AITi Global Agrees Another Acquisition

Tom Burroughes

10 May 2024

US-listed AlTi Global – aka AITI Tiedemann Global – the international multi-family office that was created out of a transatlantic merger completed two years ago, has acquired another business: Envoi, a family office.

Envoi has about $3.0 billion of assets. The purchase comes after AlTi bought US-based independent advisory firm East End Advisors in early April.

The latest deal adds to a business with more than $70 billion in AuM.

AITi Global has a war chest to fund growth: up to $450 million has been invested in it from Allianz X, an investment arm of Allianz SE, and Constellation Wealth Capital, an investment advisory firm specializing in investing in wealth managers. In May last year, AITi acquired Singapore’s AL Wealth Partners, spreading its network to Asia.

When Tiedemann and Alvarium – based in the US and UK, respectively – merged about two years ago, it was one of the largest multi-family office mergers in years.

Minnesota
Envoi is based in Minneapolis, Minnesota.

In other moves, AlTi hired Richard Joyner, based in Dallas, as head of Central US, to lead expansion in this region.

The transaction is subject to customary closing conditions and is expected to close early in the third quarter.

Houlihan Lokey serves as AlTi’s financial and tax diligence advisor. Seward and Kissel acts as AlTi’s legal advisor. Piper Sandler & Co and Stinson serve as financial advisor and legal advisor, respectively, to Envoi.