Waverly Advisors acquires $3B Pittsburgh trust company in landmark deal

▤ Summary

Waverly Advisors has acquired Smithfield Trust Company, a $3 billion Pittsburgh-based trust firm, in a landmark expansion of its wealth management platform. The deal marks Waverly’s first acquisition of a state-chartered trust company and its 34th transaction since receiving equity backing in 2021. The combined firm now adds deeper trust, estate, tax, and investment planning capabilities for high-net-worth clients. The acquisition also brings Smithfield’s 21 professionals into Waverly and extends the firm’s presence in the Northeast.

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