Waverly Advisors, a registered investment adviser based in Birmingham, Ala., has made its third big acquisition this year, scooping up the investment advisory business of McShane Partners, a Chalotte, N.C., firm that caters to high-net-worth clientele and has some $700 million in assets under management.
Waverly, a high-net-worth boutique wealth manager, has completed two other recent acquisitions that have brought its AUM to $11.3 billion in assets. In early March the firm said it had added EFP Advisors, a Jackson, Miss., firm with some $280 million in assets. In January, the firm said it had purchased StrategIQ Financial Group, a Merrillville, Ind., firm with $1.5 billion. The acquisitions have brought Waverly about $2.5 billion in assets in 2024, the firm said.
“The acquisition of McShane marks Waverly’s 13th transaction since accepting an equity investment in December 2021 from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform,” said a Waverly press release.
McShane was founded in 1985. The company was previously known as Rinehart Wealth & Investment Advisory and was founded by Mary Rinehart, according to its website.
Waverly said that Daniele Donahoe, the current CEO of McShane, and her team “offer a boutique approach to investment management, wealth advisory and financial planning, with a holistic engagement of each client's financial goals, needs, and risk tolerances.”
“The McShane team brings additional strategies to Waverly's growing public and private market investment options,” said Justin Russell, president of Waverly. “As our firm continues to grow, we remain dedicated to providing unwavering service and greater opportunities for clients and team members; it is clear that McShane embodies this same dedication and strong sense of culture.”