Shares of wealth management firm AlTi Global dropped 16% a day after the company said it was receiving investments of up to $450 million from a unit of insurer Allianz and Constellation Wealth Capital to fuel acquisitions.
Shares of AlTi rose 21% to close at $7.05 on Thursday following the announcement, but they fell sharply on Friday, according to FactSet data. Shares have lagged over the past year; the stock is down 27.74% over the past 12 months. It was trading around $5.90 a share as of midafternoon Friday.
The…
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