Barclays and NatWest Progress in £2.5bn Auction for Wealth Manager Evelyn Partners
Barclays and NatWest have advanced to the second round in the £2.5 billion auction for Evelyn Partners, a wealth management group managing approximately £64.6 billion in assets under management as of the end of June. The sale process, managed by Evercore, also includes contenders such as the Royal Bank of Canada and several private equity bidders. Lloyds Banking Group has reportedly explored making an offer, though its current interest remains unclear. Evelyn Partners is owned by Permira and Warburg Pincus, who previously merged Tilney and Smith & Williamson in 2020, while Evelyn’s professional services division was sold to Apax Partners last year. NatWest CEO Paul Thwaite has indicated that the bank will pursue acquisitions that are appropriately priced and strategically beneficial as it moves back to full private-sector ownership. Both Barclays and NatWest declined to comment on the auction.
