Key Takeaways
- • Evelyn Partners valued at £2.5 billion in pending sale: Permira and Warburg Pincus are selling the UK wealth manager, with investment bank Evercore managing the auction process expected to launch in coming months.
- • NatWest agreed to acquire Evelyn for £2.7 billion enterprise value: The transaction creates the UK's leading private banking and wealth management business with combined AUMA of £127 billion and total customer assets of £188 billion, subject to regulatory approval and expected completion in summer 2026.
- • Multiple bidders competing for scale in expanding UK wealth market: Potential buyers include NatWest, Royal Bank of Canada, and other private equity firms and U.S. wealth managers, driven by rising demand for personalized financial advice and increasing asset values across Europe's wealth management sector.
- • Evelyn has streamlined operations ahead of sale: The company divested its Smith & Williamson professional services arm to Apax Partners in November 2024 and sold its fund solutions business to Thesis in January 2025, focusing exclusively on wealth management with £63 billion in assets under management for 150,000 UK families.
- • Strong M&A activity signals market consolidation: European asset and wealth management deals reached 113 transactions in the first half of 2025 (up from 90 in H1 2024) with deal value rising to $2.7 billion from $1.9 billion year-over-year, according to EY data.
Summary
Permira and Warburg Pincus have initiated the sale of Evelyn Partners, one of the UK's largest wealth managers, in a transaction that could value the company at £2.5 billion. The private equity owners have appointed investment bank Evercore to oversee the formal auction process, which is expected to launch in the coming months. According to Reuters sources, discussions are underway to prepare for a potential sale towards the end of 2025, though early-stage negotiations carry no guarantee of completion.
NatWest Group has emerged as the leading bidder and has agreed to acquire Evelyn Partners for £2.7 billion enterprise value, creating the UK's leading private banking and wealth management business. The combined entity will have total AUMA of £127 billion and total customer assets and liabilities of £188 billion. NatWest's acquisition strategy aligns with the bank's transition back to private ownership and its stated objective to expand its wealth division, which includes the high-profile Coutts bank. CEO Paul Thwaite emphasized that any acquisition would need to clear strict financial and operational thresholds. The transaction remains subject to regulatory approval, with completion expected in summer 2026.
Evelyn Partners has undertaken significant portfolio restructuring to position itself for a successful exit. In November 2024, the company sold its accounting and professional services business (Smith & Williamson) to Apax Partners, and in January 2025 divested its fund solutions business to Thesis. These moves refocused the company exclusively on wealth management, where it manages £63 billion in assets for approximately 150,000 UK families. The divestment strategy signals confidence in the core wealth management business while removing lower-margin operations ahead of the sale.
The sale reflects broader consolidation trends across European wealth management, driven by rising asset values, increasing demand for personalized financial advice, and competition for scale. EY data shows 113 asset and wealth management deals were completed across Europe in the first half of 2025, up from 90 in the same period last year, with deal value rising to $2.7 billion from $1.9 billion year-over-year. Royal Bank of Canada and other private equity and U.S. wealth management firms were initially positioned as alternative bidders, though NatWest's agreement represents a significant consolidation of UK wealth management capabilities under traditional banking ownership.
NatWest Group has emerged as the leading bidder and has agreed to acquire Evelyn Partners for £2.7 billion enterprise value, creating the UK's leading private banking and wealth management business. The combined entity will have total AUMA of £127 billion and total customer assets and liabilities of £188 billion. NatWest's acquisition strategy aligns with the bank's transition back to private ownership and its stated objective to expand its wealth division, which includes the high-profile Coutts bank. CEO Paul Thwaite emphasized that any acquisition would need to clear strict financial and operational thresholds. The transaction remains subject to regulatory approval, with completion expected in summer 2026.
Evelyn Partners has undertaken significant portfolio restructuring to position itself for a successful exit. In November 2024, the company sold its accounting and professional services business (Smith & Williamson) to Apax Partners, and in January 2025 divested its fund solutions business to Thesis. These moves refocused the company exclusively on wealth management, where it manages £63 billion in assets for approximately 150,000 UK families. The divestment strategy signals confidence in the core wealth management business while removing lower-margin operations ahead of the sale.
The sale reflects broader consolidation trends across European wealth management, driven by rising asset values, increasing demand for personalized financial advice, and competition for scale. EY data shows 113 asset and wealth management deals were completed across Europe in the first half of 2025, up from 90 in the same period last year, with deal value rising to $2.7 billion from $1.9 billion year-over-year. Royal Bank of Canada and other private equity and U.S. wealth management firms were initially positioned as alternative bidders, though NatWest's agreement represents a significant consolidation of UK wealth management capabilities under traditional banking ownership.
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