NatWest Group has agreed to buy Evelyn Partners, one of the UK’s biggest wealth managers, for £2.7bn.
With offices across the UK, Everlyn Partners has more than 180 years of heritage, overseeing £69bn of assets under management and administration.
NatWest is acquiring Evelyn from funds advised by Permira and Warburg Pincus.
The deal creates a private banking and wealth management business with total AUMA of £127bn and total customer assets and liabilities to £188bn.
Paul Thwaite, chief executive of NatWest Group, said: “Bringing together these two leading businesses creates a unique opportunity to provide financial planning, savings and investment services to more families and people across the UK.
“We look forward to welcoming our new clients and working with our colleagues at Evelyn Partners to transform the services our 20 million customers across the Group can expect from us.
“This transaction creates the UK’s leading private banking and wealth management business, delivering the scale and capabilities needed to succeed in a market with significant growth potential. It accelerates delivery of NatWest Group’s strategy and positions us to realise our longer-term ambitions.”
Paul Geddes, chief executive of Evelyn Partners, added: “Evelyn Partners is a leading UK wealth manager with more than 180 years of heritage.
“We are proud to have grown to £69bn of assets under management, under the stewardship of Permira, investors in the business since 2014, and Warburg Pincus, a minority investor since 2020.
“We are delighted to join NatWest Group, which marks an exciting new chapter for Evelyn Partners. We both have a long-standing history as highly regarded wealth managers with a client-centric culture.
“Together, we have the scale, resources, and shared vision to provide unparalleled service to our clients. We look forward to working together to build on our success and drive future growth.”
Ardea Partners International LLP and BofA Securities served as joint lead financial advisers to NatWest. UBS also acted as a financial adviser to NatWest.
