Permira and Warburg Pincus have agreed to sell UK wealth manager Evelyn Partners to NatWest Group in a deal valued at £2.7bn, marking a major consolidation in the UK private banking and wealth management sector and a significant liquidity event for the PE firms.
The transaction, which subject to regulatory approval, is expected to close in summer 2026.
Evelyn Partners, with a heritage of over 180 years, manages £69bn in assets under management and administration (AUMA) and provides integrated wealth management services, including financial planning, discretionary investment management, and direct-to-consumer offerings through Bestinvest. The business operates from 21 UK offices on a modern technology platform.
Permira originally acquired Bestinvest in 2014 and, through strategic mergers including Tilney, Towry, and Smith & Williamson, helped create Evelyn Partners. Under Permira’s majority ownership, AUMA grew from around £5bn to £69bn. Warburg Pincus joined as a minority investor in 2020 following the acquisition of Smith & Williamson.
The combination of Evelyn Partners’ £69bn AUMA with NatWest’s £59bn PBWM business, which includes Coutts, will give the banking group control of more than £127bn in AUMA and total Customer Assets and Liabilities of £188bn.
Paul Geddes, CEO of Evelyn Partners, said the transaction “provides greater scale and resources for clients and colleagues” and positions the combined group as the UK’s leading private banking and wealth management platform. NatWest CEO Paul Thwaite added that the deal would expand access to financial planning and investment services for millions of UK customers.
Chris Pell of Permira said: “The investment exemplifies our approach to long-term value creation: patient ownership, close partnership with management and continuous investment in people, technology and platform capabilities. Today’s agreement with NatWest is a strong endorsement of the quality of the platform, the client proposition, Paul’s leadership and all the highly talented employees at Evelyn Partners.”
Evercore and Goldman Sachs acted as financial advisers to Evelyn Partners, with Linklaters advising Permira and Warburg Pincus, and Macfarlanes advising Evelyn Partners.
