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.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This 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].

We thank Ultimus for their support of alts going mainstream.

Show Notes
00:00 Introduction and Message from our Sponsor Ultimus Fund Solutions

01:18 Podcast Theme Song

01:55 Welcome to Alt Goes Mainstream

01:58 Introducing Mike Tiedemann

05:26 Lessons from Mike’s Early Career in Brazil

06:51 Geopolitics and Investing

09:10 Private Markets Insight

09:33 History of Tiedemann Advisors

11:13 Evolution of Wealth Management

13:18 Challenges in Wealth Management

13:40 Multi-Strategy Managers

16:23 Client Needs and Expectations

17:58 Global Expansion and Services

20:25 Investment Differentiation

23:11 Tax Efficiency in Investments

24:23 Partnerships and Collaborations

26:18 Decision to Go Public

27:52 Benefits of Being Public

28:00 Challenges of Going Public

28:49 Building a Permanent Business

28:59 The Importance of Permanent Capital in Wealth Management

29:11 Wealth Management Business Longevity

29:54 Public Company Dynamics

30:15 Surviving Market Downturns: Strategies for Wealth Management Firms

31:12 Industry Consolidation

32:00 Global Wealth Management Focus

32:54 Regional Wealth Hubs

34:08 Nuances of Global Markets

35:30 Structuring for Global Clients

37:19 Creating Scalable Private Market Offerings

38:27 Differentiating in Private Markets

40:11 Tax Efficiency in Alternatives

40:52 Innovative Investment Structures

41:19 Partnerships with Managers

41:58 Public vs. Private Wealth Management

43:44 Brand and Public Listing Impact 

45:35 Future of Wealth Management

47:26 Technology and AI in Wealth Management

48:38 Talent and Retention

50:48 Skills for Modern Wealth Managers

51:57 Next Gen Client Demands

53:11 Exciting Trends in Private Markets

54:40 Capital Flows and Private Credit

56:33 Challenges in Private Markets

58:16 Favorite Alternative Investments

01:01:05 Concluding Thoughts