AlTi Global Inc., an international publicly traded alternative investment and wealth management corporation with more than $70 billion in assets across its subsidiaries, has acquired Envoi LLC, a multifamily office with $3 billion in AUM.
The deal comes six weeks later AlTi reported that it was acquiring East End Advisors in New York City for an initial $76 million and is part of a strategy to build a platform targeting the UHNW segment, including incorporating alternatives.
AlTi is leveraging up to $450 million in capital from Allianz X and Constellation Wealth Capital to fund its M&A pipeline and organic growth activities.
Based in Minneapolis, Envoi is a family owned and managed office.
The move also follows AlTi's recent growth in Dallas, with the hiring of Richard Joyner as its head of Central US.
“I am pleased to announce that Envoi is joining AlTi as we continue to execute our strategy to become the destination of choice for families, family offices and foundations seeking best-in-class wealth management solutions and services,” CEO of AlTi Tiedemann Global Michael. Tiedemann said in a statement. “Envoi's principals have worked together for decades and built a firm with similar values to AlTi, catering to entrepreneurial and multi-generational families seeking to preserve, protect and grow their wealth.”
“As we contemplated the next stage in our evolution, AlTi Tiedemann Global emerged as the best partner to provide a permanent family office solution for our 35 client families,” Envoi director Ryan Steensland said in a statement. “They share our commitment to represent clients' best interests and to seek excellence in delivering personalized and innovative strategies to grow wealth. Combining with a firm of AlTi Tiedemann's global standing will increase opportunities for our Minneapolis-based staff and support our commitment to grow our presence in the Midwest.”
The transaction is subject to customary closing conditions and is expected to close early in the third quarter. Houlihan Lokey Inc. is serving as AlTi's financial and tax advisor. Seward and Kissel LLP is acting as AlTi's legal counsel. Piper Sandler & Co and Stinson LLP are serving as Envoi's financial and legal advisors, respectively.
AlTi Tiedemann Global (ALTI) was launched in early 2023 through the merger of Tiedemann Group and Alvarium Investments via Cartesian Growth Corporation, a blank check company created in 2021.