AlTi Tiedemann Global, a global wealth management firm with assets exceeding $70 billion, is stepping further into the US wealth space with a hefty acquisition.
The firm announced Thursday that it is acquiring Envoi, a Minneapolis-based family office managing approximately $3 billion in assets.
The deal, set to close in the third quarter, is in line with AlTi's strategy to strengthen its presence in the US, particularly in the ultra-high-net-worth wealth management segment.
“I am delighted to announce that Envoi is joining AlTi as we continue to execute our strategy to become the destination of choice for families, family offices and foundations looking for best-in-class wealth management solutions and services,” Michael Tiedemann, chief executive officer of AlTi Tiedemann Global, said in a statement.
“Envoi’s Principals have worked together for decades and have built a firm with similar values to AlTi, catering to entrepreneurial and multi-generational families looking to preserve, safeguard and grow their wealth,” Tiedemann said.
“As we contemplated the next phase in our evolution, AlTi Tiedemann Global emerged as the best partner to deliver a permanent family office solution to our 35 client families,” added Ryan Steensland, principal of Envoi.
“They share our commitment to represent the best interests of clients and seek excellence in providing customized and innovative strategies to grow wealth.”
The acquisition follows AlTi’s recent purchase of East End Advisors, an independent advisory firm with $5.6 billion in assets managed, as part of its strategy to become a leading global platform for UHNW individuals and families to gain access to alternatives.
In line with that goal, the firm said is tapping a war chest of up to $450 million from Allianz X and Constellation Wealth Capital, which will it says will fund its pipeline of mergers and acquisitions, as well as foster organic growth.
Aside from the Envoi acquisition, AlTi recently expanded its presence in Dallas, with the newly appointed head of central US Richard Joyner charged to lead its expansion in the region.
The deal to acquire a 300-client tax firm sets up much-needed succession for its 80-year-old founder, while joining a widening trend of tax service integration among RIAs.
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