AlTi Global, a publicly traded, international wealth management and alternative investments corporation with more than $70 billion in assets across its subsidiaries, reported Monday it is acquiring East End Advisors in New York City for an initial $76 million.
East End Advisors reported managing almost $5.25 billion for nine ultra-wealthy households and nine charities in late March, with another $1.2 billion under advisement.
Expected to close this quarter, the deal includes a contingent, five-year payout based on EBITDA. A portion of that must be paid in cash, while the remainder may be cash or stock. The upfront consideration is being paid out of a $150 million investment from Constellation Wealth Capital, a new private equity investor focused on growing wealth management firms that bought a minority stake in AlTi alongside Allianz earlier this year.
East End President David Salomon said in a statement that the move will expand his team’s “solution set” and enable better service.
“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,” he 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,” added AlTi Global CEO Michael Tiedemann. “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.”
AlTi Tiedemann Global was created a little more than a year ago through the merger of Tiedemann Group and Alvarium Investments via Cartesian Growth Corporation, a blank check company created in 2021. Under the ticker tag ‘ALTI,’ the combined firm began trading on the Nasdaq stock exchange on Jan. 3, 2023.
At the time, Bloomberg reported that Alvarium Tiedemann had become “one of the world’s biggest publicly traded money managers that focuses on the ultra-wealthy.”