Barclays and NatWest Advance in £2.5bn Auction for Evelyn Partners Wealth Manager
Barclays and NatWest have progressed to the second round of the £2.5bn auction for Evelyn Partners, a wealth management group overseeing about £64.6bn in assets as of end-June.
Royal Bank of Canada is also reported to be in contention, alongside several private equity firms. Lloyds Banking Group had previously explored a bid, although its current interest remains unclear.
The auction is being managed by Evercore on behalf of Evelyn Partners, which is owned by Permira and Warburg Pincus. Evelyn emerged in 2020 from the merger of Tilney and Smith & Williamson, with its professional services arm sold to Apax Partners last year.
Acquiring Evelyn would enhance the wealth management offerings of bidding banks, particularly NatWest through its Coutts division. NatWest CEO Paul Thwaite stated that acquisitions would only be pursued if sensibly priced and strategically attractive following the bank’s return to full private-sector ownership this year.
Additionally, Canaccord Genuity's wealth management arm is also up for sale and could be valued at more than £1bn. Both Barclays and NatWest declined to comment on the bidding process.
