Barclays and NatWest Advance in £2.5bn Auction for Evelyn Partners
Barclays and NatWest have progressed to the second round of the £2.5bn auction for Evelyn Partners, a wealth manager currently overseeing about £64.6bn in assets under management as of end-June. The auction process is being managed by Evercore.
Evelyn Partners is owned by Permira and Warburg Pincus, following the 2020 merger of Tilney and Smith & Williamson. Last year, its professional services arm was sold to Apax Partners. Other bidders reportedly include the Royal Bank of Canada. Canaccord Genuity’s wealth arm is also on the market, potentially fetching over £1bn, while Lloyds Banking Group has explored interest though its current status remains unclear.
NatWest's CEO, Paul Thwaite, noted the bank will consider acquisitions that are sensibly priced and strategically attractive, adding that NatWest’s wealth footprint includes Coutts. Both Barclays and NatWest declined to comment on the auction.
