The large independent wealth advisor puts down a European marker with a new co-venture based in Zurich.
In a significant push into EMEA territory, US wealth manager Tiedemann Advisors is partnering with Swiss-based private capital group Constantia Partners to grow its ultra-high net worth international client business.
The new venture called Tiedemann Constantia is already up and running. It will be staffed by a UHNW private banking team from Credit Suisse in the UK, and launched from a new office in Zurich.
Announcing the deal on Tuesday, Tiedemann said the agreement would open its investment and wealth management services “on multiple continents.”
“We see the EMEA region as an important growth market offering attractive investment opportunities for our clients,” said Robert Weeber, the former Credit Suisse banker who has founded the new venture. He is taking Pierre Bose as CIO and Gareth Maher as managing director from Credit Suisse in the UK, where they jointly managed over $7 billion in client assets. Weeber said the nature of today's interconnected markets meant that they were actively "seeking" a US partner.
For Tiedemann, it is a chance to capitalize on the growing asset flows that the group has seen moving to the US in recent years, rather than to less-regulated centers. The firm said it plans to leverage its “deep roots” in impact investing to sophisticated European investors and offer trust services through its Delaware, US-based Tiedemann Trust Company. Its proven track record in the impact investment space is a large part of why this deal has been struck in Europe, Weeber told Family Weath Report in a call earlier today.
The wealth advisor was founded 20 years ago and oversees around $21 billion in assets, with over $2.4 billion directed at impact investing. In June, it opened its ninth US regional office in Portland, Oregon, to tap into West Coast momentum in the sector.
FWR has analyzed how impact investing helped to drive the Tiedemann/Threshold hook-up in 2017. Tiedemann has expanded on a number of fronts. When it bought Threshold Group in October 2017, it added impact investing expertise to its business – an area that is attracting increasing attention from clients. (Impact investing seeks to make a positive impact on society, whereby clients target non-financial goals, such as reducing criminal re-offending, cutting child poverty or pollution, while also, hopefully, generating a return.)