Evelyn Partners, one of the UK’s largest wealth managers, is being readied for sale in a deal that could exceed £2 billion. Private equity backers Permira and Warburg Pincus have tapped investment bank Evercore to oversee the process, with a formal auction expected to launch in the coming months.
The plan signals a pivot from earlier ambitions to pursue an IPO on the London Stock Exchange, despite signs of a stronger market environment. While a public listing remains possible, industry sources said a trade sale is now the most likely outcome, with any transaction unlikely to materialize before early 2026.
Tracing its roots to 1836 under the Tilney name in Liverpool, Evelyn Partners has expanded into one of Britain’s top five wealth managers, reporting £63 billion in assets under management at the end of 2024. The firm serves more than 150,000 clients and delivered £174 million in earnings last year, up 12%. Its offerings include investment management, financial planning, and its Bestinvest online investment platform.
In preparation for a sale, Evelyn has narrowed its focus to core wealth management by divesting its Smith & Williamson professional services arm and fund administration business. NatWest has emerged as a potential buyer as it looks to grow its wealth division, though CEO Paul Thwaite has emphasized that any acquisition would need to clear strict financial and operational thresholds. Analysts note that Evelyn’s size could significantly enhance NatWest’s existing Coutts business.
Other possible bidders include Royal Bank of Canada, which bought Brewin Dolphin for £1.6 billion in 2022, and Raymond James, which acquired Charles Stanley for £279 million. The Ontario Teachers’ Pension Plan is also seen as a contender, having previously taken a minority stake in Seven Investment Management.
Market observers say interest is driven by Evelyn’s position within a fast-expanding wealth management sector in the UK, fueled by rising asset values and demand for professional advice. Evelyn also maintains an SME-focused division, supporting entrepreneurs through sponsorships such as the Intrepid 232 and the Business Champion Awards.
The group competes with Rathbones, Quilter, and St James’s Place, although the latter operates a partnership-led model. The pending sale also coincides with regulatory reforms enabling banks and financial firms to provide unsolicited investment guidance without full client assessments — a development seen as both an opportunity and a potential risk for wealth managers.
Permira first acquired Evelyn in 2014, with Warburg Pincus joining in 2020 through the merger with Smith & Williamson. Neither firm, nor NatWest, has commented publicly on the potential sale.
Source: Business Matters
