NatWest and Evelyn Partners have announced a major transaction that will reshape the domestic private banking and wealth management landscape.
The acquisition is designed to create the UK’s leading Private Banking and Wealth Management business, transforming NatWest Group’s savings and investment offering and accelerating delivery of its wider strategy.
Alongside the transaction, NatWest Group has also announced a £750m share buyback, continuing what it described as a strong track record of returning capital to shareholders.
By combining the two businesses, NatWest Group expects to significantly diversify its income profile, with fee income increasing by around 20% on a pre-revenue synergies basis. The deal also increases the group’s exposure to a high-growth, capital-light segment, with Private Banking and Wealth Management expected to account for roughly 20% of group customer assets and liabilities following completion.
NatWest Group is positioning the acquisition as a strategic step in expanding beyond traditional banking into advice-led services, including financial planning, savings and investments. The group said the enlarged platform would give it the scale and capabilities required to compete effectively in a wealth market with significant long-term growth potential, while supporting customers to make more of their money at a time when saving and investing are increasingly prominent in public debate.
Evelyn Partners oversees £69bn of assets under management and administration and offers an integrated wealth management proposition spanning financial planning, discretionary investment management and its direct-to-consumer platform, BestInvest. The firm has expanded under the stewardship of Permira, which has been an investor since 2014, and Warburg Pincus, which took a minority stake in 2020.
Evelyn Partners is led by a management team with a proven delivery record, demonstrated by compound annual growth in assets under management and administration of more than 7%. Its integrated operating model brings together around 270 financial planners and 325 investment managers, supporting deep client relationships and a broad range of tailored outcomes for individuals and families across the UK.
Commenting on the acquisition, NatWest Group CEO Paul Thwaite said, “Bringing together these two leading businesses creates a unique opportunity to provide financial planning, savings and investment services to more families and people across the UK. We look forward to welcoming our new clients and working with our colleagues at Evelyn Partners to transform the services our 20 million customers across the Group can expect from us.
“At a time when the benefits of saving and investing are increasingly part of the national conversation, we can help customers to make more of their money through a broader range of services, as well as helping to drive growth and investment across the economy.
“This transaction creates the UK’s leading Private Banking and Wealth Management business, delivering the scale and capabilities needed to succeed in a market with significant growth potential. It accelerates delivery of NatWest Group’s strategy and positions us to realise our longer-term ambitions.
“This represents a strategically and financially compelling use of capital, enhancing income diversification and strengthening returns in a high-growth segment, to deliver sustainable long-term value creation.”
Evelyn Partners CEO Paul Geddes added, “Evelyn Partners is a leading UK wealth manager with more than 180 years of heritage. We are proud to have grown to £69 billion of assets under management, under the stewardship of Permira, investors in the business since 2014, and Warburg Pincus, a minority investor since 2020.
“We are delighted to join NatWest Group, which marks an exciting new chapter for Evelyn Partners. We both have a long-standing history as highly regarded wealth managers with a client-centric culture.
“Together, we have the scale, resources, and shared vision to provide unparalleled service to our clients. We look forward to working together to build on our success and drive future growth.”
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