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AlTi Global Takes $20M Loss on External Manager Stake
AlTi Global recorded a $20M unrealized loss after an external manager unwound its fund following its founder's health crisis. AUM hit $51B, up 8%.
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AlTi Global, the publicly traded wealth manager with $96 billion in assets, recorded a nearly $20 million unrealized investment loss in the second quarter after one of its external managers decided to unwind its fund.
The manager, Arkkan Capital's Asian Credit and Special Situations strategy, faced what interim CEO Nancy Curtin called "an extraordinary circumstance." The firm's founder and chief investment officer suffered a sudden health event, she said on the earnings call. Following that, the manager and its board opted to close the fund over a 12-month period.
Curtin said the firm's stakes in two other external managers are performing well. She declined to comment on a report that Franklin Templeton was in talks to buy AlTi, saying only that the special committee reviewing strategic options was still in place.