Barclays and NatWest Advance in £2.5bn Auction for Wealth Manager Evelyn Partners
Barclays and NatWest have progressed to the second round in the auction for Evelyn Partners, a wealth manager valued at around £2.5 billion. The auction, managed by Evercore, also reportedly includes interest from the Royal Bank of Canada and several private equity bidders. Lloyds Banking Group has previously explored an offer for the firm, though its current status in the auction is unclear.
Evelyn Partners manages approximately £64.6 billion in assets under management as of the end of June. The company was formed in 2020 by the merger of Tilney and Smith & Williamson and is currently owned by private equity firms Permira and Warburg Pincus. Evelyn's professional services division was sold last year to Apax Partners.
Barclays and NatWest have declined to comment on the auction. NatWest's CEO, Paul Thwaite, noted that the bank would consider acquisitions that are sensibly priced and strategically attractive, particularly following its return to full private-sector ownership.
