Ex-Credit Suisse Banker Bets on U.K. for $30 Billion Firm
Ex-Credit Suisse Banker Bets on U.K. for $30 Billion Wealth Firm
(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 -- led 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.
Holbein Partners was set up in 2010 to serve the needs of more than one wealthy family. There are more than 10,000 family offices globally, according to accounting firm EY. The vast majority oversee less than $1 billion, often making it more attractive to take a multifamily approach, where they can more easily pool ideas and capital for investments and share costs.
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