Waverly Advisors and First Manhattan are strengthening their investment and client service capabilities as the two firms announce separate acquisitions.
Waverly Advisors has acquired Boston-based NBW Capital, a move that adds approximately $500 million in assets under management and marks the firm’s debut in Massachusetts.
The deal marks Waverly’s 24th transaction since December 2021, when it received backing from Wealth Partners Capital Group and HGGC’s Aspire Holdings platform.
Founded in 1991, NBW Capital has a long-standing client base of high-net-worth individuals. Its leadership team, including Chris Blakely, brings a structured asset allocation approach and a focus on equity strategies. Blakely will join Waverly as partner, regional director of Boston, and portfolio manager.
All NBW staff will transition to Waverly with the exception of Ben Niedermeyer, who is retiring after nearly five decades in the industry.
The transaction closed on March 28 and introduces Waverly to its 16th state and fourth new market in 2025.
“This partnership will expand Waverly’s reach into its 16th state across the US and fourth new market of 2025,” Mac Selverian, partner at Wealth Partners Capital Group, said in a statement announcing the deal. “We expect continued significant momentum for Waverly’s M&A initiative.”
Waverly now operates 38 offices and employs more than 290 professionals nationwide. The Birmingham, Alabama-based firm specializes in financial planning and investment management for high-net-worth clients, retirement plans, and institutions.
The deal with NBW marks Waverly's second deal in as many weeks, following its announced acquisition of Maryland-based GGM Wealth Advisors.
Earlier in January, Waverly bolstered its presence in Iowa as it snapped up Dickison Investment Advisors to kick off its 2025 deal calendar.
Separately, New York-based First Manhattan has announced that Grand-Jean Capital Management, an independent RIA with more than $500 million in assets, has joined its platform. The acquisition further strengthens First Manhattan’s advisory and investment management offering, which spans over $34 billion in client assets.
Steven Grand-Jean, who founded his firm in 1990 after two decades in investment banking, will become a managing director and portfolio manager at First Manhattan. He previously served in senior leadership roles at Salomon Brothers and Montgomery Securities, including heading up the mergers and acquisitions division.
Grand-Jean and his team are expected to maintain direct client relationships while gaining access to First Manhattan’s internal research capabilities and operational support infrastructure.
First Manhattan, founded in 1964, remains independently owned and has maintained a focus on long-term wealth compounding strategies throughout its six-decade history.
It's a showdown for the ages as wealth managers assess its impact on client portfolios.
CEO Ritik Malhotra is leveraging Savvy Wealth's Fidelity partnership in offers to Commonwealth advisors, alongside “Acquisition Relief Boxes” filled with cookies, brownies, and aspirin.
Fraud losses among Americans 60 and older surged 43 percent in 2024, led by investment schemes involving crypto and social manipulation.
The alternatives giant's new unit, led by a 17-year veteran, will tap into four areas worth an estimated $60 trillion.
"It's like a soap opera," says one senior industry executive.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
