The CEO of AlTi Global has been replaced, while filings show that Michael Tiedemann had been looking at taking the international multi-family office private. The business was borne from the merger of Tiedemann Advisors and London-based Alvarium Investments. We examine events and ponder the group's future.

The surprise announcement yesterday that Michael Tiedemann (main picture) was being replaced as the CEO of $93 billion MFO AlTi Global was quickly followed by a stunning plot twist: in a Schedule 13D filing with the SEC, Tiedemann disclosed that he was exploring a bid to buy the publicly-traded company to take it private.

Tiedemann said he personally holds a 9.8 per cent stake in AlTi Global – aka AlTi Tiedemann Global – and may submit “one or more proposals for extraordinary corporate transactions involving the issuer, which could result in the acquisition of all or substantially all of the class A common stock of [AlTi Global].”

Just hours before Tiedemann’s news was disclosed, AlTi Global released its 8-K filing with the SEC announcing that Tiedemann had been terminated “without cause” effective March 30 and that Nancy Curtin (pictured below), the firm’s global chief investment officer, had been appointed interim CEO.

Nancy Curtin

Tiedemann will now have to secure capital partners, which may be a tall order considering that JP Morgan hasn’t been able to find a merger partner for AlTi Global for the past nine months. Corient, the wealth management division of CI Financial, expressed interest, but later backed away.

One potential collaborator for Tiedemann may be Allianz, AlTi Global’s largest individual shareholder, which has indicated its own interest in pursuing a bid for the firm, in conjunction with co-investor Constellation Wealth Capital, a prominent minority investor in RIAs.

Tiedemann’s interest in the firm is also deeply personal. His father, Carl Tiedemann, laid the foundation in 1980 when he launched alternative asset manager Tiedemann Investment Group, after he left investment bank Donaldson, Lufkin & Jenrette. After a stint at Banco Garantia in Brazil, Michael Tiedemann  joined his father and headed the RIA Tiedemann Advisors starting in 2015.

Bad luck, missteps and leadership issues
The mutual disenchantment between Tiedemann and AlTi Global’s board of directors was the culmination of a string of bad luck, missteps and leadership issues that have dogged the firm since Tiedemann Advisors proposed merging with London-based investment manager Alvarium Investments in 2021.

The global pandemic, a decline in the equity markets triggered by the Russian-Ukrainian war delayed the merger until January 2023, when Tiedemann, Alvarium and special purpose acquisition company (SPAC) Cartesian Growth Corp joined forces and began trading on the Nasdaq stock exchange as Alvarium Tiedemann Holdings.

But even that debut was inauspicious, as shares fell by close to one-third in value on the first day of trading. The new firm began with around $60 billion in assets and targeted the asset-rich ultra-high net worth (UHNW) family and international market. But it also prioritized ESG and impact investing, which fell out of favor after Donald Trump was elected president in 2024.

Rechristened AlTi Global, the firm may have also miscalculated its international strategy. In an interview with Family Wealth Report in 2023, Robert Weeber, president of AlTi Global’s international business said banks were “the only competitors we have with global footprint.”

But multi-family offices (MFO) in Europe were consolidating and large US firms such as Corient (see here) and Creative Planning (see here) have made aggressive moves into the European market. Weeber’s departure from AlTi Global was also announced on Monday.

AlTi Global increased assets through a number of acquisitions, but organic growth, as is the case for most firms, proved more difficult. And one acquisition in particular, German-based Kontora Family Office, headquartered in Hamburg, proved not to be the most harmonious marriage. (In 2023 the group acquired Singapore’s AL Wealth Partners, and in March 2025 it acquired Kontora Family Office. In 2024 it bought New York-headquartered East End Advisors.)

Headwinds
Then there were the headwinds facing all MFOs, including the never-ending need for capital, difficulties in achieving scale, a challenging service model, rapidly changing technology and pricing issues exacerbated by “service creep.”

The effect on the stock price hasn’t been stellar. Shares of AlTi Global have fallen 60 per cent since the start of 2023, and while the stock rose on the news of Tiedemann’s exit, it has remained under $4.

Kevin Moran, president and chief operating officer (COO) at AlTi Tiedemann Global, told this news service last year that he was optimistic about the future of his firm’s business model.