NatWest Group has completed its purchase of British wealth manager Evelyn Partners, valuing the business at £2.7bn ($3.6bn).
The deal was announced in February this year.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Together, the companies have £127bn in assets under management and administration and £188bn in customer assets and liabilities.
Evelyn Partners CEO Chris Kenny said: “I am delighted that we have reached this significant milestone for Evelyn Partners and, most importantly, for our clients. Becoming part of NatWest Group strengthens our ability to support them over the long term, while preserving the personal relationships, trusted advice and investment expertise that they value from Evelyn Partners.”
The deal is said to enhance NatWest’s financial planning and investment management activities.
The group said it would help raise its fee income by about 20% before revenue synergies.
The bank expects annual run-rate cost synergies of around £100m from the merger, with about £150m in costs to deliver them.
NatWest anticipated the acquisition to add to growth and return on tangible equity in the first year of ownership.
There will be no immediate change to client service, it said.
Chris Kenny had been appointed chief executive with effect from completion of the deal. He will report to NatWest Group private banking & wealth management CEO Emma Crystal.
NatWest Group CEO Paul Thwaite said: “Today marks an important step as we bring together two leading businesses and accelerate the delivery of our strategy, at a time when the benefits of saving and investing are increasingly part of the national conversation.
“Together, we are now the UK’s leading Private Banking and Wealth Management business. As a result, we will offer a broader range of products, services and advice to over 20 million customers, helping them to make more of their money and invest with confidence. This will help us drive further growth and investment across the economy, as well as delivering higher returns to shareholders.”
