Waverly Advisors has completed the acquisition of select business lines from Chicago-based Promus Holdings. This move significantly strengthens its presence in private equity, real estate, and multi-family office services. The transaction deepens Waverly’s offerings for high-net-worth and ultra-high-net-worth families while expanding its alternative investment strategies through the formation of a new subsidiary, Promus Capital Management.
The acquisition adds approximately $3.1 billion in assets under management to Waverly, based on figures reported as of June 30, 2025. With these assets integrated, Waverly’s total AUM rises to nearly $29.5 billion as of November 14, 2025. This transaction also marks Waverly’s twenty-eighth deal since securing an equity investment from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform in December 2021.
Promus, founded in 2006 by Brian and Zach Musso and later joined by Andy Code, built its reputation on collaborative, alternative-investing approaches shaped by both family-office and foundation perspectives. Over nearly two decades, the firm developed a dedicated team serving more than 30 families, with expertise across private equity, real estate, and long-term planning solutions spanning generations.
Under the new structure, Promus Capital Management will continue building on the Promus Access and Promus Realty strategies, which include primary fund allocations, buyouts, co-investments, real estate GP solutions, and opportunistic joint ventures. Waverly expects the integration to broaden client opportunities across private equity, real estate, and private credit.
The expansion also supports Waverly’s strategic objective of building a unified platform powered by a blend of investment, tax, and estate planning capabilities. Backed by continued M&A activity and a broad national footprint, the firm now operates 44 offices with more than 380 professionals throughout the United States.
Financial and legal terms of the acquisition were not disclosed.
KEY QUOTES:
“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.”
Justin Russell, President and CEO of Waverly
“Joining Waverly allows us to deliver even greater value to the families we serve. 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.”
Brian Musso, Co-Founder and Managing Partner of Promus
“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. Together, we significantly expand our universe of opportunities, ensuring we deliver truly innovative and comprehensive solutions for our clients.”
Clay McDaniel, Chief Investment Officer at Waverly
“Promus’ specialized service offerings combined with Waverly’s expansive platform create a powerful partnership. 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.”
Mac Selverian, Partner at Wealth Partners Capital Group (WPCG)
