Private equity heavyweights Permira and Warburg Pincus are exploring a potential £2.5bn ($3.36bn) exit from Evelyn Partners, one of the UK’s largest wealth managers, according to a report by Reuters citing three sources familiar with the matter.
Advisers have been engaged to prepare for a possible sale process to launch later this year, with interest expected from a range of buyers — including UK banks, global private equity firms, and North American financial institutions.
Though discussions are still at an early stage and no deal is guaranteed, the planned sale would mark a significant event in European wealth management dealmaking, as private equity firms seek to capitalise on rising valuations and demand for scale in advisory businesses.
Evelyn Partners, formed from the merger of Tilney and Smith & Williamson, has grown under Permira’s ownership from £5bn to £63bn in client assets since 2014. Warburg Pincus joined in 2020 to support the merger. The remainder of shares are held by current and former employees.
In 2023, Permira shifted its holding in Evelyn into a continuation fund, after shelving a previous plan for a public listing or sale. Since then, Evelyn has focused on streamlining, selling off its accounting division to Apax Partners and divesting its fund solutions arm to Thesis.
Evelyn reported £174.3m in adjusted EBITDA in 2024, up 11.8% year-on-year, driven by positive net inflows and investment performance.
