Nasdaq-listed AlTi Tiedemann Global has completed the acquisition of Singapore-based independent wealth manager AL Wealth Partners (ALWP).
It did not disclose the acquisition amount.
AlTi, which already has a presence in Hong Kong, said that Anthonia Hui and Leonardo Drago, co-founders of ALWP, would spearhead the firm’s newly-established presence in Singapore under the leadership of Robert Weeber, who heads up the international wealth management business.
AlTi said that the acquisition would combine AlTi’s global research and infrastructure with ALWP’s local expertise. It also noted that AlTi brings with it capabilities in philanthropy, an area of focus for the government in Singapore.
AlTi has $65bn in assets under management.
“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,” said Michael Tiedemann, chief executive officer of AlTi.
“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,” said Weeber.
“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,” said Hui.