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Evelyn Partners has completed the sale of its fund solutions business to Thesis Holdings, marking its full exit from the sector to focus exclusively on wealth management.
The deal sees Evelyn Partners Fund Solutions Limited (EPFL) transferred to Thesis, with 75 staff, mainly based in Glasgow, moving across. It follows the earlier sale of Evelyn Partners’ professional services arm on 31 March.
The acquisition expands Thesis’s operations to 330 funds with more than £50bn in assets under administration.
Paul Geddes, chief executive of Evelyn Partners, said: “The sale of EPFL to Thesis means Evelyn Partners is now focused solely on wealth management activities. I would like to thank the team at EPFL for their commitment and professionalism and wish them well for the future as part of Thesis.”
He added that Evelyn Partners would maintain a relationship with the EPFL team, who will continue acting as authorised corporate director and fund administrator for funds where Evelyn remains the delegated investment manager.
Neil Coxhead, chief executive of EPFL, said: “Our sponsors and delegates can expect business as usual, with the team 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, added: “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.”
Evelyn Partners was advised by Evercore and Macfarlanes, while Thesis received legal advice from Bryan Cave Leighton Paisner.
