Independent global wealth manager AlTi Global has purchased Envoi, a family office specialising in multi-generational family wealth with assets under management (AUM) of roughly $3bn.
This complements AlTi’s recent takeover of East End Advisors, a US-based independent consulting firm, as the company moves forward with its plan to become a global independent wealth management platform for the ultra-high net worth category, with a focus on alternatives.
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AlTi employs up to $450m in capital from Allianz X and Constellation Wealth Capital to support its list of potential mergers and acquisitions as well as organic growth initiatives in accordance with this strategic objective.
Moreover Envoi which is headquartered in Minneapolis, Minnesota, is a solid management-owned family office with a service offering and customer base that are closely matched with AlTi’s.
Following Richard Joyner’s appointment as head of Central US to drive expansion in this crucial US region, AlTi has recently expanded its presence in Dallas.
Michael Tiedemann, Chief Executive Officer of AlTi Tiedemann Global, stated: “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. 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.”
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By GlobalDataRyan Steensland, Principal of Envoi, added: “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. They share our commitment to represent the best interests of clients and seek excellence in providing customised and innovative strategies to grow wealth. Combining with a firm of AlTi Tiedemann’s global stature will enhance opportunities for our Minneapolis-based staff and support our commitment to growing our Midwest presence.”
The deal is subject to standard closing conditions and is expected to be completed early in the third quarter.
Houlihan Lokey is AlTi’s financial and tax adviser and Seward and Kissel is AlTi’s legal adviser, whilst Piper Sandler & Co. and Stinson are Envoi’s financial and legal advisers.
