AlTi has been busy – expanding out of the merger between a US and London multi-family office – and now entering the increasingly important Singapore market.

Nasdaq-listed AlTi Tiedemann Global has acquired Singapore’s AL Wealth Partners.

The deal comes a few months after AlTi Tiedemann Global was born out of the merger of US-based Tiedemann Group and London’s Alvarium. The combined organisation oversees about $65 billion of assets under advice and administration.

Buying the Singapore business – financial terms weren’t disclosed – “significantly expands AlTi’s presence and capabilities in an important growth region,” the group said yesterday in a statement. 

AlTi is already present in Hong Kong.  

“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,” Michael Tiedemann (pictured), chief executive of AlTi, said. 

AlTi is seeking to ride a rising family office wave in Singapore: Since 2017 the number of family offices in Singapore has grown more than nine times, from about 80 to more than 700 today. In 2022, the city-state unveiled a package of measures to encourage such institutions to set up shop. (See a further story here.)

ALWP was founded in 2007 by entrepreneurs Anthonia Hui and Leonardo Drago to focus on the needs of UHNW individuals and family offices. Hui and Drago will continue to lead the growth of AlTi’s Wealth Management offering in Singapore, as part of its international wealth management business which is led by Robert Weeber. 

“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,” Tiedemann said. 
 
The M&A deal between Alvarium and Tiedemann was one of the largest in the MFO space in recent years. It is also an example of the kind of consolidation that has affected much of the world’s wealth sector in the past decade.