Alvarium is to merge with Tiedemann group and list on the NASDAQ via a special purpose acquisition vehicle. Photo / Supplied
Alvarium is to merge with Tiedemann group and list on the NASDAQ via a special purpose acquisition vehicle. Photo / Supplied
Alvarium - the UK shareholder of boutique New Zealand asset manager Alvarium Investments NZ is to combine with US-based Tiedemann group and list on the NASDAQ via a special purpose acquisition company (SPAC).
The deal would be the third New Zealand business involved in a listing on the US stockexchange in a matter of months with Rocket Lab undertaking a SPAC listing last month and All Birds expected to list sometime next month.
The listing is part of Alvarium's merger with US-based Tiedemann Advisors and Tiedemann Investment Group. The two companies will combine with Cartesian Growth Corporation - a SPAC - to form Alvarium Tiedmann Capital.
The combined firm will have US$54 billion in assets under managed and 350 employees worldwide across 29 offices.
The company is expected to have an equity value of US$1.5b post listing.
Alvarium Investments NZ is 46 per cent owned by Alvarium and 46 per cent owned by Tailorspace - the family business of New Zealand rich-lister Ben Gough. The remaining 8 per cent is owned by Bhive Gold - a company owned by Brett Gamble.
Alvarium Investments NZ is the majority shareholder in Pathfinder - a New Zealand fund manager which focuses on ethical investment and offers a KiwiSaver scheme, Alvarium Wealth NZ, Newton Ross and a joint venture partner in venture capital fund Nuance Connected Capital.
Gough said the deal significantly strengthened the company's footprint both here and abroad.
"Day to day this won't change too much for our Kiwi investors however it does create an exciting and unique opportunity to access quality fund managers across real estate, private equity and venture funds that were previously not available."
Andrew Williams, managing director of Alvarium Investments NZ and a co-founder of Alvarium. Photo / Supplied
Andrew Williams, managing director of Alvarium Investments NZ and a co-founder of Alvarium, said the integration of Tiedemann and Alvarium would bring the merged entity scale and unique opportunities for its investors.
"Alvarium offers specialised services and access to markets that no one else in New Zealand provides and that just expanded into North American markets through this landmark transaction."
New York-based Michael Tiedemann will become the chief executive of the newly merged entity. Williams, based in New Zealand, will remain global head of real estate and managing director of operations in NZ.
The decision to merge the companies has followed two years of discussions between Alvarium and Tiedemann.
