M and A
Investment Houses Drive AlTi's M&A, Growth Goals With War Chest
In a move signalling considerable ambition by multi-family office, AlTi Tiedemann Global, it has announced that two investment groups are to invest into its business, funding M&A and organic growth goals.
Allianz X and Constellation Wealth Capital are investing up to $450 million into AlTi Tiedemann Global, the transatlantic multi-family office, so that it can finance M&A activity.
CWC, an investment advisory firm specialising in making investments in wealth managers, will invest $150 million. Allianz X, an investment arm of Allianz SE, will invest up to $300 million through one of its affiliates, AlTi Tiedemann Global said in a statement.
AlTi will use the capital mostly to fund its M&A pipeline and organic growth activities. “This will expand the scale and reach of AlTi’s global ultra-high net worth wealth management and strategic alternatives business in existing and new markets,” the MFO said. At the moment, AlTi, which has been created from a merger, has about $68 billion in client assets.
Nazim Cetin, chief executive of Allianz X, and another Allianz representative will be appointed to AlTi’s board of directors, and CWC will have an observer seat on the board, upon completion of their respective investments.
“This investment accelerates AlTi’s trajectory to become the leading global independent UHNW wealth management platform, with strategic and targeted expertise in alternatives. The investment further validates the power of our unique business model which combines a global multi-family office and alternatives platform,” Michael Tiedemann, CEO of AlTi Tiedemann Global, said.
Oppenheimer & Co acts as exclusive financial advisor to AlTi, and Cadwalader, Wickersham & Taft acts as its legal advisor. Ardea Partners serves as exclusive financial advisor to Allianz X and Sullivan & Cromwell is serving as its legal advisor. Gibson, Dunn & Crutche acts as legal advisor to Constellation Wealth Capital.
In June 2023 AlTi was born out of the merger in 2023 of US-based Tiedemann Group and London’s Alvarium. The deal, which involved two MFOs, was one of the largest combinations of such organisations in many years. Unlike registered investment advisors, where M&A has been busy, the market for MFO mergers and acquisitions has been relatively quiet.
In the middle of May 2023, the business bought Singapore’s AL Wealth Partners.
