Nazim Cetin
About Nazim Cetin
Nazim Cetin, age 47, is an independent director of AlTi Global and CEO of Allianz X since 2017. He was appointed to the AlTi board on July 31, 2024 pursuant to the Allianz Investor Rights Agreement; the board has affirmed his independence under Nasdaq and SEC rules. Dr. Cetin holds a Ph.D. in Economics (Witten-Herdecke University), an M.Sc. in Economics and Management (Universitat Pompeu Fabra Barcelona), and a first degree in Quantitative Economics (University of Tübingen) .
Past Roles
| Organization | Role | Tenure/Dates | Committees/Impact |
|---|---|---|---|
| Bertelsmann | Vice President, Corporate Development & New Businesses | Not disclosed | Corporate development/business building |
| Maple Bank | Vice President, Commercial Finance | Not disclosed | Internationalized Commercial Finance division |
| LBBW | Investment Banking | Not disclosed | Early career |
| Agora 42 | Founder | Not disclosed | Founded first German periodical focused on economics and philosophy |
External Roles
| Organization | Role | Nature | Notes |
|---|---|---|---|
| Allianz X | Chief Executive Officer | Corporate subsidiary | CEO since 2017 |
| Ualá | Supervisory Board Member | Private company | Active member |
| Pie Insurance | Supervisory Board Member | Private company | Active member |
Board Governance
- Independence: Board determined Dr. Cetin is independent under Nasdaq and SEC standards .
- Appointment & Designation: Allianz designated Dr. Cetin (and Andreas Wimmer) as directors at the closing of the Allianz transaction (July 31, 2024), subject to Allianz’s continued ownership thresholds .
- Committee Memberships and Chairs:
- Human Capital & Compensation Committee (HC&C): Member; Chair: Norma Corio .
- Transaction Committee (TC): Member; Chair: Mark Furlong .
- Board Chair: Timothy Keaney (independent) .
- Board and Committee Activity:
- 2024 Meetings: Board held 14; all directors attended at least 75% of Board and committee meetings during their service periods .
- 2024 Committee Meetings: AFRC 13; HC&C 9; ESG&N 4; Transaction Committee 1 .
| Committee | Role | Chair | 2024 Meetings |
|---|---|---|---|
| Human Capital & Compensation | Member | Norma Corio | 9 |
| Transaction Committee | Member | Mark Furlong | 1 |
Fixed Compensation
- Philosophy: Retainer-only approach (no meeting fees); directors receive a Board retainer plus committee retainers; employee directors receive no additional compensation .
- Retainer Schedule (current):
- Board: Chair $40,000; Member $100,000 .
- Audit Committee: Chair $20,000; Member $10,000 .
- Compensation Committee: Chair $10,000; Member $5,000 .
- ESG&N Committee: Chair $10,000; Member $5,000 .
- Transaction Committee: Chair $10,000; Member $5,000 .
| Metric | FY 2024 | Notes |
|---|---|---|
| Fees Earned or Paid in Cash ($) | 27,500 | Reflects partial-year service after July 31, 2024 and committee membership |
| Stock Awards ($) (grant date fair value) | 99,752 | RSU grant under 2023 Plan; values per ASC 718 |
| Total ($) | 127,252 | Cash + RSU grant fair value |
Performance Compensation
- Structure: Non‑employee directors typically receive annual restricted stock grants (~$110,000) with time-based vesting; vest at the earliest of (i) business day before next annual meeting or (ii) June 30 of the following year. No performance-based metrics (e.g., TSR, revenue, EBITDA) are tied to director awards .
| Performance Metric | Target/Definition | Measurement Period | Outcome |
|---|---|---|---|
| None disclosed for non‑employee directors | N/A | N/A | N/A |
Other Directorships & Interlocks
| Company/Entity | Relationship to ALTI | Detail | Potential Interlock/Conflict Note |
|---|---|---|---|
| Allianz SE / Allianz entities | Strategic investor | Purchased $250M of AlTi securities (140,000 Series A Preferred; 19,318,580.96 Class A); Warrants for 5,000,000 Class A at $7.40; closing July 31, 2024 | Allianz has rights to designate two directors (Cetin, Wimmer) subject to ownership thresholds; related‑party exposure managed via independence determinations and abstention policies |
| Transaction Committee | Board committee | Reviews M&A/investment proposals, advisor selection, approval thresholds, and post‑deal performance oversight | Cetin’s membership alongside management and investor designee may require careful recusals on Allianz‑linked matters; Board policy requires interested directors abstain on affiliated transactions |
Expertise & Qualifications
- CEO/investor background (Allianz X) with leadership in investment, business development, entrepreneurship .
- Prior corporate development, finance, and banking experience (Bertelsmann, Maple Bank, LBBW) .
- Academic rigor in economics (Ph.D.; M.Sc.) .
Equity Ownership
| Metric | FY 2024 | Apr 7, 2025 |
|---|---|---|
| Unvested RSUs (#) | 22,774.33 | — |
| Class A Common Stock Beneficially Owned (#) | — | 22,774 |
| Ownership % of Voting Securities | — | <1% (asterisk denotes less than 1%) |
- Beneficial ownership percentages based on 144,163,219 shares outstanding as of April 7, 2025 (99,052,995 Class A; 45,110,224 Class B) and 150,000 Series C Preferred with aggregate voting power equal to 7.5% .
- Section 16(a): Company disclosed various late Form 4s for certain insiders in 2024; no specific mention of Dr. Cetin among the late filings listed .
Governance Assessment
- Committee effectiveness: Active roles on Compensation and Transaction Committees place Dr. Cetin at the core of pay design/oversight and capital allocation/M&A review; chairs are independent (Corio, Furlong), which supports balanced governance .
- Independence vs. investor designation: Board has confirmed independence despite Allianz’s designation rights; Board policy requires abstention by interested directors on affiliated transactions—important mitigation of conflicts given Allianz’s significant investment and warrants .
- Attendance/engagement: Board met 14 times in 2024; all directors met the ≥75% attendance threshold—adequate engagement for an appointee mid‑year .
- Pay mix and alignment: Director compensation skews toward equity (RSUs) and excludes meeting fees, aligning interests with shareholders; Cetin’s 2024 cash ($27,500) vs. stock ($99,752) underscores equity alignment, with time‑based vesting rather than performance metrics .
- Ownership “skin in the game”: Beneficial ownership is modest (22,774 shares; <1%); unvested RSUs add alignment but low direct ownership relative to outstanding shares may be viewed as limited financial stake .
- Plan guardrails: Amended plan sets a $500,000 annual limit on total non‑employee director compensation (cash + awards), with exceptions only in extraordinary circumstances and without participation by the beneficiary—good discipline signals .
- Shareholder oversight: As an Emerging Growth Company, AlTi is not required to hold say‑on‑pay votes—reduces external feedback on compensation practices, a consideration for governance-sensitive investors .
RED FLAGS / WATCH ITEMS
- Investor‑designation and related‑party exposure: Allianz’s rights (designation of directors; large equity/warrants) require vigilant recusal and transparent disclosure when transactions involve Allianz or affiliates .
- Limited disclosed performance linkage for director equity: RSUs are time‑based; no performance metrics for directors—neutral to mild concern for pay‑for‑performance purists .
- EGC status: Absence of say‑on‑pay votes limits shareholder input on compensation; monitor future governance enhancements as EGC status phases out .