Key Takeaways
- • Waverly Advisors acquired Promus Access and Promus Realty business lines for approximately $3.1 billion in AUM (as of June 30, 2025), closing the transaction on November 14, 2025.
- • The acquisition expanded Waverly's total AUM to approximately $29.5 billion as of the closing date, significantly strengthening its private equity, real estate, and family office capabilities.
- • Waverly established Promus Capital Management (PCM) as a new subsidiary to manage the acquired strategies, including primary fund allocations, buyouts, co-investments, GP solutions, and opportunistic real estate joint ventures.
- • Promus, founded in 2006 by brothers Brian and Zach Musso and later expanded into a multi-family office in 2008, was serving over 30 families with legacy and multi-generational planning services at the time of acquisition.
- • The deal reinforces Waverly's strategic focus on expanding alternative investment services and deepening expertise in serving ultra-high net worth (UHNW) clients through a combined platform emphasizing stewardship and long-term relationships.
Summary
Waverly Advisors, the Birmingham, Alabama-based RIA, completed a significant acquisition of Promus Holdings' Access and Realty business lines on November 14, 2025. The transaction added approximately $3.1 billion in assets under management, as measured as of June 30, 2025, elevating Waverly's total platform to $29.5 billion in AUM at closing.
The acquisition grants Waverly substantially expanded capabilities in private equity and real estate investing while strengthening its family office and alternative investment offerings for ultra-high net worth clients. Through the creation of Promus Capital Management as a dedicated Waverly subsidiary, the firm will consolidate and develop the acquired Promus Access and Promus Realty strategies, which encompass primary fund allocations, leveraged buyouts, co-investment opportunities in private equity, as well as real estate general partner solutions and opportunistic joint venture platforms.
Promus was established in 2006 by brothers Brian and Zach Musso, evolving into a multi-family office structure in 2008 following the addition of Andy Code. At the time of the transaction, the firm maintained long-term advisory relationships with more than 30 families, positioning it as a substantive player in the high-net-worth advisory space with deep expertise in multi-generational wealth planning.
Justin Russell, CEO and President of Waverly, framed the combination as a strategic alignment of shared values: "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." Brian Musso, Co-Founder and Managing Partner of Promus, echoed this sentiment, noting that the integration "allows us to deliver even greater value to the families we serve."
This acquisition represents Waverly's continued expansion through platform consolidation in the competitive family office and alternative investment advisory market, positioning the combined entity to offer more comprehensive private markets access and sophisticated wealth planning solutions to its institutional and UHNW client base.
The acquisition grants Waverly substantially expanded capabilities in private equity and real estate investing while strengthening its family office and alternative investment offerings for ultra-high net worth clients. Through the creation of Promus Capital Management as a dedicated Waverly subsidiary, the firm will consolidate and develop the acquired Promus Access and Promus Realty strategies, which encompass primary fund allocations, leveraged buyouts, co-investment opportunities in private equity, as well as real estate general partner solutions and opportunistic joint venture platforms.
Promus was established in 2006 by brothers Brian and Zach Musso, evolving into a multi-family office structure in 2008 following the addition of Andy Code. At the time of the transaction, the firm maintained long-term advisory relationships with more than 30 families, positioning it as a substantive player in the high-net-worth advisory space with deep expertise in multi-generational wealth planning.
Justin Russell, CEO and President of Waverly, framed the combination as a strategic alignment of shared values: "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." Brian Musso, Co-Founder and Managing Partner of Promus, echoed this sentiment, noting that the integration "allows us to deliver even greater value to the families we serve."
This acquisition represents Waverly's continued expansion through platform consolidation in the competitive family office and alternative investment advisory market, positioning the combined entity to offer more comprehensive private markets access and sophisticated wealth planning solutions to its institutional and UHNW client base.
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