🎥 AlTi Global's Mike Tiedemann - when wealth management goes global

Welcome back to the Alt Goes Mainstream podcast.Today’s guest is an industry leader in wealth management who has been very active in private markets.Mike Tiedemann is a pioneer in the wealth management space in a number of ways.He's at the helm of the first pure play publicly traded wealth management business, AlTi Global. AlTi, a $72B AUM platform, came out of a merger between Mike's successful and highly regarded wealth management and alternatives business, Tiedemann Advisors, which merged with Alvarium.Founded in 1999, Tiedemann grew into a global company under Mike's leadership, expanding across geographies and building out a Trust Company and an alternatives manager on its way to overseeing $29B AUA.Mike has since run the combined company of AlTi Global as CEO, where they've built a global wealth management and alternatives platform. They are also backed by Allianz and Constellation Wealth Capital as they continue to serve many UHNW families worldwide.Mike is very well-versed in private markets given his deep expertise in allocating to many of the industry's best leading managers so we had a fascinating conversation about the intersection of private markets and wealth management.We discussed:* The business of wealth management.* The evolution of the wealth management industry.* Why understanding private markets is so critical for wealth managers.* The advantages of being a global wealth management business.* The experience of being a publicly traded pure play wealth management firm.* How to structure investments for global clients.* The need to customize private markets portfolio construction as a way to differentiate versus other wealth management platforms.Thanks Mike for coming on the show to share your views and wisdom on wealth management and private markets.This conversation is for informational purposes only and should not be construed as investment advice. It does not endorse or recommend any specific investments, products, or strategies. The opinions shared regarding investment approaches, risk allocations, and portfolio decisions are purely for discussion and do not constitute formal recommendations.Any statements, assertions, or views regarding past or future market events or investment approaches are based on the speaker’s beliefs and do not necessarily reflect those of the firm as a whole, unless explicitly stated with supporting sources. Additionally, some statements may be forward-looking in nature, and actual outcomes may differ materially from expectations.Clip #1: The evolution of the wealth management industry.Clip #2: The nuances of being a global wealth manager.Clip #3: The positives and negatives of being a publicly traded wealth management firm.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Introduction to our Sponsor Ultimus Fund Solutions01:18 Alt Goes Mainstream Theme Song01:58 Introducing Mike Tiedemann05:28 Lessons from Mike’s Early Career in Brazil05:44 Importance of Liquidity06:57 Geopolitics and Investing09:24 Private Markets and Wealth Management09:47 History of Tiedemann Advisors10:26 Evolution of Multi-Strategy Firms11:33 Challenges in Manager Selection16:31 Growth and Scale in Wealth Management19:09 Client Demands in Wealth Management21:18 Differentiation in Investment Offerings24:10 Tax Efficiency in Investments25:26 Partnerships with Allianz and Constellation27:24 Decision to Go Public29:19 Challenges of Being a Public Company30:52 The Importance of Permanence in Wealth Management31:44 Surviving Market Downturns32:42 Consolidation in Wealth Management33:36 Global Wealth Management Strategies35:26 Regional Nuances in Wealth Management36:49 Asian Wealth Management38:11 Structuring Investments for Global Clients39:10 Creating Scalable Private Markets Offerings40:22 Differentiating in Private Markets42:09 Tax Efficiency in Alternative Investments42:48 Innovative Investment Structures44:00 Public vs. Private Wealth Management Firms46:10 Brand and Client Perception47:57 Future of Wealth Management49:53 The Impact of Technology in Wealth Management51:11 Talent and Retention in Wealth Management53:34 Skills for Modern Wealth Managers54:48 Next-Gen Client Demands56:02 Exciting Private Market Trends57:43 Capital Flows and Private Credit59:42 Risks in Private Markets01:01:34 Favorite Alternative Investments01:03:07 Future Allocation to Private Markets01:04:40 Concluding ThoughtsEditing and post-production work for this episode was provided by The Podcast Consultant. Join over 9,200 thought leaders from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, Carlyle, Blue Owl, CVC, TPG, Brookfield Oaktree, EQT, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Hightower, Focus Financial, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com