Evelyn Partners is preparing for a sale that could see the company valued at approximately £2.5bn, reported Financial Times, citing sources.
The company’s private equity owners, Permira and Warburg Pincus, have appointed Evercore to facilitate the sale process, which is expected to commence soon.
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Evelyn Partners aims to capitalise on the increasing appetite among banks to augment their financial advisory services, the report said.
Potential bidders for the wealth manager include banking institutions such as NatWest and Royal Bank of Canada, as well as other private equity firms and US wealth managers with an interest in the UK market, such as Raymond James.
The sale initiative comes after NatWest’s transition back to private ownership, which was completed in May this year.
The bank previously engaged in exploratory talks with Evelyn Partners and is said to be considering a bid once the company is officially on the market.
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By GlobalDataNatWest’s strategy has been to grow its wealth management business, which features the high-profile Coutts bank.
Royal Bank of Canada, which has previously expressed its intention to expand its wealth management footprint in the UK, is another potential suitor.
Evelyn Partners’ CEO, Paul Geddes, has past ties with Royal Bank of Scotland, having led its retail banking division, which included the NatWest brand.
The sale would represent an exit for Permira from its investment in Evelyn Partners, which began with the merger of Bestinvest and Tilney in 2014.
Warburg Pincus later contributed to the merger of Tilney and Smith & Williamson in 2020, after which the company was rebranded as Evelyn Partners.
Last year, the group’s focus shifted exclusively to wealth management following the sale of its professional services arm to Apax.
Both NatWest and Royal Bank of Canada have refrained from commenting on what they describe as “market speculation.”
Similarly, Evelyn Partners, Permira, and Warburg Pincus have not provided any official statements regarding the sale.
Raymond James has not responded to inquiries for comment.
