Published: July 1, 2026 at 8:13 am
NatWest Group has completed its £2.7 billion swoop for wealth management firm Evelyn Partners.
The deal, originally announced in February, completed yesterday and sees an exit for British private equity giant Permira and US peer Warburg Pincus.
Evelyn Partners – formed from the merger of Tilney and Smith & Williamson – has grown from £5bn to £69bn in client assets since 2014, when Permira first invested. Warburg Pincus invested in 2020.
The transaction creates the UK’s leading private banking and wealth management business, the firms say. NatWest Group has £59bn assets – bringing their combined assets to £127bn and total customer assets and liabilities to £188bn.
It transforms NatWest Group’s financial planning and investment management capabilities, with estimated annual run-rate cost synergies of approximately £100m and costs to achieve of approximately £150m.