British bank NatWest Group is closing in on a takeover of one of the UK’s largest wealth managers, with a deal for Evelyn Partners reportedly nearing the final stages.
The proposed acquisition is expected to value Evelyn at around £2.5 billion, with market sources suggesting an announcement could arrive in the coming days if talks conclude smoothly.
While NatWest declined to comment on the reports, Evelyn Partners did not immediately respond to requests for clarification as speculation around the transaction intensified over the weekend.
Competing Bids And A Tight Race
NatWest is understood to have faced competition for Evelyn, with rival Barclays also submitting a formal offer during the previous week, setting up a closely watched contest between major UK lenders.
The bidding process reflects growing competition among banks to expand wealth management capabilities, as stable fee income becomes increasingly attractive amid volatile lending conditions.
Reports indicate NatWest was prepared to pay between £2.5 billion and £3 billion, underlining how strategically valuable Evelyn is considered within the UK financial services landscape.
A Long-Running Sale Process
Evelyn’s private equity owners, Permira and Warburg Pincus, launched a formal sale process last year after receiving preliminary interest from multiple domestic and international banking groups.
Potential suitors previously included Lloyds Banking Group and Royal Bank of Canada, highlighting the breadth of interest generated by Evelyn’s scale and long-term growth profile.
Permira has owned Evelyn, formerly known as Tilney Smith & Williamson, since 2014, overseeing a decade of expansion through acquisitions and organic growth.
Building A Wealth Management Powerhouse
Under Permira’s ownership, Evelyn grew into a leading wealth manager overseeing approximately £63 billion in client assets across investment management, financial planning, and professional services.
Warburg Pincus joined as a minority shareholder in 2020, providing funding to support the merger between Tilney and accounting firm Smith & Williamson.
That combination created a diversified platform serving high-net-worth individuals, entrepreneurs, and businesses, while also deepening advisory and tax expertise.
Strategic Implications For NatWest
For NatWest, acquiring Evelyn would represent a significant step in strengthening its wealth and asset management offering alongside its retail and commercial banking operations.
The move would align with a broader industry trend where banks seek recurring advisory revenues to offset pressure on traditional interest income.
If confirmed, the transaction would mark one of the largest UK wealth management deals in recent years, reshaping the competitive landscape across private banking and financial advice.
Attention now turns to whether a formal announcement emerges early next week, potentially bringing a high-profile deal to a swift conclusion.
