Alti Global Inc., which was formed through a SPAC deal that combined Alvarium Investments and Tiedemann Wealth Management Holdings, has agreed to purchase Singapore-based AL Wealth Partners.

The deal comes during a surge in the number of multi-family offices in Singapore as more are lured by low taxes and relative stability, reported Bloomberg News. As part of the acquisition, AL Wealth’s co-founders Anthonia Hui and Leonardo Drago will join Alti’s international wealth management business as head of Singapore and head of Singapore investments, respectively.

“There are a lot of external asset managers, multi-family offices with 30, 40, 50 people that I have seen and it’s very difficult to run such a business unless the AUM is significant,” Drago says. “There are too many asset managers and too many small family offices and the costs have gone up significantly so I don’t doubt that there will be consolidation in all of Asia.”