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Evelyn Partners has announced that it has completed the sale of its professional services business to funds managed by Apax Partners.
The transaction, which is subject to regulatory approval, is expected to complete in the first quarter of 2025.
Upon completion, the professional services business will be rebranded S&W, building on the heritage of Smith & Williamson which was founded in 1881.
The transaction will result in two standalone businesses: Evelyn Partners, a pure-play UK wealth manager, and S&W.
The separation will mean both firms will have their own dedicated management teams and capital bases, with the strategy and funding for each fully focused on their respective ambitious growth plans.
As part of the separation, both businesses are committed to a strong ongoing relationship to support mutual clients and growth opportunities.
Buyout firms including Bain Capital and Swiss-based Partners Group were reportedly among the buyout firms eliminated earlier in the process.
As part of the separation from Evelyn Partners, Andrew Wilkes, chief professional services director of Evelyn Partners, will become CEO of S&W and Andrew Baddeley, group CFO of Evelyn Partners, will take up the role of CFO of S&W.
Paul Geddes, Evelyn Partners CEO, said: “Evelyn Partners has demonstrated the strength and resilience of its business model since the merger in 2020. The growth of both our Financial Services and Professional Services businesses means that this is the right moment to sharpen our focus further by creating two strong standalone businesses, each concentrated on the growth opportunities in its sector.
“The exciting transaction we have announced today is very positive for both businesses. Importantly, we are committed to a strong, ongoing relationship so our mutual clients will see complete continuity in the teams that support them.”
He added: “Plans for an orderly separation are well advanced and I am grateful to the many colleagues across both businesses who have been involved in this. As well as being positive for our clients, the transaction will also create value for our investors, including the many colleagues who are shareholders.”
