AlTi Global has acquired Envoi, a Minneapolis management-owned family office with about $3 billion in assets under management.

AITI Tiedemann Global, a subsidiary of AITi, a publicly traded New York independent global wealth and alternatives manager with more than $70 billion in combined assets, is buying Envoi for an initial purchase price of about $25.2 million, according to its filing with the Securities and Exchange Commission. Additional contingent post-closing payments will be payable over a four-year period, calculated in accordance with revenue-based formulas.

AITi expects the deal, which is subject to customary closing conditions, to close early in the third quarter.

In a press release yesterday, AITi said Envoi’s service offering and multigenerational family client base align with AITi’s. The acquisition also follows AITi’s recent $76 million acquisition of New York-based East End Advisors, an independent advisory firm that offers customized portfolio management and investment services to a select group of ultra-high-net-worth families and foundations, with about $5.6 billion AUM. 

These transactions accelerate AITi’s “strategy to become the leading global independent wealth management platform for the UHNW segment, with targeted expertise in alternatives,” according to the release.

AITi, which has a network of about 480 professionals across three continents, said in the release that it has access to up to $450 million from Allianz X and Constellation Wealth Capital to fund its mergers and acquisitions pipeline and organic growth activities.

AITi Tiedemann Global Chief Executive Officer Michael Tiedemann said Envoi will help his firm become the destination of choice for families, family offices and foundations.

“Envoi’s Principals have worked together for decades and have built a firm with similar values to AlTi, catering to  entrepreneurial and multigenerational families looking to preserve, safeguard and grow their wealth,” the CEO said in a statement.

Ryan Steensland, principal of Envoi, said “combining with a firm of AlTi Tiedemann’s global stature will enhance opportunities for our Minneapolis-based staff and support our commitment to growing our Midwest presence.”