Waverly Advisors Boosts AUM to $3.1B with Latest Acquisition 

Waverly Advisors, a registered investment advisor, has added certain business lines from Chicago-based Promus Holdings and its subsidiaries. 

Promus Holdings specializes in offerings in private equity and real estate for ultra-high-net-worth clients. The firm was founded in 2006 by Brian Musso and Zach Musso, and in 2008, the firm was a multifamily office, with Andy Code joining the team, Waverly said. 

As part of the acquisition, the two companies formed Promus Capital Management as a new Waverly subsidiary. The new entity will enhance on strategies acquired through Promus Access and Promus Realty, which include primary fund allocations, buyouts, and co-investments for private equity and real estate general partner solutions and opportunistic joint ventures. 

Financial terms of the deal, which closed Nov. 14, were not disclosed and boost Waverly’s total assets to $3.1 billion as of June 30. 

“Both Waverly and Promus were founded on principles that include stewardship, integrity, and the nurturing of long-term relationships,” Justin Russell, CEO and president of Waverly, said. “Together, we strengthen our ability to serve clients through expanded resources and a shared purpose.” 

Waverly’s latest acquisition marks the firm’s 28th transaction, following the RIA’s acquisition of Cape Cod–based Bridge Creek Capital Management, which oversees $447 million in total client assets. The deal marked Waverly’s second deal in Massachusetts in the past eight months, further accelerating its regional expansion strategy. 

Waverly sold a stake to HGGC’s Aspire Holdings platform in December 2021 and private equity investor Wealth Partners Capital Group.  

Birmingham, AL-based Waverly Advisors, founded in 1999, oversees $29.5 billion in assets as of Nov. 14, and has more than 380 professionals working out of 44 offices across the United States.