AlTi Tiedemann Global today announced that it has acquired East End Advisors, a New York independent advisory firm that manages about $5.6 billion in assets under management for ultra-wealthy families and foundations.

AlTi will pay an initial purchase price of about $76 million, the release said, noting that there is an additional contingent payout over a five-year period, which would be calculated using an EBITDA-based formula.

The transaction, subject to customary closing conditions, is expected to close early in the second quarter.

The acquisition, the release said, is part of the $70 billion AlTi “broader strategy to become the leading global independent wealth management platform for the UHNW segment, with targeted expertise in alternatives.” The firm, in February, announced a strategic investment of up to $450 million from Allianz SE and Constellation Wealth Capital.

AlTi currently manages or advises on over $70 billion in combined assets and has a network with about 480 professionals across three continents, the firm says on its website.

“We have long admired the exceptional team at East End, their investment approach, and the long-standing and trusted relationships they have with their clients," AlTi CEO Michael Tiedemann said in a prepared statement. "We both share industry-leading client retention and a deep understanding of the complexities and changing demands of ultra-high-net-worth families and foundations.”

East End’s strong investment record will boost AlTi’s presence in key regions and build on its offering within the outsourced chief investment officer (OCIO) market, the released said. East End’s clients will have access to AlTi’s investment strategies and its global resources and wealth management solutions, “while preserving the firm’s defining characteristics as an independent investment advisor and leading OCIO under a continuation of East End’s leadership team,” the release said.

“We are excited to continue on our path of best-in-class client service, while broadening our solution set to meet the complex needs of the families, endowments and foundations we serve,” David Salomon, president of East End Advisors, said.