Evelyn Partners, one of the UK’s largest wealth managers, is preparing to be put up for sale in a deal that could value the business at more than £2 billion.
Owners Permira and Warburg Pincus have appointed investment bank Evercore to explore a potential auction, with formal sale plans expected to be launched within months.
The move marks a shift away from earlier ambitions to float the business on the London Stock Exchange, despite a recent improvement in market sentiment.
Industry sources suggested that while a public listing has not been ruled out entirely, a trade sale is now seen as the most likely option, realistically taking place no earlier than the first quarter of 2026.
Founded in 1836 under the Tilney brand in Liverpool, Evelyn Partners has grown into one of Britain’s top five wealth managers, with £63 billion of assets under management as of the end of 2024. The group serves more than 150,000 affluent families and reported earnings of £174 million last year, up 12%. Its services include investment management, financial planning and its Bestinvest online platform.
The company has been reshaped to focus squarely on wealth management in preparation for a sale, following the disposal of its Smith & Williamson professional services arm and its fund administration division.
Potential buyers are thought to include NatWest, which is seeking to expand its wealth operations, although chief executive Paul Thwaite has cautioned that acquisitions must clear a “very high bar financially and operationally.” Evelyn’s scale could help bolster NatWest’s existing high-net-worth division, which includes Coutts.
Other likely suitors are the Royal Bank of Canada, which acquired Brewin Dolphin for £1.6 billion in 2022, and US-based Raymond James, which bought Charles Stanley for £279 million. The Ontario Teachers’ Pension Plan, which took a minority stake in Seven Investment Management for £255 million, is also seen as a contender.
Analysts say the attraction for buyers lies in exposure to a wealthy and fast-growing demographic in the UK, particularly at a time when asset prices are rising and demand for investment advice is strong.
Evelyn also have a specialist SME division, which through sponsorship go things like the Intrepid 232 (pictured) and the Business Champion Awards, has focused on supporting the entrepreneurs behind some of the countries fastest growing companies.
Evelyn competes with Rathbones, Quilter and St James’s Place, although the latter operates a different partnership-led business model.
The sale comes against the backdrop of regulatory reforms that will allow banks and financial firms to provide unsolicited investment guidance without carrying out full client assessments. Some in the industry believe this could broaden opportunities, while others fear it may encourage customers to bypass wealth managers altogether.
Permira acquired Evelyn in 2014, with Warburg Pincus joining as a shareholder in 2020 when it merged Smith & Williamson into the business. Neither firm, nor NatWest, would comment on the possible sale.
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Evelyn Partners tipped for £2bn sale as private equity owners prepare auction