London-headquartered Alvarium Investments, an independent investment management firm and multi-family office, has inked an agreement to merge with New York asset and wealth manager Tiedemann Group.
The combined companies are expected to have a post-transaction equity value of approximately $1.4 bn (€1.2 bn) and will be known as Alvarium Tiedemann Holdings.
The new firm is expected to oversee $54 bn in assets under management (AUM) and assets under advisement (AUA) on behalf of families and institutions around the world.
The merger is being carried out via a combine with a special purpose acquisition company (SPAC), Cartesian Growth Corporation.
Michael Tiedemann, CEO of the Tiedemann Group, said: 'We are thrilled to partner with Alvarium to establish a truly unique, global investment firm in Alvarium Tiedemann.
'Alvarium brings a culture of entrepreneurism and a breadth of global capabilities and expertise that will complement our existing client experience.
'I believe the combination of talent and geographic reach with Cartesian’s access to capital will provide the permanence needed to continue to grow and evolve a dynamic investment platform.
'We have a unified vision that is committed to diversity and inclusion, serving our clients and continuing on our path to becoming a differentiated leader in investment strategies and services.'
Alexander de Meyer, CEO of Alvarium added: 'Upon our introduction to Tiedemann, we were immediately struck by how complementary the firms were, from investment philosophy to client service and firm culture.
'This alignment made Tiedemann an optimal partner as we look to expand our global footprint particularly in the United States. I am confident this combination will accelerate the growth of our combined firms, improving our ability to help our clients access innovative investment solutions and ensuring long-term opportunities for our employees.-
The new firm will begin trading on Nasdaq under the ticker symbol GLBL following the closing of the transaction, anticipated for the first quarter of 2022.
Additionally, investors have committed to purchase approximately $165 mln of shares in a private investment in public equity (PIPE) deal.
Tiedemann will serve as Alvarium Tiedemann’s CEO, while de Meyer will chair the firm’s executive committee.
