Waverly Advisors, a federally registered investment adviser (RIA) that specializes in investment management, financial planning and wealth management solutions for a diverse group of high-net-worth individuals, corporate retirement plans and institutional clients, acquired Derbend Asset Management (an investment advisory business based out of Peachtree City, Georgia).
This deal marks Waverly’s fourth acquisition in the state of Georgia since June 2022 and expands the firm’s footprint across the Atlanta metro area.
Derbend was launched in 2002 by Chip Beard. And his partner Brian Chustz joined in 2019. Together they have grown the firm’s AUM to approximately $310 million. Chip and Brian will be joined by their entire team at Waverly and will become the firm’s 20th office location.
The acquisition of Derbend is Waverly’s 14th transaction since accepting an equity investment in December 2021 from Wealth Partners Capital Group (WPCG) and HGGC’s Aspire Holdings platform. The deal closed on May 17, 2024, and increases Waverly’s AUM to approximately $11.9 billion.
The financial and legal terms of the deal will not be disclosed.
KEY QUOTES:
“When we met Chip and Brian, it was clear Derbend’s culture and dedication to service was a perfect fit. We are excited to welcome the Derbend team and their clients to the Waverly family.”
– Scott Craig, Atlanta based Regional Director of Waverly
“Derbend’s vision was to build a multidisciplinary team of advisors with expertise not only in investments but legal, tax, and financial planning. Having accomplished that, the fit with Waverly only bolsters those areas which I have found more and more important to clients throughout my career.”
– Chip Beard, Founder and Partner of Derbend
“The acquisition of Derbend brings great opportunity for continued growth at Waverly. Waverly will continue to focus on partnering with premier RIAs across different markets in the U.S. as the firm executes on its mission of strategic M&A.”
– Mac Selverian, WPCG Principal
