Waverly Advisors Acquires Derbend Asset Management
May 21 2024 - 8:04AM
Business Wire
The merger marks Waverly’s 20th location in the
U.S.
Waverly Advisors, LLC (“Waverly”), 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, has acquired Derbend Asset
Management (“Derbend”), an investment advisory business based in
Peachtree City, Georgia. The transaction 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 founded in 2002 by Chip Beard. His partner, Brian
Chustz, joined in 2019, and 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.
“When we met Chip and Brian, it was clear Derbend’s culture and
dedication to service was a perfect fit,” said Scott Craig, Atlanta
based Regional Director of Waverly. “We are excited to welcome the
Derbend team and their clients to the Waverly family.”
“Derbend’s vision was to build a multidisciplinary team of
advisors with expertise not only in investments but legal, tax, and
financial planning,” said Chip Beard, Founder and Partner of
Derbend. “Having accomplished that, the fit with Waverly only
bolsters those areas which I have found more and more important to
clients throughout my career.”
The acquisition of Derbend represents 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 transaction closed on May 17, 2024, and increases
Waverly’s AUM to approximately $11.9 billion.
“The acquisition of Derbend brings great opportunity for
continued growth at Waverly,” said Mac Selverian, WPCG Principal.
“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.”
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 $11.9 billion in assets (as of 05.17.2024) and offers
collaborative investment, tax, estate, and financial planning
services. Founded in 1999 in Birmingham, Alabama, the company has
twenty offices across the U.S. and a team of over 160 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 assists its partner firms by
identifying and integrating like-minded wealth advisers who seek
access to expanded business capabilities, strategic growth and/or
customized transition solutions. 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 the space. More information,
including a complete list of current and former investments, please
visit www.hggc.com.
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Robyn Schubart for Waverly Advisors Marketing Manager Email:
robyn.schubart@waverly-advisors.com Website:
www.waverly-advisors.com