Key Takeaways
- • Waverly Advisors acquired Promus Access and Promus Realty business lines from Chicago-based Promus Holdings, adding approximately $3.1 billion in assets under management as of June 30, 2025.
- • The acquisition closed on November 14, 2025, and increased Waverly's total AUM to approximately $29.5 billion, marking a significant expansion of the Birmingham, Alabama-based RIA's alternative investment and family office capabilities.
- • Promus Capital Management was established as a new Waverly subsidiary to manage the acquired strategies, which include private equity primary fund allocations, buyouts, co-investments, and real estate general partner solutions.
- • The transaction strengthens Waverly's ability to serve ultra-high net worth families, building on Promus's legacy of providing multi-generational planning services to over 30 families since its 2006 founding by brothers Brian and Zach Musso.
Summary
Waverly Advisors, a registered investment adviser based in Birmingham, Alabama, announced the acquisition of the Promus Access and Promus Realty business lines from Chicago-based Promus Holdings and its subsidiaries, adding approximately $3.1 billion in assets under management. The transaction closed on November 14, 2025, and represents a strategic expansion of Waverly's capabilities in private equity and real estate investing, particularly for ultra-high net worth clients seeking comprehensive family office services.
The acquired business lines specialize in primary fund allocations, leveraged buyouts, and co-investments in private equity, as well as real estate general partner solutions and opportunistic joint ventures. Waverly created Promus Capital Management as a new subsidiary to house these strategies and build upon the expertise embedded in the acquired operations. This structural approach allows Waverly to maintain operational continuity while integrating Promus's capabilities into its broader platform.
Promus Holdings was founded in 2006 by brothers Brian and Zach Musso, with Andy Code joining to establish the firm as a multi-family office in 2008. At the time of acquisition, Promus was providing long-term legacy and multi-generational planning services to more than 30 families. The transaction reflects a strategic alignment between the two firms' values; according to Justin Russell, CEO and President of Waverly, both organizations were "founded on principles that include stewardship, integrity, and the nurturing of long-term relationships." Brian Musso, Co-Founder and Managing Partner of Promus, characterized the combination as an opportunity to "deliver even greater value to the families we serve."
The acquisition increased Waverly's consolidated AUM to approximately $29.5 billion as of November 14, 2025. The transaction expands Waverly's alternative investment platform and deepens its capacity to serve high-net-worth and ultra-high-net-worth families through enhanced private markets access, including private equity, private credit, real estate, and real assets strategies designed to support portfolio diversification objectives.
The acquired business lines specialize in primary fund allocations, leveraged buyouts, and co-investments in private equity, as well as real estate general partner solutions and opportunistic joint ventures. Waverly created Promus Capital Management as a new subsidiary to house these strategies and build upon the expertise embedded in the acquired operations. This structural approach allows Waverly to maintain operational continuity while integrating Promus's capabilities into its broader platform.
Promus Holdings was founded in 2006 by brothers Brian and Zach Musso, with Andy Code joining to establish the firm as a multi-family office in 2008. At the time of acquisition, Promus was providing long-term legacy and multi-generational planning services to more than 30 families. The transaction reflects a strategic alignment between the two firms' values; according to Justin Russell, CEO and President of Waverly, both organizations were "founded on principles that include stewardship, integrity, and the nurturing of long-term relationships." Brian Musso, Co-Founder and Managing Partner of Promus, characterized the combination as an opportunity to "deliver even greater value to the families we serve."
The acquisition increased Waverly's consolidated AUM to approximately $29.5 billion as of November 14, 2025. The transaction expands Waverly's alternative investment platform and deepens its capacity to serve high-net-worth and ultra-high-net-worth families through enhanced private markets access, including private equity, private credit, real estate, and real assets strategies designed to support portfolio diversification objectives.
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