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Waverly Advisors Acquires Select Promus Business Lines

via Business Wire

Partnership expands Waverly’s specialized private fund strategies and family office services

Waverly Advisors, LLC (“Waverly”), a federally registered investment adviser specializing in holistic wealth management and strategic investment solutions for high-net-worth individuals, families, and institutions, has acquired certain business lines from Chicago-based firm Promus Holdings, LLC and its subsidiaries (collectively “Promus”). This acquisition brings deep expertise in private equity and real estate to Waverly and strengthens Waverly’s family office services for ultra-high-net-worth clients.

Promus was founded in 2006 by Brian and Zach Musso, who were later joined by Andy Code to establish its multi-family office in 2008. Prior to Promus’ founding, the Musso and Code families had spent a decade sharing investments best practices and blending their respective backgrounds in alternative investments - aligned by their desires to invest in the community and more intentionally steward wealth resources. Both families blended their respective experiences, with Musso’s single family office focused on alternative investments and hedge funds, and Code’s foundation focused on private equity investing, to create Promus’ multi-family office.

Since that time, the firm has built a dedicated team of seasoned professionals specializing in a variety of asset classes, delivering long-term legacy and multi-generational planning services for more than 30 families. This partnership brings approximately $3.1 billion (as of 6.30.2025) in assets under management (“AUM”) to Waverly, significantly enhancing the firm’s family office capabilities and deepening its suite of alternative investment services.

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

“Joining Waverly allows us to deliver even greater value to the families we serve,” said Brian Musso, Co-Founder and Managing Partner of Promus. “Waverly’s scale and resources in financial, tax, and estate planning will complement our investment platform and enable us to continue providing personalized attention to our clients.”

As part of the strategic transaction, Promus Capital Management, LLC (“PCM”) was formed as a new Waverly subsidiary. PCM will build on the acquired Promus Access and Promus Realty strategies, which include primary fund allocations, buyouts, and co-investments for private equity, and real estate general partner (“GP”) solutions and opportunistic joint ventures.

"This partnership combines the unique strengths of both firms to create what we believe is a best-in-class alternatives platform across private equity, real estate, and private credit,” said Clay McDaniel, Chief Investment Officer at Waverly. “Together, we significantly expand our universe of opportunities, ensuring we deliver truly innovative and comprehensive solutions for our clients."

“Promus’ specialized service offerings combined with Waverly’s expansive platform create a powerful partnership,” said Mac Selverian, Partner at Wealth Partners Capital Group (“WPCG”). “This transaction underscores the strength of Waverly’s intentional M&A strategy as the firm continues to build a unified platform, unlocking opportunity for both its clients and professionals.”

The acquisition of Promus is Waverly’s 28th transaction since accepting an equity investment in December 2021 from WPCG and HGGC’s Aspire Holdings platform. The transaction closed on November 14, 2025, and increases Waverly’s AUM to approximately $29.5 billion (as of 11.14.2025).

Financial and legal terms of the deal will not be disclosed.

About Waverly

Waverly Advisors, LLC (“Waverly”) is a fee-only federally registered investment adviser that serves the investment management and wealth planning needs of a diverse group of clients, including high-net-worth individuals and families, corporate retirement plans, trusts, endowments, and institutions. Waverly manages approximately $29.5 billion in assets (as of 11.14.2025) and offers collaborative investment, tax, estate, and financial planning services. Founded in 1999 in Birmingham, Alabama, the company has 44 offices across the U.S. and a team of over 380 professionals who hold many of the industry’s most prestigious credentials. For more information, please visit www.waverly-advisors.com.

About Wealth Partners Capital Group

Wealth Partners Capital Group (“WPCG”) is a financial services holding company, which invests in and partners with select leading wealth management firms. WPCG’s mission is to use its capital, strategic M&A expertise and organic growth capabilities to help its partner firms grow. WPCG identifies, values and negotiates with wealth advisory practices for its partners to acquire and integrate. For more information, please visit www.wealthpcg.com.

About HGGC

HGGC is a values-driven, partnership-focused private investment firm. The firm’s ecosystem of investors, operators, and professionals are united by the shared mission to develop leading enterprises and build long term value together. HGGC invests in technology, business services, financial services and consumer enterprises generally valued between $200M - $1.5B+. The firm is based in Palo Alto, CA and manages over $6.9 billion in cumulative capital commitments. Since its inception in 2007, HGGC has completed more than 600 platform investments, add-on acquisitions, recapitalizations, and liquidity events with an aggregate transaction value of over $71 billion. HGGC makes investments in RIAs via its Aspire Holdings platform, which is targeting $300 million of total investment in space. For more information, including a complete list of current and former investments, please visit www.hggc.com.

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

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