NatWest has announced its acquisition of UK wealth manager Evelyn Partners for £2.7 billion, marking its largest acquisition since the 2008 financial crisis.
NatWest bank has agreed to acquire Evelyn Partners, one of the UK's largest wealth management firms, for £2.7 billion. This acquisition, which is NatWest’s largest since its taxpayer bailout in 2008, is part of the bank’s strategy to enhance its wealth management services, especially having returned to full private ownership last year. The deal represents a significant development in the competitive landscape of wealth management in the UK, as NatWest outpaced rival Barclays to secure the acquisition.
Evelyn Partners, formerly known as Tilney Smith & Williamson, currently manages about £69 billion in client assets and provides a range of financial planning and wealth management services across the UK and Ireland. The firm has been repositioning itself in the market, especially after being put up for sale by its private equity owners, Permira and Warburg Pincus, last summer. The sale follows a previous divestiture made by Evelyn Partners of its professional services business to Apax Partners, indicating a strategic shift in its operational focus.
This acquisition underscores NatWest's commitment to expanding its footprint in wealth management, a sector that has gained significant importance amid changing economic conditions. By bringing around 2,400 employees from Evelyn Partners into its fold, NatWest aims to leverage its existing capabilities and resources to offer enhanced services to its clients. This move not only reflects the bank’s growth ambitions but also highlights the ongoing consolidation trend in the financial services industry, particularly among firms catering to affluent clients.
