AlTi Expands into Singapore Through Acquisition of Leading Independent Wealth Manager
Singapore, 16 May 2023 – AlTi Tiedemann Global (“AlTi”) (NASDAQ: ALTI) a leading independent, global wealth and asset manager with approximately $65 bn AUM / AUA, is pleased to announce its expansion into Singapore through the completed acquisition of AL Wealth Partners (‘ALWP’), an independent Singapore-based wealth manager.
ALWP significantly expands AlTi’s presence and capabilities in an important growth region for Ultra High Net Worth Individuals (“UHNWI”), building on AlTi’s existing presence in Hong Kong. Singapore has experienced an influx of wealth in recent years and has become a key hub for UHNWI and a leading location for family offices. Since 2017 the number of family offices in Singapore has grown more than nine times, from approximately 80 to over 700 today, aided by its conducive economic backdrop, pragmatic taxation regime and a disciplined and diverse workforce which allows for innovation.
The transaction reflects AlTi’s long-term commitment to support a growing local client base. AlTi’s global reach, perspectives and infrastructure, coupled with ALWP’s local expertise, will enable AlTi to serve the changing needs of Singapore and Asia’s entrepreneurial, increasingly global and sophisticated client base.
As family offices demand more impact and philanthropic solutions, AlTi brings industry leading capabilities in integrating purpose and impact. In alignment with the Government of Singapore’s drive to develop Singapore as a hub for Impact and Philanthropy, AlTi is positioned to support family offices to actively manage the impact of their wealth at all stages.
ALWP was founded in 2007 by self-made entrepreneurs Anthonia Hui and Leonardo Drago to focus on the needs of UHNWI and family offices. Anthonia and Leonardo will continue to lead the growth of AlTi’s Wealth Management offering in Singapore, as part of AlTi’s International Wealth Management business which is led by Robert Weeber.
Michael Tiedemann, Chief Executive Officer 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, said:
“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.”
Anthonia Hui, AlTi’s Head of Singapore, International Wealth Management, said:
“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."
Sandpiper Communications (communications support to AlTi in Singapore)
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About AlTi Tiedemann Global
AlTi Tiedemann Global is a leading independent global wealth and asset manager providing entrepreneurs, multi-generational families, institutions, and emerging next-generation leaders with fiduciary capabilities as well as alternative investment strategies and advisory services. AlTi’s comprehensive offering is underscored by a commitment to impact or values-aligned investing and generating a net positive impact through its business activities. The firm currently manages or advises on approximately $65 billion in combined assets and has an expansive network with over 450 professionals across three continents.