(Bloomberg) — The international partner of U.S. wealth-management firm Tiedemann Advisors has completed its first U.K. acquisition in a bid to increase its global presence.
Tiedemann Constantia, led by former Credit Suisse Group AG banker Robert Weeber, bought London-based multifamily office Holbein Partners to boost cross-border capabilities and expertise in European investments, according to a statement Wednesday. The deal, subject to U.K. regulatory approvals, will bring total assets under management for the Tiedemann firms to about $30 billion.
The move highlights the U.K.’s status as a hub for the super-rich, with many of them based in London. While private banks often manage the wealth of rich individuals, smaller advisory firms are increasingly battling to attract the fortunes of the super-wealthy, whose holdings typically span borders and require more sophisticated approaches. The world’s 500 richest people added $1.8 trillion to their combined net worth last year, according to the Bloomberg Billionaires Index.
“London is a global financial hub and we needed to have a presence,” Weeber, 39, chief executive officer of Zurich-based Tiedemann Constantia, said in an interview. “It’s always been a strategic objective of ours to find the right partner — with the emphasis being on finding the right partner.”
Weeber and New York-based Tiedemann Advisors — founded by former investment banker Michael Tiedemann — launched their joint venture in Switzerland two years ago. Together, the firms have offices in almost a dozen U.S. states and Swiss operations in Zurich, Baar and Geneva.
Weeber previously founded his own wealth-advisory firm, Constantia Partners, and headed a Credit Suisse group that managed more than $7 billion for U.K. families and family offices. He also worked for six years at JPMorgan Chase & Co. in London, where he focused on large family offices.