Waverly snaps up $310M advisory firm in Georgia

Waverly Advisors has just expanded its reach in the Southeast as it welcomes an investment advisory practice in Georgia.

On Tuesday, the fee-only RIA said it acquired Derbend Asset Management, marking the firm's 20th US location. The move also represents Waverly’s fourth transaction in Georgia since June 2022, enhancing its presence in the metro Atlanta area.

The move also builds on another recent Eastern US transaction in April, which marked Waverly’s first-ever foray into Charlotte, North Carolina with a $700 million firm.

Founded in 2002 by Chip Beard, Derbend Asset Management has grown its assets under management to approximately $310 million since inception. Beard’s partner, Brian Chustz, who joined in 2019, has been integral to the firm's growth. The entire Derbend team will join Waverly, contributing to the firm's expanding footprint.

“When we met Chip and Brian, it was clear Derbend’s culture and dedication to service was a perfect fit,” Scott Craig, regional director of Waverly, said in a statement. “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 Beard, who’s been registered with the SEC for 20 years.

“[T]he fit with Waverly only bolsters those areas which I have found more and more important to clients throughout my career,” Beard said.

This acquisition is Waverly’s 14th since accepting an equity investment from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform in December 2021. The deal to snap up Derbend, which closed on May 17, increases Waverly’s AUM to approximately $11.9 billion.

 “The acquisition of Derbend brings great opportunity for continued growth at Waverly,” said Mac Selverian, principal at Wealth Partners Capital Group.

“Waverly will continue to focus on partnering with premier registered investment advisers across different markets in the US as the firm executes on its mission of strategic mergers and acquisitions,” Selverian said.