Wealth and asset manager AlTi Tiedemann Global (AlTi) has completed the purchase of AL Wealth Partners (ALWP), bringing the firm into Singapore.

ALWP is an independent wealth manager in Singapore and its purchase will significantly expand AlTi’s footprint. It also builds on AlTi’s existing presence in Hong Kong.

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Singapore has seen a boon of wealth recently and the number of family office in Singapore has grown more than nine time since 2017, from around 80 to over 700.

Michael Tiedemann, chief executive of AlTi, said: “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, added: “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.”

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Anthonia Hui, AlTi’s head of Singapore, international wealth management, continued: “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 holds approximately $65bn in assets under management and is dedicated to supporting a local client base. In addition, alongside the government’s initiative to develop Singapore as a hub for impact and philanthropy, AlTi is ready to support family office to manage impact.

ALWP was founded in 2007 by self-made entrepreneurs Anthonia Hui and Leonardo Drago to focus on the needs of UHNWIs and family offices.