Waverly Expands in Boston with NBW Acquisition
Deal News | Apr 03, 2025 | EIN
Waverly Advisors and First Manhattan have announced separate acquisitions that enhance their investment and client service capabilities. Waverly's purchase of Boston-based NBW Capital allows it to manage an additional $500 million in assets and marks their entry into Massachusetts, expanding their U.S. presence to 16 states. NBW Capital's leadership, excluding retiring Ben Niedermeyer, will join Waverly. This acquisition, Waverly's 24th since backing from Wealth Partners Capital Group and HGGC, follows a Maryland acquisition. Meanwhile, First Manhattan acquired Grand-Jean Capital Management, another RIA with over $500 million in assets, enriching its advisory services. Grand-Jean, along with his team, will play significant roles at First Manhattan, leveraging its resources to enhance client service.
Sectors
- Financial Services
- Wealth Management
Geography
- United States – The acquisitions involve U.S.-based firms Waverly Advisors and First Manhattan, expanding their reach within various states including Massachusetts and enhancing service offerings nationwide.
- Massachusetts – Waverly Advisors' acquisition of NBW Capital marks their entry into Massachusetts, expanding their geographical presence.
- New York – First Manhattan, headquartered in New York, has expanded its assets by acquiring Grand-Jean Capital Management.
Industry
- Financial Services – The article involves acquisitions by Waverly Advisors and First Manhattan, which operate within the financial advisory and investment management industry.
- Wealth Management – Both Waverly's and First Manhattan's acquisitions focus on expanding their wealth management services, particularly targeting high-net-worth individuals.
Financials
- $500 million – The amount in assets under management being acquired by Waverly Advisors from NBW Capital.
- $500 million – The amount in assets under management managed by Grand-Jean Capital Management, now acquired by First Manhattan.
- $34 billion – The amount of client assets managed by First Manhattan before the acquisition of Grand-Jean Capital Management.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Waverly Advisors | Acquiring Company | Company | A financial planning and investment management firm expanding its geographical footprint and asset management capabilities in the U.S. |
| NBW Capital | Target Company | Company | A Boston-based investment firm serving high-net-worth clients, offering structured asset allocation and equity strategies. |
| Wealth Partners Capital Group | Backing Company | Company | A strategic partner that supports Waverly's M&A initiatives. |
| HGGC's Aspire Holdings | Backing Company | Company | Part of a partnership that backs Waverly's M&A activities. |
| First Manhattan | Acquiring Company | Company | Established in 1964, this New York-based firm focuses on long-term wealth strategies and has expanded through acquiring Grand-Jean Capital Management. |
| Grand-Jean Capital Management | Target Company | Company | A RIA firm with over $500 million in assets, founded by Steven Grand-Jean, focusing on client-specific strategies with deep investment expertise. |