AlTi Global, a global wealth and alternatives manager, announced that it is acquiring independent advisory firm East End Advisors, which manages approximately $5.6 billion in assets for UHNW families and foundations.
This move, valued at approximately $76 million initially, with potential additional payments based on performance, marks a significant expansion of AlTi's ultra-high-net-worth wealth management and strategic alternatives business.
The deal for New York City-based East End Advisors, known for its bespoke portfolio management and investment services, is poised to deepen AlTi's foothold in vital US family office hubs.
"We are excited to have them join the AlTi ecosystem," Michael Tiedemann, CEO of AlTi Tiedemann Global, said in a statement.
The deal follows a strategic investment in AlTi, totaling up to $450 million, by Allianz X and Constellation Wealth Capital. The capital infusion aims to cement AlTi's position as a leading independent wealth management platform, with a focus on the UHNW segment and specialized expertise in alternative investments.
"Joining AlTi will further increase our ability to support clients for generations to come," echoed David Salomon, president of East End Advisors.
AlTi has more than $70 billion in assets under its belt, and its acquisition of East End Advisors is a strategic fit that expands its operational reach within the US.
Andrew Douglass, co-head of business development strategy at AlTi Tiedemann Global, noted the deal would "expand our market presence in key regions in the US and accelerates our ability to grow strategically while maintaining a boutique approach."
In addition to the $76 million upfront price tag, Alti’s deal for East End Advisors includes a contingent consideration payable over a five-year period, to be paid partly in cash and the balance, at AlTi’s discretion, to be settled in cash or class A shares.
The deal is expected to close in the second quarter.
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