$68 Billion Independent Wealth & Alternatives Investment Manager AlTi Tiedemann Global Received $450 Million Investment from Allianz X & Constellation Wealth Capital, Will Use Capital for Acquisition & Organic Growth Activities Including Expanding AlTi Global UHNW Wealth Management & Strategic Alternatives Investment Business, AlTi Tiedemann is the Merger of 2 Top Multi-Family Offices Tiedemann & Alvarium in 2023 with SPAC Merger via Cartesian Growth Corporation
16th March 2024 | Hong Kong
One of the world’s largest independent wealth & alternatives investment manager AlTi Tiedemann Global with $68 billion AUM (Assets under Management) has received $450 million investment from Allianz X & Constellation Wealth Capital, and will use the capital for acquisition (M&A) and organic growth activities including expanding AlTi global UHNW Wealth Management (Ultra high net worth) & strategic alternatives investment business. AlTi Tiedemann is the merger of 2 top multi-family offices Tiedemann & Alvarium in 2023 (SPAC merger via Cartesian Growth Corporation). In 2023 May, AlTi Tiedemann Global acquired Singapore-based AL Wealth Partners with $1.1 billion AUM, with CEO Anthonia Hui appointed as Head of Singapore (International Wealth Management). Announcement (22/2/24): “AlTi Global, a leading independent global wealth and alternatives manager with approximately $68 billion in combined assets, today announced a strategic investment of up to $450 million by Allianz X and Constellation Wealth Capital (“CWC”). Allianz X, an investment arm of Allianz SE (XETRA: ALV), one of the world’s leading insurers and asset managers with more than 122 million private and corporate customers in over 70 countries, will invest up to $300 million through one of its affiliates. CWC, an investment advisory firm specializing in making investments in industry-leading wealth managers, will invest $150 million. AlTi will use the capital principally to fund its mergers and acquisitions (“M&A”) pipeline and organic growth activities. This will expand the scale and reach of AlTi’s global ultra-high-net-worth (“UHNW”) wealth management and strategic alternatives business in existing and new markets, leveraging the industry expertise and relationships of both Allianz and CWC. The partnership with Allianz offers opportunities to provide additional solutions to service both companies’ clients more holistically. Nazim Cetin, Chief Executive Officer 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. The transactions are subject to customary closing conditions, including in the case of Allianz X, receipt of certain approvals by regulatory authorities and by AlTi’s stockholders.”
“ $68 Billion Independent Wealth & Alternatives Investment Manager AlTi Tiedemann Global Received $450 Million Investment from Allianz X & Constellation Wealth Capital, Will Use Capital for Acquisition & Organic Growth Activities Including Expanding AlTi Global UHNW Wealth Management & Strategic Alternatives Investment Business, AlTi Tiedemann is the Merger of 2 Top Multi-Family Offices Tiedemann & Alvarium in 2023 with SPAC Merger via Cartesian Growth Corporation “
Michael Tiedemann, CEO of AlTi Tiedemann Global: “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.”
Dr. Nazim Cetin, CEO of Allianz X: “Allianz X brings capital and skills to our portfolio companies to foster innovation, fuel growth and realize their ambitions. Our investment in AlTi demonstrates our approach as well as our conviction in wealth management and alternatives, and we believe it will unlock opportunities for scale, new revenue streams and societal impact for the Allianz Group.”
Karl Heckenberg, CWC’s Founder and Managing Partner: “This partnership represents a significant milestone in our ongoing mission to support innovation and excellence in the wealth management industry. We believe AlTi is ideally positioned to capitalize on future opportunities, in line with their impressive strategic vision.”
Transaction Details
Allianz X Investment:
- $250 million through a combination of:
- $110 million newly issued Class A Common Stock
- $140 million newly created Series A Convertible Preferred Stock
- Option to invest up to an additional $50 million in Series A Convertible Preferred Stock to be used for AlTi’s international expansion initiatives.
- Warrants to purchase 5 million shares of Class A Common Stock.
- The Series A Convertible Preferred Stock and Warrants will be subject to certain beneficial ownership limitations, and Allianz will be subject to certain lock-up restrictions with respect to the Class A Common Stock it acquires at closing.
- Right to nominate two directors to AlTi’s board will continue so long as Allianz X holds at least 50% of the Class A Common Stock acquired at closing.
CWC Investment:
- $150 million in newly created Series C Convertible Preferred Stock.
- An initial investment of $115 million that is expected to close by March 31, 2024, and a further $35 million that is expected to close by June 30, 2024.
- Warrants to purchase 2 million shares of Class A Common Stock.
- The Series C Convertible Preferred Stock and Warrants will be subject to certain voting limitations, and CWC will be subject to certain lock-up restrictions with respect to its Series C Convertible Preferred Stock.
About AlTi – AlTi is a leading independent global wealth and alternatives manager providing entrepreneurs, multi-generational families, institutions, and emerging next-generation leaders with fiduciary capabilities as well as alternative investment strategies and advisory services. AlTi’s comprehensive offering is underscored by a commitment to impact or values-aligned investing and generating a net positive impact through its business activities. The firm currently manages or advises on approximately $68 billion in combined assets and has an expansive network with over 490 professionals across three continents.
About Allianz X – Allianz X invests in digital frontrunners in ecosystems relevant to insurance and asset management. It has a portfolio of over 25 companies and AUM of more than 1.5 billion euros. Allianz X has counted 12 unicorns among its portfolio so far. The heart and brains behind it all are a talented team of around 40 people. As one of the pillars of the Allianz Group’s digital transformation strategy, Allianz X provides an interface between Allianz Operating Entities and the broader digital ecosystem, enabling collaborative partnerships in insurtech, fintech, and beyond. As an investor, Allianz X supports mature digital growth companies to take the next bold leap and realize their full potential.
About Allianz – The Allianz Group is one of the world’s leading insurers and asset managers with more than 122 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 706 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2022, over 159,000 employees achieved total revenues of 152.7 billion euros and an operating profit of 14.2 billion euros for the group***.
About Constellation Wealth Capital – Constellation Wealth Capital is an alternative asset management platform dedicated to the wealth management sector. CWC provides flexible, long-term capital solutions, and strategic advisory support to scaled wealth management platforms. CWC leverages its deep industry experience and relationships for the benefit of its partner firms.
$65 Billion Multi-Family Office AlTi Tiedemann Acquires Singapore AL Wealth Partners with $1.1 Billion AUM with CEO Anthonia Hui Appointed as Head of Singapore, Founded by Anthonia Hui & Leonardo Drago in 2007
17th May 2023 – One of the world’s largest multi-family office AlTi Tiedemann Global with $65 billion AUM has acquired Singapore-based AL Wealth Partners with $1.1 Billion AUM (Assets under Management), with CEO Anthonia Hui appointed as Head of Singapore (International Wealth Management). AL Wealth Partners is founded by CEO Anthonia Hui & CIO Leonardo Drago in 2007. AlTi Tiedemann is the merger of 2 world’s top multi-family offices (MFOs) $30 billion Tiedemann Group (United States) and $30 billion Alvarium Investments (United Kingdom) in 2023 January. More info below:
Michael Tiedemann, Chief Executive Officer of AlTi: “Having a presence in Singapore is critical in today’s evolving wealth and asset management landscape, and we are excited to expand into this key market. This deal executes on our long-term growth strategy focused on complementary and accretive acquisitions in core growth areas. With the local expertise and knowledge that ALWP brings, and AlTi’s focus on tailored advice and impact solutions, the combination offers a truly differentiated approach to wealth and asset management to Singapore. We aim to partner with our clients for generations to come, giving our current and future clients long-term financial stability and security.”
Robert Weeber, AlTi’s President, International Wealth Management: “Anthonia and Leonardo’s entrepreneurial and client-centric approach is a great fit for AlTi, and I very much look forward to working with the team in the years to come as we build and grow the business to better serve client needs. Singapore’s commitment to a purpose-led approach to managing wealth very much mirrors our own, and as an entrepreneurial business, we understand first-hand the challenges clients are encountering and how best to navigate these. At the same time, our global network offers increased access to proprietary investment opportunities in real estate and the innovation economy.”
Anthonia Hui, AlTi’s Head of Singapore, International Wealth Management: “Leonardo and I are delighted to be joining AlTi, as our values and culture are aligned, and will add further depth to AlTi’s global ecosystem. AlTi’s international reach, capabilities and access to proprietary investments will open new and unique opportunities for clients, as well as supporting our ability to serve the sophisticated and developing needs of the increasingly global and entrepreneurial client families in Singapore.”
AlTi Tiedemann Global is a leading independent global wealth and asset manager providing entrepreneurs, multi-generational families, institutions, and emerging next-generation leaders with fiduciary capabilities as well as alternative investment strategies and advisory services. AlTi’s comprehensive offering is underscored by a commitment to impact or values-aligned investing and generating a net positive impact through its business activities. The firm currently manages or advises on approximately $65 billion in combined assets and has an expansive network with over 450 professionals across three continents.
$65 Billion Multi-Family Office AlTi Tiedemann Acquires Singapore AL Wealth Partners with $1.1 Billion AUM with CEO Anthonia Hui Appointed as Head of Singapore, Founded by Anthonia Hui & Leonardo Drago in 2007
AlTi Tiedemann: “AL Wealth Partners significantly expands AlTi’s presence and capabilities in an important growth region for Ultra High Net Worth Individuals (“UHNWI”), building on AlTi’s existing presence in Hong Kong. Singapore has experienced an influx of wealth in recent years and has become a key hub for UHNWI and a leading location for family offices.
Since 2017 the number of family offices in Singapore has grown more than 9 times, from approximately 80 to over 700 today, aided by its conducive economic backdrop, pragmatic taxation regime and a disciplined and diverse workforce which allows for innovation. As family offices demand more impact and philanthropic solutions, AlTi brings industry leading capabilities in integrating purpose and impact. In alignment with the Government of Singapore’s drive to develop Singapore as a hub for Impact and Philanthropy, AlTi is positioned to support family offices to actively manage the impact of their wealth at all stages.
AL Wealth Partners was founded in 2007 by self-made entrepreneurs Anthonia Hui and Leonardo Drago to focus on the needs of UHNWI and family offices. Anthonia and Leonardo will continue to lead the growth of AlTi’s Wealth Management offering in Singapore, as part of AlTi’s International Wealth Management business which is led by Robert Weeber. The transaction reflects AlTi’s long-term commitment to support a growing local client base. AlTi’s global reach, perspectives and infrastructure, coupled with AL Wealth Partners local expertise, will enable AlTi to serve the changing needs of Singapore and Asia’s entrepreneurial, increasingly global and sophisticated client base.”
Top Multi-Family Offices Tiedemann & Alvarium Merged as Alvarium Tiedemann with $60 Billion AUM, SPAC Merger via Cartesian Growth Corporation with $1.4 Billion Value
14th January 2023 – The world’s top multi-family offices (MFOs) $30 billion Tiedemann Group (United States) and $30 billion Alvarium Investments (United Kingdom) have completed their SPAC merger via Cartesian Growth Corporation (3/1/23), with the new entity operating as Alvarium Tiedemann with a combined $60 billion AUM (Assets under Management). The combined business via SPAC merger Alvarium Tiedemann has a pro forma equity value of $1.4 billion, has 400 professionals and focusing only on high net worth clients. Michael Tiedemann, who left Credit Suisse First Boston and teamed up with his father (fund manager) to setup Tiedemann Group in 1999, is appointed the new CEO of Alvarium Tiedemann.
Michael Tiedemann, CEO of Alvarium Tiedemann: “We’ve established a truly distinctive, global wealth and asset management firm with a breadth of international capabilities and access to an entrepreneurial network. Today marks our next chapter. AlTi has a remarkable Board of Directors and leadership team to steward this new phase of growth. In 2023, we plan to capitalize on the opportunity to provide our clients and partners with best-in-class financial advisory services, access to alternative investment opportunities and a leading impact investing offering. Thank you to all of our stakeholders as well as the Cartesian team for their unwavering support and exceptional effort over this past year.”
Peter Yu, Chairman and CEO of Cartesian: “We are pleased to complete the business combination and are excited to introduce Alvarium Tiedemann’s differentiated platform and offering to the public markets. AlTi serves a large and growing market and has the global ecosystem to provide truly customized independent advisory services and compelling investment opportunities aligned with changing client needs.”
Alvarium Tiedemann – AlTi is a leading independent global wealth and asset manager providing entrepreneurs, multi-generational families, institutions, and emerging next-generation leaders with fiduciary capabilities as well as alternative investment strategies and advisory services. AlTi’s comprehensive offering is underscored by a commitment to impact or values-aligned investing and generating a net positive impact through its business activities. The firm currently manages or advises on approximately $60 billion in combined assets and has an expansive network with over 400 professionals across four continents. For more information, please visit us at www.Alti-global.com.
Top Multi-Family Offices Tiedemann & Alvarium Merger as Alvarium Tiedemann with $60 Billion AUM, SPAC Merger via Cartesian Growth Corporation
3rd Jan 2023 – Tiedemann Group (“Tiedemann”), Alvarium Investments Limited (“Alvarium”) and Cartesian Growth Corporation (“Cartesian”) (NASDAQ: GLBL) announced today that they have completed their previously announced business combination (the “Business Combination”). The Business Combination was approved at an extraordinary general meeting of stockholders of Cartesian on November 17, 2022, and closed today, January 3, 2023.
The combined company now operates as Alvarium Tiedemann Holdings, Inc. (“Alvarium Tiedemann” or “AlTi”) and its Class A common shares and warrants will begin trading on NASDAQ under the ticker symbols “ALTI” and “ALTIW,” respectively, starting tomorrow, January 4, 2023.
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