AlTi Global Inc (NASDAQ: ALTI), an independent global wealth and alternatives manager, said on Friday that its Chief Operating Officer, Kevin Moran, had been promoted to the role of President, effective immediately.
Moran will oversee AlTi’s Wealth Management and Strategic Alternatives businesses and will retain the COO role.
Before the merger that formed AlTi, Moran served as Chief Operating Officer at Tiedemann Advisors LLC, where he spent nearly 15 years.
”I am thrilled to announce this change to optimize AlTi’s management structure at a time of tremendous growth and opportunity for the firm. I extend huge thanks to Kevin for his leadership to date. This change allows me to dedicate more of my time to strategic external matters and I look forward to continuing to work with Kevin on AlTi’s exciting future,” Michael Tiedemann, Chief Executive Officer of AlTi Global, said in a press release.
Stock Performance
The shares of Alti Global Inc (ALTI) closed 8.53% ($0.51) lower at $5.47 on Nasdaq on Friday, as they extended the losses from the previous three market sessions.
The company’s total market cap now stands at $618.307 million.
The shares of Alti Global Inc (ALTI) went down 19.71% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have retreated 37.56% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, the 1 surveyed investment analyst offering 12-month price target for Alti Global Inc’s stock had rated the latter as “Buy”. The median price target on the stock stands at $9.00, which translates into a 64.53% upside compared to the closing price on Friday.
The high point of the analyst forecast range stands at $9.00.
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