Home Wealth Management Alvarium Tiedemann SPAC Lists on Nasdaq

Alvarium Tiedemann SPAC Lists on Nasdaq

Alvarium Tiedemann SPAC Lists on Nasdaq


After a collection of delays, New York–based mostly registered funding advisor Tiedemann Group and London-based wealth administration and funding agency Alvarium Investments have merged by way of Cartesian Development Company, a particular objective acquisition firm that launched in early 2021. The mixed firm, now known as Alvarium Tiedemann Holdings, started buying and selling Wednesday on the Nasdaq inventory change underneath the ticker “ALTI.”

The brand new firm, valued at $1.2 billion, has a mixed $60 billion in property underneath advisement and over 450 professionals throughout 4 continents. It will likely be one of many largest international multifamily places of work with different asset administration experience traded on the Nasdaq.

“We’ve established a very distinctive, international wealth and asset administration agency with a breadth of worldwide capabilities and entry to an entrepreneurial community,” mentioned Michael Tiedemann, who has been named CEO of Alvarium Tiedemann. “ALTI has a outstanding board of administrators and management workforce to steward this new section of development. In 2023, we plan to capitalize on the chance to supply our purchasers and companions with best-in-class monetary advisory companies, entry to different funding alternatives and a number one affect investing providing.”

The manager workforce additionally consists of CFO Christine Zhao, a former managing director at Financial institution of America Merrill Lynch; COO Kevin Moran, former COO at Tiedemann Advisors; and CMO Claire Verdirame, former CMO at Alvarium.

As of three:24 p.m. Jap time, ALTI was buying and selling down 18.6%. Earlier within the day, it had dropped greater than 30% from its opening value.

Alvarium Tiedemann additionally introduced this week it has entered into a brand new $250 million credit score facility led by BMO Capital Markets Corp. It features a $150 million revolving credit score facility and $100 million time period mortgage that will probably be used to pay down subsidiary debt and fund development initiatives, the agency mentioned in an announcement.

“Growth via sturdy natural development and accretive acquisitions is a key precedence for us, as a differentiated supplier of monetary advisory companies and different funding alternatives,” Tiedemann mentioned in an announcement. “To this point, we’ve efficiently built-in a lot of companies, and this credit score facility gives the monetary flexibility to execute our development initiatives to drive margin enlargement.”

Tiedemann, based in 1999, is a U.S.-focused multifamily workplace offering complete monetary advisory companies to ultra-high-net-worth households, entrepreneurs and foundations. The agency has $29 billion in property underneath administration and administration throughout 145 professionals.

Alvarium is a world multifamily workplace based in 2009 and gives funding advisory throughout wealth and asset administration. The agency has about $23 billion in AUM and AUA and 260 professionals. It focuses on bespoke actual property options and service provider banking experience within the innovation economic system house.

The deal additionally consists of TIG Advisors, Tiedemann’s different asset supervisor based in 1980. It has about $8 billion in property and 36 professionals.  

In response to an investor presentation, the mixed agency has seen a 15% compound annual development charge in AUM/AUA from 2019 to 2021. Recurring revenue has grown 24% compounded yearly from 2019 to 2021, and the mixed agency has grown its margins from 15% at year-end 2019 to 30% on the finish of 2021.

General, the SPAC market had a tough 2022, with many offers merely collapsing. However some SPACs are succeeding within the wealth administration house. Only recently, Kingswood Acquisition Corp. (KWAC), the SPAC sponsored by the key shareholders in British wealth administration agency Kingswood Group and a sister firm to Kingswood U.S., filed its S-4 with the SEC, giving traders a glimpse on the agency’s income and revenue and a sign that the deal is shut. That would permit dealer/supplier aggregator Wentworth Administration Companies, which owns 4 unbiased dealer/sellers, to go public. It is anticipated to shut someday between now and mid-Might 2023.



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