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NatWest Group is set to acquire Evelyn Partners for an enterprise value of £2.7bn, in a move that will strengthen the bank’s wealth management business.
The deal, which is subject to regulatory approval, is expected to complete in the summer of 2026.
Evelyn Partners, which operates from 21 locations, currently controls £69bn of Assets Under Management and Administration (AUMA) for its clients.
By combining its AUMA with the £59bn AUMA of NatWest Group’s existing Private Banking and Wealth Management (PBWM) business, the combined entity will oversee more than £127bn in assets under management.
Total customer assets and liabilities for the expanded group will also reach £188bn following the deal.
Evelyn Partners offers an integrated wealth management service across financial planning, discretionary investment management and, through Bestinvest, a direct-to-consumer platform and coaching service for self-directed investors.
Funds advised by Permira originally invested in Bestinvest in 2014, and following a series of mergers created and integrated the combined group now known as Evelyn Partners. Under the Permira fund’s majority ownership, assets under management rose from £5bn to £69bn.
Paul Geddes, CEO of Evelyn Partners, said: “We are delighted to be joining NatWest Group which will be a great new home for Evelyn Partners. We each have a long-standing history of providing high quality wealth management services.
“Together, our shared vision is to be the UK’s leading Private Banking and Wealth Management business, providing unparalleled financial advice and investment management to our clients as well as a broader range of capabilities. We are hugely excited by the opportunity which this transaction presents, providing us with greater scale and resources, for the benefit of our clients and colleagues.”
He added: “NatWest has been deeply committed to the UK wealth management sector for many years with a sizeable presence through Coutts. Today’s announcement is a sign of its growth ambitions in a world where increasing financial complexity and fast-moving markets are driving the need for both expert advice and investment management.
“Like Evelyn Partners, NatWest has a similar client-centric culture, and we are excited about the opportunities ahead as part of the wider NatWest Private Banking and Wealth Management team. As we look ahead to a new stage in our journey, we would also like to thank Permira and Warburg Pincus for their strong partnership over many years.“
Paul Thwaite, CEO of NatWest, 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 service our 20 million customers across the group can expect from us.
“At a time when the benefits of saving and investing are increasingly part of the national conversation, we can help customers to make more of their money through a broader range of services, as well as helping to drive growth and investment across the economy.”
He added: “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.
“This represents a strategically and financially compelling use of capital, enhancing income diversification and strengthening returns in a high growth segment, to deliver sustainable long term value creation.”
