High Street Banking Giants Vie for £2.5bn Wealth Manager Evelyn Partners
Barclays and NatWest have progressed to the second round of the auction for Evelyn Partners, a wealth manager with assets under management of £64.6 billion as of the end of June. The Royal Bank of Canada is also reportedly interested in acquiring Evelyn, alongside several private equity firms that have submitted offers. Lloyds Banking Group is understood to have explored an offer but its current interest is unclear.
An acquisition of Evelyn Partners would strengthen the wealth-management divisions of Barclays and NatWest, with NatWest's Coutts division specifically highlighted as a beneficiary. NatWest CEO Paul Thwaite confirmed that the bank would consider acquisitions that are sensibly priced and strategically attractive, especially following NatWest's return to full private-sector ownership this year.
Evelyn Partners is currently owned by Permira and Warburg Pincus, which merged the Tilney and Smith & Williamson firms in 2020. Last year, Evelyn's professional services arm was sold to Apax Partners. The auction process is being handled by Evercore. Both Barclays and NatWest declined to comment on the ongoing auction.
