Executes AlTi’s strategy to expand scale and
reach of its ultra-high-net-worth (“UHNW”) wealth management and
strategic alternatives business in existing and new markets.
Deepens presence in attractive U.S. family
office epicenters and advances topline momentum and margin
expansion.
AlTi Global, Inc. (NASDAQ: ALTI), a leading independent global
wealth and alternatives manager with over $70 billion in combined
assets, announces the acquisition of East End Advisors, an
independent advisory firm with assets under management (AUM) of
approximately $5.6 billion, offering customized portfolio
management and investment services to a select group of UHNW
families and foundations.
This follows the recently announced strategic investment in AlTi
of up to $450 million from Allianz X, an investment arm of Allianz
SE, and Constellation Wealth Capital, an investment advisory firm
specializing in making investments in industry-leading wealth
managers. The capital will be used to accelerate AlTi’s strategy to
become the leading global independent wealth management platform
for the UHNW segment, with targeted expertise in alternatives.
Headquartered in New York, East End’s strong investment record
and experienced team expand AlTi Tiedemann Global’s operations in
key regions within the US and further enhance AlTi’s offering
within the growing Outsourced Chief Investment Officer (OCIO)
market.
East End’s clients will benefit from access to a broader set of
investment strategies, as well as AlTi’s global resources and
holistic wealth management solutions while preserving the firm’s
defining characteristics as an independent investment advisor and
leading OCIO under a continuation of East End’s leadership
team.
Michael Tiedemann, Chief Executive Officer of AlTi Tiedemann
Global, said:
“We have long admired the exceptional team at East End, their
investment approach, and the long-standing and trusted
relationships they have with their clients. We both share
industry-leading client retention and a deep understanding of the
complexities and changing demands of ultra-high-net-worth families
and foundations. We are excited to have them join the AlTi
ecosystem.
“AlTi Tiedemann Global continues to build its reputation as
destination of choice for global UHNW families and foundations
looking for access to world-class expertise and solutions, combined
with the focused attention of a bespoke family office. I look
forward to providing further updates on our strategic growth
trajectory in the coming months.”
David Salomon, President of East End Advisors, said:
“We are excited to continue on our path of best-in-class client
service, while broadening our solution set to meet the complex
needs of the families, endowments and foundations we serve. Joining
AlTi will further increase our ability to support clients for
generations to come.
“We are confident that AlTi's global platform will benefit East
End’s clients through increased access to global perspectives and
solutions, and that together we will be able to provide a broader
range of compelling ideas and opportunities.”
Andrew Douglass, Co-Head of Business Development
Strategy for AlTi Tiedemann Global, said:
“The addition of East End helps expand our market presence in
key regions in the US and accelerates our ability to grow
strategically while maintaining a boutique approach. We have known
the East End team for decades and are highly impressed with the
business they have built. We are delighted they have decided to
team with us.”
Transaction Details
AlTi is acquiring East End Advisors for an initial purchase
price of approximately $76 million. An additional contingent
consideration will be payable over a five-year period, calculated
in accordance with an EBITDA-based formula. A certain portion of
the contingent consideration is required to be paid in cash based
on certain minimum annual thresholds, and the balance may be
settled in cash or Class A Common Stock, at AlTi’s discretion. The
initial purchase price is expected to be funded by the previously
announced investment from Constellation Wealth Capital. The
transaction is subject to customary closing conditions and is
expected to close early in the second quarter.
Advisors
Oppenheimer & Co. Inc. is serving as AlTi’s financial
advisor. Houlihan Lokey, Inc. is serving as AlTi’s financial and
tax diligence advisor. Seward and Kissel is acting as AlTi’s legal
advisor. Wachtell, Lipton, Rosen & Katz is serving as legal
advisor to East End Advisors.
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 over $70 billion in combined assets
and has an expansive network with approximately 480 professionals
across three continents. For more information, please visit us at
www.alti-global.com.
Forward-Looking Statements
Some of the statements in this press release may constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 (the “Securities Act”), Section 21E of
the Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact are forward-looking. Words such as “anticipate,”
“believe,” “continue,” “estimate,” “expect,” “future,” “intend,”
“may,” “plan” and “will” and similar expressions identify
forward-looking statements. Forward-looking statements reflect
management’s current plans, estimates and expectations and are
inherently uncertain. The inclusion of any forward-looking
information in this press release should not be regarded as a
representation that the future plans, estimates or expectations
contemplated will be achieved. Forward-looking statements are
subject to various risks, uncertainties and assumptions. Important
factors that could cause actual results to differ materially from
those in forward-looking statements include, but are not limited
to, global and domestic market and business conditions, successful
execution of business and growth strategies and regulatory factors
relevant to our business, as well as assumptions relating to our
operations, financial results, financial condition, business
prospects, growth strategy and liquidity and the risks and
uncertainties described in greater detail under “Risk Factors”
included in AlTi Global's registration statement on Form 10-K filed
March 22, 2024, and in the subsequent reports filed with the
Securities and Exchange Commission, as such factors may be updated
from time to time. We undertake no obligation to revise or update
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240330424226/en/
Investor Relations: Lily
Arteaga, Head of Investor Relations
investor@alti-global.com
Media Relations: Alex Jorgensen,
pro-alti@prosek.com
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