity Owned By Management Of Alvarium Home REIT Advisors Ltd (“AHRA”) | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment | (29,400) | |||
Impairment loss on goodwill and intangible assets | 29,400 | |||
LondonMetric Property Plc | Strategic Alternatives | Disposal Group, Disposed of by Sale, Not Discontinued Operations | LXi Reit Advisors Limited (“LRA”) | Fund Management | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment | (23,500) | |||
Impairment loss on goodwill and intangible assets | 23,500 | |||
LondonMetric Property Plc | Strategic Alternatives | Disposal Group, Disposed of by Sale, Not Discontinued Operations | LXi Reit Advisors Limited (“LRA”) | Fund Management | Subsequent Event | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Ownership percentage in disposed asset (in percent) | 100% | |||
Consideration receivable | $ 33,100 | |||
Contingent consideration receivable | $ 5,100 | |||
Investment management agreements | ||||
Acquired Indefinite-Lived Intangible Assets [Line Items] | ||||
Investment management agreements | $ 245,900 | $ 245,900 | ||
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted Average Amortization Period (in years) | 25 years 3 months 18 days | 25 years 3 months 18 days | 17 years 3 months 18 days | |
Gross Carrying Amount | $ 186,832 | $ 186,832 | $ 27,900 | |
Impairment | 0 | |||
Accumulated Amortization | (7,180) | (7,180) | (7,743) | |
Net Carrying Amount | 177,270 | 177,270 | $ 20,157 | |
Impairment loss on goodwill and intangible assets | 0 | |||
Customer relationships | Disposal Group, Not Discontinued Operations | Family Office Service ("FOS") | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, net of accumulated amortization | (254) | (254) | ||
Customer relationships | Disposal Group, Held-for-Sale, Not Discontinued Operations | Family Office Service ("FOS") | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, net of accumulated amortization | $ (2,128) | $ (2,128) | ||
Investment management agreements | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted Average Amortization Period (in years) | 19 years 7 months 6 days | 19 years 7 months 6 days | ||
Gross Carrying Amount | $ 100,269 | $ 100,269 | ||
Impairment | (50,283) | |||
Accumulated Amortization | (4,545) | (4,545) | ||
Net Carrying Amount | 2,142 | 2,142 | ||
Impairment loss on goodwill and intangible assets | 50,283 | |||
Investment management agreements | Disposal Group, Not Discontinued Operations | Family Office Service ("FOS") | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, net of accumulated amortization | 0 | 0 | ||
Investment management agreements | Disposal Group, Held-for-Sale, Not Discontinued Operations | Family Office Service ("FOS") | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, net of accumulated amortization | $ (43,299) | $ (43,299) | ||
Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted Average Amortization Period (in years) | 10 years | 10 years | 9 months 18 days | |
Gross Carrying Amount | $ 14,945 | $ 14,945 | $ 71 | |
Impairment | (2,635) | |||
Accumulated Amortization | (1,514) | (1,514) | (71) | |
Net Carrying Amount | 9,565 | 9,565 | $ 0 | |
Impairment loss on goodwill and intangible assets | 2,635 | |||
Trade names | Disposal Group, Not Discontinued Operations | Family Office Service ("FOS") | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, net of accumulated amortization | 0 | 0 | ||
Trade names | Disposal Group, Held-for-Sale, Not Discontinued Operations | Family Office Service ("FOS") | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, net of accumulated amortization | $ (1,231) | $ (1,231) | ||
Acquired internally developed software | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted Average Amortization Period (in years) | 5 years | 5 years | 5 years | |
Gross Carrying Amount | $ 1,000 | $ 1,000 | $ 692 | |
Impairment | 0 | |||
Accumulated Amortization | (200) | (200) | (271) | |
Net Carrying Amount | 800 | 800 | $ 421 | |
Impairment loss on goodwill and intangible assets | 0 | |||
Acquired internally developed software | Disposal Group, Not Discontinued Operations | Family Office Service ("FOS") | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, net of accumulated amortization | 0 | 0 | ||
Acquired internally developed software | Disposal Group, Held-for-Sale, Not Discontinued Operations | Family Office Service ("FOS") | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, net of accumulated amortization | $ 0 | $ 0 | ||
Other intangible asset | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted Average Amortization Period (in years) | 0 years | 0 years | ||
Gross Carrying Amount | $ 622 | $ 622 | ||
Impairment | 0 | |||
Accumulated Amortization | (622) | (622) | ||
Net Carrying Amount | 0 | 0 | ||
Impairment loss on goodwill and intangible assets | 0 | |||
Other intangible asset | Disposal Group, Not Discontinued Operations | Family Office Service ("FOS") | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, net of accumulated amortization | 0 | 0 | ||
Other intangible asset | Disposal Group, Held-for-Sale, Not Discontinued Operations | Family Office Service ("FOS") | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, net of accumulated amortization | $ 0 | $ 0 |
Intangible Assets, net - Narrat
Intangible Assets, net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 14,100 | $ 1,900 | $ 1,400 |
Business Acquisition [Line Items] | |||
Impairment loss on goodwill and intangible assets | 52,918 | ||
Alvarium, TWMH And TIG | |||
Business Acquisition [Line Items] | |||
Decrease in fair value of acquired intangible assets | $ 21,600 |
Intangible Assets, net - Estima
Intangible Assets, net - Estimated Future Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2024 | $ 9,244 | |
2025 | 9,244 | |
2026 | 9,244 | |
2027 | 9,244 | |
2028 and beyond | 152,801 | |
Net Carrying Amount | $ 189,777 | $ 20,578 |
Other assets, net and Other l_3
Other assets, net and Other liabilities, net - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Foreign currency translation difference | $ (270) | $ 0 |
Accumulated depreciation and amortization | (5,665) | (4,491) |
Fixed assets, net | 2,532 | 975 |
Accrued income | 17,124 | 0 |
Prepaid expenses | 8,045 | 1,898 |
Sundry receivables | 5,664 | 0 |
Other receivables | 12,204 | 579 |
Interest rate swap | 0 | 241 |
Other assets | 2,613 | 124 |
Other assets, net | 48,182 | 3,817 |
Related Party | Other assets | ||
Property, Plant and Equipment [Line Items] | ||
Related Party Receivables | 6,700 | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | 4,978 | 2,571 |
Office equipment and furniture | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 3,489 | $ 2,895 |
Other assets, net and Other l_4
Other assets, net and Other liabilities, net - Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | ||
Payroll | $ 5,202 | $ 0 |
Sundry | 3,422 | 0 |
Other | 6,100 | 0 |
Fair value of payout right | 0 | 3,662 |
Other liabilities, net | 21,858 | 3,662 |
AlTi Wealth Management (Switzerland) SA (“AWMS”) | ||
Business Acquisition [Line Items] | ||
AWMS deferred cash consideration | $ 7,135 | $ 0 |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating lease expense | $ 8,782 | $ 2,974 |
Variable lease expense | 3,165 | 1,353 |
Short-term lease expense | 750 | 144 |
Total lease expense | $ 12,697 | $ 4,471 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating cash flow information: | ||
Operating cash flow from operating leases | $ 7,131 | $ 2,930 |
Non-cash activity: | ||
Right-of-use assets obtained in exchange for lease obligations | $ 35,629 | $ 2,621 |
Leases - Weighted-average Remai
Leases - Weighted-average Remaining Lease Term And Discount Rate (Details) | Dec. 31, 2023 |
Leases [Abstract] | |
Weighted-average remaining lease term (In years) | 11 years 11 months 8 days |
Weighted-average discount rate (in percent) | 6.22% |
Lease - Future Minimum Lease Pa
Lease - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Future Minimum Rental Operating Leases | |
2024 | $ 7,079 |
2025 | 7,585 |
2026 | 6,533 |
2027 | 5,852 |
2028 | 5,545 |
2029 and beyond | 53,277 |
Total lease payments | 85,871 |
Less: Imputed interest | 29,748 |
Present value of lease liabilities | $ 56,123 |
Goodwill, net (Details)
Goodwill, net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Gross goodwill, beginning balance | $ 530,547 | $ 22,185 |
Goodwill, beginning balance | 530,547 | 22,185 |
Goodwill, period increase (decrease) | (118,643) | 3,279 |
Goodwill acquired during the period | 18,972 | 3,279 |
Impairment charges | (153,589) | 0 |
Currency translation and other adjustments | 15,974 | 0 |
Gross goodwill, ending balance | 411,904 | 25,464 |
Goodwill, ending balance | 411,904 | $ 25,464 |
Strategic Alternatives | ||
Goodwill [Roll Forward] | ||
Gross goodwill, beginning balance | 232,429 | |
Goodwill, beginning balance | 232,429 | |
Goodwill, period increase (decrease) | (141,679) | |
Goodwill acquired during the period | 0 | |
Impairment charges | (153,589) | |
Currency translation and other adjustments | 11,910 | |
Gross goodwill, ending balance | 90,750 | |
Goodwill, ending balance | 90,750 | |
Wealth Management | ||
Goodwill [Roll Forward] | ||
Gross goodwill, beginning balance | 298,118 | |
Goodwill, beginning balance | 298,118 | |
Goodwill, period increase (decrease) | 23,036 | |
Goodwill acquired during the period | 18,972 | |
Impairment charges | 0 | |
Currency translation and other adjustments | 4,064 | |
Gross goodwill, ending balance | 321,154 | |
Goodwill, ending balance | $ 321,154 |
Goodwill, net - Narrative (Deta
Goodwill, net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impairment charges | $ 153,589 | $ 0 |
Debt, net of unamortized defe_3
Debt, net of unamortized deferred financing cost - Schedule of Debt (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Debt Outstanding | $ 21,187,000 | |
Net Carrying Value | $ 186,353,000 | 21,187,000 |
Unamortized debt issuance costs | 0 | |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Debt Outstanding | 188,750,000 | |
Net Carrying Value | 186,353,000 | |
Fair Value | 188,750,000 | |
Promissory Notes | ||
Debt Instrument [Line Items] | ||
Debt Outstanding | 1,377,000 | |
Net Carrying Value | 1,377,000 | |
Term Loans | Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Debt Outstanding | 95,000,000 | 5,760,000 |
Net Carrying Value | 92,603,000 | 5,760,000 |
Fair Value | 95,000,000 | |
Revolving Credit Facility | Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Debt Outstanding | 93,750,000 | 14,050,000 |
Net Carrying Value | 93,750,000 | $ 14,050,000 |
Fair Value | $ 93,750,000 |
Debt, net of unamortized defe_4
Debt, net of unamortized deferred financing cost - Narrative (Details) - USD ($) | 12 Months Ended | ||||||
Feb. 13, 2024 | Jan. 03, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 10, 2023 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||||
Borrowings on term notes and lines of credit | $ 160,453,000 | $ 2,810,000 | $ 7,060,000 | ||||
Debt, net of unamortized deferred financing cost | 186,353,000 | 21,187,000 | |||||
Alvarium, TWMH And TIG | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings on term notes and lines of credit | $ 124,400,000 | ||||||
Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Debt, net of unamortized deferred financing cost | 186,353,000 | ||||||
Credit Facility | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 250,000,000 | ||||||
Credit Facility | Line of Credit | Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 100,000,000 | ||||||
Debt, net of unamortized deferred financing cost | 92,603,000 | $ 5,760,000 | |||||
Interest rate (in percent) | 2.60% | ||||||
Credit Facility | Line of Credit | Term Loans | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Increase to applicable margin | 0.50% | ||||||
Commitment block | $ 40,000,000 | ||||||
Credit Facility | Line of Credit | Term Loans | London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.50% | ||||||
Credit Facility | Line of Credit | Term Loans | Minimum | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1% | ||||||
Credit Facility | Line of Credit | Term Loans | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2% | ||||||
Credit Facility | Line of Credit | Term Loans | Maximum | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2% | ||||||
Credit Facility | Line of Credit | Term Loans | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 3% | ||||||
Credit Facility | Line of Credit | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 150,000,000 | $ 110,000,000 | |||||
Accordion option, additional borrowing capacity | 75,000,000 | ||||||
Accordion feature, maximum borrowing capacity | $ 225,000,000 | ||||||
Reduced credit facility amount | $ 50,000,000 | ||||||
Unfunded commitment | $ 16,300,000 | ||||||
Weighted average interest rate (in percent) | 9% | ||||||
Debt, net of unamortized deferred financing cost | $ 93,750,000 | $ 14,050,000 | |||||
Unused commitment fee (in percent) | 0.15% | ||||||
Credit Facility | Line of Credit | Revolving Credit Facility | Bloomberg Short-Term Bank Yield Index Rate (BSBY) | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.50% | ||||||
Promissory Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt, net of unamortized deferred financing cost | $ 1,377,000 | ||||||
Interest rate (in percent) | 3.25% |
Debt, net of unamortized defe_5
Debt, net of unamortized deferred financing cost - Term Loan Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Aggregate Maturities | ||
Total | $ 21,187 | |
Line of Credit | ||
Aggregate Maturities | ||
Total | $ 188,750 | |
Term Loans | Credit Facility | Line of Credit | ||
Aggregate Maturities | ||
2024 | 5,000 | |
2025 | 7,500 | |
2026 | 10,000 | |
2027 | 10,000 | |
2028 | 62,500 | |
Total | $ 95,000 | $ 5,760 |
Retirement Plans - Narrative (D
Retirement Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Postemployment Benefits [Abstract] | |||
Defined Contribution Plan, Tax Status [Extensible Enumeration] | Qualified Plan [Member] | ||
Contributions | $ 3,454 | $ 738 | $ 719 |
Contributions payable | $ 1,200 |
Retirement Plans - Schedule Of
Retirement Plans - Schedule Of Contributions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Postemployment Benefits [Abstract] | |||
Contributions | $ 3,454 | $ 738 | $ 719 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Additional paid-in capital | $ 523,255 | $ 0 |
Related Party | ||
Related Party Transaction [Line Items] | ||
Additional paid-in capital | (1,178) | 0 |
Other assets | Related Party | ||
Related Party Transaction [Line Items] | ||
Related Party Receivables | 6,700 | |
Other assets | Equity Method Investee | ||
Related Party Transaction [Line Items] | ||
Related Party Receivables | 5,948 | 0 |
Other assets | TMWH, TIG GP, and TIG MGMT Members | Related Party | ||
Related Party Transaction [Line Items] | ||
Related Party Receivables | 712 | 1,161 |
Fees receivable, net | Related Party | Fees receivable | ||
Related Party Transaction [Line Items] | ||
Related Party Receivables | 247 | 0 |
Fees receivable, net | TIG | Related Party | Fees receivable | ||
Related Party Transaction [Line Items] | ||
Related Party Receivables | 15,822 | 0 |
TRA Liability | Non-Controlling Interest Holders, Tax Receivable Agreements | Related Party | ||
Related Party Transaction [Line Items] | ||
Related party payables | 17,607 | 0 |
Delayed share purchase agreement | Related Party | ||
Related Party Transaction [Line Items] | ||
Related party payables | 1,818 | 1,818 |
Accrued compensation and profit sharing | Related Party | ||
Related Party Transaction [Line Items] | ||
Related party payables | 282 | 400 |
Earn-out liability, at fair value | TWMH, TIG GP, and TIG MGMT Members and Alvarium Shareholders, Earn-Out | Related Party | ||
Related Party Transaction [Line Items] | ||
Related party payables | 62,380 | 0 |
Earn-out liability, at fair value | AlTi Wealth Management (Switzerland) SA (“AWMS”) | Related Party | ||
Related Party Transaction [Line Items] | ||
Related party payables | 1,064 | 0 |
Other liabilities | Equity Method Investee | ||
Related Party Transaction [Line Items] | ||
Related party payables | 1,277 | 0 |
Other liabilities | AlTi Wealth Management (Switzerland) SA (“AWMS”) | Related Party | ||
Related Party Transaction [Line Items] | ||
AWMS deferred cash consideration | $ 7,135 | $ 0 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||
Aug. 02, 2023 USD ($) | Jul. 28, 2023 USD ($) | Jul. 27, 2023 USD ($) | Jan. 03, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) anniversary | Dec. 31, 2021 USD ($) | Aug. 31, 2023 $ / shares | Jun. 30, 2023 | |
Related Party Transaction [Line Items] | ||||||||||
Other receivables | $ 12,204 | $ 12,204 | $ 579 | |||||||
Delayed share purchase agreement | 1,818 | 1,818 | 1,818 | |||||||
Share and cash compensation associated with delayed share purchase agreement | 1,100 | 0 | ||||||||
Total income | 250,880 | 76,872 | $ 75,703 | |||||||
Compensation and employee benefits | (204,052) | (51,234) | (47,413) | |||||||
Tax receivable agreement, liability | 17,607 | 17,607 | 0 | |||||||
TRA liability | 13,233 | 13,233 | 0 | |||||||
TRA liability, carrying value | $ 4,400 | 4,400 | ||||||||
Loss on TRA | $ (233) | 0 | 0 | |||||||
Conversion ratio | 1 | 1 | ||||||||
TRA, tax payments and cash distributions | $ 1,800 | |||||||||
Earn-out liability, at fair value | $ 63,444 | 63,444 | 0 | |||||||
Gain on earnout liability | (31,104) | 0 | 0 | |||||||
Management/Advisory fees | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Total income | 184,824 | 76,872 | 75,703 | |||||||
Other fees/income | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Total income | 5,494 | 0 | $ 0 | |||||||
Accrued compensation and profit sharing | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Delayed share purchase agreement | 300 | 300 | 400 | |||||||
Additional paid-in-capital | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Delayed share purchase agreement | 1,200 | 1,200 | $ 0 | |||||||
Class A Common Stock | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Conversion ratio | 1 | 1 | ||||||||
Share price (in dollars per share) | $ / shares | $ 7.31 | |||||||||
Tiedemann International Holdings, AG ("TIH") | Tiedemann Wealth Management Holdings, LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Cash consideration | $ 2,100 | $ 2,200 | ||||||||
Voting interest acquired (in percent) | 51.10% | |||||||||
Tiedemann International Holdings, AG ("TIH") | Tiedemann Wealth Management Holdings, LLC | Class A Common Stock | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Equity consideration | $ 1,200 | |||||||||
AlTi Wealth Management (Switzerland) SA (“AWMS”) | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Cash consideration | $ 5,711 | |||||||||
Equity consideration | $ 1,459 | |||||||||
Earn-out liability, at fair value | 1,100 | 1,100 | ||||||||
Gain on earnout liability | 1,700 | |||||||||
Voting interest acquired (in percent) | 70% | |||||||||
Equity interest (in percent) | 30% | |||||||||
Equity interest, including subsequent acquisition (in percent) | 100% | |||||||||
Total purchase consideration transferred | $ 16,754 | |||||||||
Alvarium, TWMH And TIG | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Cash consideration | $ 99,999 | |||||||||
Earn-out liability, at fair value | 62,400 | 62,400 | ||||||||
Gain on earnout liability | 29,400 | |||||||||
Total purchase consideration transferred | 1,071,116 | |||||||||
Alvarium, TWMH And TIG | Class A Common Stock | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Equity consideration | $ 294,159 | |||||||||
Related Party | Fees receivable, net | Fees receivable | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related Party Receivables | 247 | 247 | $ 0 | |||||||
Equity Method Investee | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Compensation and employee benefits | (1,800) | |||||||||
Investment income (expense), net | 200 | |||||||||
Equity Method Investee | Management/Advisory fees | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Total income | 700 | |||||||||
Equity Method Investee | Other fees/income | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Total income | (2,400) | |||||||||
Promissory Notes | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Interest rate (in percent) | 3.25% | |||||||||
TWMH Members | Promissory Notes | Related Party | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt instrument, face amount | $ 1,500 | |||||||||
Interest rate (in percent) | 3.25% | |||||||||
Debt, including debt forgiveness portion | $ 1,100 | |||||||||
Initial number of periods to determine if principal and accrued interest will be forgiven | anniversary | 5 | |||||||||
Debt forgiveness, percentage of principal and accrued interest | 20% | |||||||||
Due date, upon termination of employment (in days) | 30 days | |||||||||
Debt instrument, face amount without debt forgiveness provision | $ 400 | |||||||||
Forgiveness of debt | 261 | 280 | ||||||||
Other receivables | $ 700 | $ 700 | 1,200 | |||||||
TMWH, TIG GP, and TIG MGMT Members | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
TRA, payment, percentage of tax benefit received | 85% | 85% | ||||||||
TRA, administering costs and expenses, percentage of obligation by company | 15% | 15% | ||||||||
TRA, administering costs and expenses, percentage of obligation by affiliated entity | 85% | 85% | ||||||||
TIG | Related Party | Fees receivable, net | Fees receivable | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related Party Receivables | $ 15,822 | $ 15,822 | $ 0 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 2 | ||
Equity method investments | $ 14,194 | $ 52 | |
Income (loss) from equity method investments | (3,019) | $ 33 | $ (3,050) |
Strategic Alternatives | |||
Segment Reporting Information [Line Items] | |||
Equity method investments | 11,800 | ||
Income (loss) from equity method investments | 2,100 | ||
Wealth Management | |||
Segment Reporting Information [Line Items] | |||
Equity method investments | 2,300 | ||
Income (loss) from equity method investments | $ (500) | ||
One Customer | Revenue Benchmark | Customer Concentration Risk | Strategic Alternatives | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 12.40% |
Segment Reporting - Net Income
Segment Reporting - Net Income By Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | $ 250,880 | $ 76,872 | $ 75,703 |
Operating Expenses [Abstract] | |||
Compensation and employee benefits | 204,052 | 51,234 | 47,413 |
Systems, technology and telephone | 16,341 | 6,331 | 5,070 |
Sales, distribution and marketing | 2,217 | 1,170 | 931 |
Occupancy costs | 13,814 | 4,503 | 3,498 |
Professional fees | 66,115 | 9,400 | 6,882 |
Travel and entertainment | 5,914 | 1,724 | 566 |
Depreciation and amortization | 17,039 | 2,339 | 2,051 |
General, administrative and other | 19,495 | 1,489 | 1,524 |
Total operating expenses | 344,987 | 78,190 | 67,935 |
Operating Income (Loss) | (94,107) | (1,318) | 7,768 |
Impairment loss on goodwill and intangible assets | (206,507) | 0 | 0 |
Loss on investments | (15,483) | (3,671) | (2,960) |
Loss on TRA | (233) | 0 | 0 |
Loss on warrant liability | (12,866) | 0 | 0 |
Gain on earnout liability | 31,104 | 0 | 0 |
Interest expense | (14,501) | (427) | (397) |
Other expenses | (3,744) | (55) | (105) |
Income (loss) before taxes | (316,337) | (5,471) | 4,306 |
Income tax benefit (expense) | 10,534 | (527) | (515) |
Net (loss) income | (305,803) | (5,998) | 3,791 |
Operating Segments | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 250,880 | 76,872 | 75,703 |
Strategic Alternatives | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 113,343 | ||
Operating Expenses [Abstract] | |||
Compensation and employee benefits | 85,792 | ||
Systems, technology and telephone | 5,210 | ||
Sales, distribution and marketing | 948 | ||
Occupancy costs | 4,658 | ||
Professional fees | 34,978 | ||
Travel and entertainment | 2,623 | ||
Depreciation and amortization | 7,978 | ||
General, administrative and other | 11,608 | ||
Total operating expenses | 153,795 | ||
Operating Income (Loss) | (40,452) | ||
Impairment loss on goodwill and intangible assets | (206,507) | ||
Loss on investments | (15,520) | ||
Loss on TRA | (116) | ||
Loss on warrant liability | (6,433) | ||
Gain on earnout liability | 14,690 | ||
Interest expense | (7,334) | ||
Other expenses | (2,294) | ||
Income (loss) before taxes | (263,966) | ||
Income tax benefit (expense) | 14,449 | ||
Net (loss) income | (249,517) | ||
Wealth Management | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 137,537 | ||
Operating Expenses [Abstract] | |||
Compensation and employee benefits | 118,260 | ||
Systems, technology and telephone | 11,131 | ||
Sales, distribution and marketing | 1,269 | ||
Occupancy costs | 9,156 | ||
Professional fees | 31,137 | ||
Travel and entertainment | 3,291 | ||
Depreciation and amortization | 9,061 | ||
General, administrative and other | 7,887 | ||
Total operating expenses | 191,192 | ||
Operating Income (Loss) | (53,655) | ||
Impairment loss on goodwill and intangible assets | 0 | ||
Loss on investments | 37 | ||
Loss on TRA | (117) | ||
Loss on warrant liability | (6,433) | ||
Gain on earnout liability | 16,414 | ||
Interest expense | (7,167) | ||
Other expenses | (1,450) | ||
Income (loss) before taxes | (52,371) | ||
Income tax benefit (expense) | (3,915) | ||
Net (loss) income | (56,286) | ||
Management/Advisory fees | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 184,824 | 76,872 | 75,703 |
Management/Advisory fees | Operating Segments | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 184,824 | 76,872 | 75,703 |
Management/Advisory fees | Strategic Alternatives | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 49,236 | ||
Management/Advisory fees | Wealth Management | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 135,588 | ||
Incentive fees | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 43,377 | 0 | 0 |
Incentive fees | Operating Segments | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 43,377 | 0 | 0 |
Incentive fees | Strategic Alternatives | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 41,718 | ||
Incentive fees | Wealth Management | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 1,659 | ||
Distributions from investments | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 17,185 | 0 | 0 |
Distributions from investments | Operating Segments | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 17,185 | 0 | 0 |
Distributions from investments | Strategic Alternatives | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 17,185 | ||
Distributions from investments | Wealth Management | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 0 | ||
Other fees/income | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 5,494 | 0 | 0 |
Other fees/income | Operating Segments | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 5,494 | $ 0 | $ 0 |
Other fees/income | Strategic Alternatives | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | 5,204 | ||
Other fees/income | Wealth Management | |||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |||
Total income | $ 290 |
Segment Reporting - Revenue And
Segment Reporting - Revenue And Assets By Geography (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total Revenues | $ 250,880 | $ 76,872 | $ 75,703 |
United States | |||
Segment Reporting Information [Line Items] | |||
Total Revenues | 153,899 | 72,181 | 75,703 |
United Kingdom | |||
Segment Reporting Information [Line Items] | |||
Total Revenues | 58,912 | 3,863 | 0 |
Rest of World | |||
Segment Reporting Information [Line Items] | |||
Total Revenues | $ 38,069 | $ 828 | $ 0 |
Segment Reporting - Assets By S
Segment Reporting - Assets By Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Long-lived Assets | $ 50,845 | $ 11,070 |
Total Assets | 1,266,567 | 91,989 |
Strategic Alternatives | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Assets | 676,196 | 0 |
Wealth Management | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Assets | 590,371 | 91,989 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Long-lived Assets | 41,603 | 11,022 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Long-lived Assets | 5,434 | 48 |
Rest of World | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Long-lived Assets | $ 3,807 | $ 0 |
Earnings Per Share - Basic and
Earnings Per Share - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net loss attributable to controlling interest - basic | $ (162,606) | ||
Net loss available to the Company - diluted | $ (162,606) | ||
Weighted-average shares of Class A Common Stock outstanding - basic (in shares) | 61,396,692 | 7,007 | 6,956 |
Weighted-average shares of Class A Common Stock outstanding - basic (in shares) | 61,396,692 | 7,007 | 6,956 |
Loss per Class A Common Stock - basic (in dollars per share) | $ (2.65) | $ (839.87) | $ 566.27 |
Loss per Class A Common Stock - diluted (in dollars per share) | $ (2.65) | $ (839.87) | $ 566.27 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities (Details) | 12 Months Ended |
Dec. 31, 2023 shares | |
Class B Common Stock and Class B Units | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities (in shares) | 40,668,662 |
Warrants | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities (in shares) | 4,992,813 |
Earn-outs | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities (in shares) | 10,396,318 |
Stock Awards | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities (in shares) | 3,432,030 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ / shares in Units, $ in Thousands | Aug. 31, 2023 $ / shares shares | Aug. 02, 2023 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 | Jan. 03, 2023 | Dec. 31, 2022 USD ($) |
Other Commitments [Line Items] | ||||||
Tax receivable agreement, liability | $ 17,607 | $ 0 | ||||
Conversion ratio | 1 | |||||
TWMH, TIG GP, and TIG MGMT Members and Alvarium Shareholders, Earn-Out | Earn-out liability, at fair value | Related Party | ||||||
Other Commitments [Line Items] | ||||||
Related party payables | $ 62,380 | $ 0 | ||||
AlTi Wealth Management (Switzerland) SA (“AWMS”) | ||||||
Other Commitments [Line Items] | ||||||
Voting interest acquired (in percent) | 70% | |||||
Equity interest (in percent) | 30% | |||||
Equity interest, including subsequent acquisition (in percent) | 100% | |||||
Total purchase consideration transferred | $ 16,754 | |||||
Class A Common Stock | ||||||
Other Commitments [Line Items] | ||||||
Conversion ratio | 1 | 1 | ||||
Converted shares (in shares) | shares | 1,813,248 | |||||
Share price (in dollars per share) | $ / shares | $ 7.31 |
Equity (Details)
Equity (Details) - $ / shares | Dec. 31, 2023 | Jan. 03, 2023 |
Class A Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, outstanding (in shares) | 65,110,875 | |
Common stock, shares, outstanding, subject to forfeiture (in shares) | 754,968 | |
Common stock, par value (in dollars per share) | $ 0.0001 | |
Class B Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, outstanding (in shares) | 53,219,713 | 53,219,713 |
Common stock, par value (in dollars per share) | $ 0.0001 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2023 | Mar. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | Mar. 11, 2024 | Jan. 09, 2024 | Jun. 07, 2023 | |
Subsequent Event [Line Items] | |||||||
Number of securities called by warrants or rights (in shares) | 19,892,387 | ||||||
Warrant, exercise price (in dollars per share) | $ 11.50 | $ 11.50 | |||||
Impairment loss on goodwill and intangible assets | $ 52,918,000 | ||||||
Subsequent Event | Pointwise Partners Limited (“Pointwise”) | |||||||
Subsequent Event [Line Items] | |||||||
Equity method investment, ownership percentage (in percent) | 50% | ||||||
Class A Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Number of securities called by warrants or rights (in shares) | 4,962,221 | 4,962,221 | 4,962,147 | ||||
Forecast | Pointwise Partners Limited (“Pointwise”) | |||||||
Subsequent Event [Line Items] | |||||||
Voting interest acquired (in percent) | 50% | ||||||
Total purchase consideration transferred | $ 7,200,000 | ||||||
Allianz Strategic Investments S.à.r.l. (“Allianz”) | Forecast | Allianz Investment Agreement | |||||||
Subsequent Event [Line Items] | |||||||
Consideration received | $ 250,000,000 | ||||||
Allianz Strategic Investments S.à.r.l. (“Allianz”) | Forecast | Allianz Investment Agreement | Series A Cumulative Convertible Preferred Stock | |||||||
Subsequent Event [Line Items] | |||||||
Sale of stock, number of shares issued in transaction (in shares) | 140,000 | ||||||
Preferred stock liquidation preference (in dollars per share) | $ 1,000 | ||||||
Allianz Strategic Investments S.à.r.l. (“Allianz”) | Forecast | Allianz Investment Agreement | Class A Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Sale of stock, number of shares issued in transaction (in shares) | 19,318,580.96 | ||||||
Sale of stock, price per share (in dollars per share) | $ 5.69 | ||||||
Number of securities called by warrants or rights (in shares) | 5,000,000 | ||||||
Warrant, exercise price (in dollars per share) | $ 7.40 | ||||||
Allianz Strategic Investments S.à.r.l. (“Allianz”) | Forecast | Supplemental Allianz Investment Agreement | Series A Cumulative Convertible Preferred Stock | |||||||
Subsequent Event [Line Items] | |||||||
Consideration received | $ 50,000,000 | ||||||
CWC AlTi Investor LLC (“Constellation”) | Forecast | Constellation Investment Agreement | Class A Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Sale of stock, number of shares issued in transaction (in shares) | 1,533,333 | ||||||
Sale of stock, price per share (in dollars per share) | $ 7.40 | ||||||
CWC AlTi Investor LLC (“Constellation”) | Forecast | Constellation Investment Agreement | Series C Cumulative Convertible Preferred Stock | |||||||
Subsequent Event [Line Items] | |||||||
Consideration received | $ 115,000,000 | ||||||
Sale of stock, number of shares issued in transaction (in shares) | 115,000 | ||||||
Preferred stock liquidation preference (in dollars per share) | $ 1,000 | ||||||
CWC AlTi Investor LLC (“Constellation”) | Forecast | Supplemental Constellation Investment Agreement | Class A Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Number of securities called by warrants or rights (in shares) | 466,667 | ||||||
CWC AlTi Investor LLC (“Constellation”) | Forecast | Supplemental Constellation Investment Agreement | Series C Cumulative Convertible Preferred Stock | |||||||
Subsequent Event [Line Items] | |||||||
Consideration received | $ 35,000,000 | ||||||
Sale of stock, number of shares issued in transaction (in shares) | 35,000 | ||||||
LondonMetric Property Plc | Disposal Group, Disposed of by Sale, Not Discontinued Operations | LXi Reit Advisors Limited (“LRA”) | Strategic Alternatives | Fund Management | |||||||
Subsequent Event [Line Items] | |||||||
Impairment loss on goodwill and intangible assets | $ 23,500,000 | ||||||
LondonMetric Property Plc | Disposal Group, Disposed of by Sale, Not Discontinued Operations | LXi Reit Advisors Limited (“LRA”) | Strategic Alternatives | Fund Management | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Ownership percentage in disposed asset (in percent) | 100% | ||||||
Consideration receivable | $ 33,100,000 | ||||||
Contingent consideration receivable | $ 5,100,000 |