Evelyn Partners sells Fund Solutions business to Thesis

Evelyn Partners has announced that it has entered into an agreement to sell its Fund Solutions business, operated by Evelyn Partners Fund Solutions Limited (EPFL), to Thesis Holdings Limited for an undisclosed sum. The transaction, which is subject to customary regulatory conditions, is expected to complete in the first half of 2025. EPFL is a long-established provider of fund governance and fund administration services which has grown to become a leading Independent Authorised Corporate Director (ACD) to UK-domiciled funds. EPFL has assets under governance of £10.6bn and supports a diverse and growing book of sponsors and delegate relationships, comprising 161 funds across over 40 sponsors and investment managers, with a high-touch, partnership-driven approach that has led to “excellent” retention levels and growing new business. The transaction will see approximately 75 Evelyn Partners staff who support the EPFL business, and are predominantly based in Glasgow, transfer across to Thesis as part of EPFL on completion. Thesis is a UK-based operator of funds, established in 1997, that manages 170 funds with over £40bn of assets. Working in partnership with a broad range of large, global asset servicers it can offer “open-architecture” solutions to international fund managers. The decision by Evelyn Partners to seek a new owner for EPFL was taken following a strategic review aimed at refocusing the group on its core wealth management activities. On 25 November 2024, Evelyn Partners also announced the sale of its Professional Services business to funds advised by Apax Partners. Paul Geddes, group chief executive of Evelyn Partners Group, said: “The sale of EPFL to Thesis will further streamline Evelyn Partners so that we will be focused solely on wealth management. It will also provide new opportunities for our EPFL colleagues as part of a larger, specialist fund governance business. I would like to thank our colleagues at EPFL for their commitment and professionalism and wish them well for the future as part of Thesis. “We look forward to an ongoing relationship with the team, who will continue to act as ACD and Fund Administrator to numerous funds where Evelyn Partners is the delegated investment manager, providing clients with complete continuity in service.” Neil Coxhead, chief executive of EPFL, added: “Given its significant experience in the provision of Independent ACD services in the UK, Thesis will be an excellent owner of EPFL. The deal provides long-term clarity on our future, with increased opportunities for colleagues as part of a market leading UK asset servicing group while continuing to work with Evelyn Partners as a valued wealth management partner. “As we become part of Thesis, our sponsors and delegates can expect business as usual, with the team at EPFL continuing to be based in Glasgow and focused on delivering the high standards of service and partnership-led approach to which they have become accustomed.” David Tyerman, chief executive of Thesis, said: “I’m delighted to be welcoming the EPFL team to Thesis. Their reputation in the market is excellent and, like us, they have a culture founded in high-quality professional services. Having EPFL in the group increases choice for our sponsors, as well as introducing greater scale for Thesis. Ultimately this will ensure good outcomes for our fund investors.”