HGGC-backed Waverly Advisors acquires Smithfield Trust Company
Pittsburgh trust company with about $3 billion in assets under management joins Waverly Advisors, which is backed by HGGC and Wealth Partners Capital Group.
Waverly Advisors said its parent company has acquired the equity of Smithfield Trust Company, a Pennsylvania-chartered trust company based in Pittsburgh that manages about $3 billion in assets. The deal closed on June 12, 2026, and was announced on June 17. It is Waverly's 34th transaction since its December 2021 equity investment from Wealth Partners Capital Group and HGGC's Aspire Holdings platform.
Smithfield, founded in 1996, provides fiduciary wealth management, including trust and estate administration, customized investment management, and tax, charitable and estate planning. Its president and CEO, Elizabeth Poggi, and chairman and chief investment officer, Timothy Rice, will join Waverly as Co-Regional Directors, leading the 21 professionals joining through the transaction.
Waverly said the deal expands its trust service line and its ability to offer integrated investment, tax, estate and financial planning. Financial terms were not disclosed. Turkey Hill Management advised Smithfield Trust Company.
Deal facts
- Target
- Smithfield Trust Company
- Business
- Pittsburgh-based Pennsylvania-chartered trust company offering fiduciary wealth management, trust and estate administration, and investment management
- Acquirer
- Waverly Advisors
- Backed by
- HGGC, Wealth Partners Capital Group
- Deal type
- Add-on
- Headquarters
- Pittsburgh, PA
- Advisers
- Turkey Hill Management adviser to Smithfield Trust Company
- Status
- Completed
- Announced
- Wednesday, June 17, 2026
Sources
- Pulse 2.0Jun 17, 2026
Written by Buyout Desk from the sources above. Spotted an error? Email corrections@buyoutdesk.com.