NatWest Group has announced the acquisition of Evelyn Partners from Permira and Warburg Pincus for £2.7 billion.
Evelyn Partners has more than 180 years of heritage and oversees £69 billion of assets under management. It offers an integrated wealth management proposition spanning financial planning, discretionary investment management and its direct-to-consumer platform BestInvest.
The acquisition will enhance NatWest's private banking and wealth management offering, which already includes private bank Coutts.
Paul Thwaite, chief executive of NatWest Group, said: "Bringing together these two leading businesses creates a unique opportunity to provide financial planning, savings and investment services to more families and people across the UK. We look forward to welcoming our new clients and working with our colleagues at Evelyn Partners to transform the services our 20 million customers across the Group can expect from us.
"At a time when the benefits of saving and investing are increasingly part of the national conversation, we can help customers to make more of their money through a broader range of services, as well as helping to drive growth and investment across the economy.
"This transaction creates the UK's leading private banking and wealth management business, delivering the scale and capabilities needed to succeed in a market with significant growth potential. It accelerates delivery of NatWest Group's strategy and positions us to realise our longer-term ambitions.
"This represents a strategically and financially compelling use of capital, enhancing income diversification and strengthening returns in a high‑growth segment, to deliver sustainable long‑term value creation."
Paul Geddes, chief executive of Evelyn Partners, added: "Evelyn Partners is a leading UK wealth manager with more than 180 years of heritage. We are proud to have grown to £69 billion of assets under management, under the stewardship of Permira, investors in the business since 2014, and Warburg Pincus, a minority investor since 2020.
"We are delighted to join NatWest Group, which marks an exciting new chapter for Evelyn Partners. We both have a long-standing history as highly regarded wealth managers with a client-centric culture.
"Together, we have the scale, resources, and shared vision to provide unparalleled service to our clients. We look forward to working together to build on our success and drive future growth."
