Evelyn Partners Group has sold its fund solutions business, operated by Evelyn Partners Fund Solutions Limited, to Thesis Holdings.
Alongside the sale of its professional services business – which completed on 31st March – the divestment of EPFL strategically refocuses Evelyn Partners on its wealth management activities.
For Thesis, the acquisition means the enlarged independent fund governance and administration business will manage 330 funds with over £50bn of assets.
The transaction sees 75 staff who support the EPFL business, predominantly based in Glasgow, transfer across to Thesis.
“The sale of EPFL to Thesis means Evelyn Partners is now focused solely on wealth management activities,” said Paul Geddes, chief executive of Evelyn Partners.
“I would like to thank the team at EPFL for their commitment and professionalism and wish them well for the future as part of Thesis.
“We look forward to an ongoing relationship with the team, who will continue to act as ACD and Fund Administrator to numerous funds where Evelyn Partners is the delegated investment manager and where clients will benefit from complete continuity in service.”
Neil Coxhead, chief executive of EPFL, added: “We are excited to be joining Thesis today. The deal provides long-term clarity on our future, with increased opportunities for colleagues as part of a market leading UK asset servicing group while continuing to work with Evelyn Partners as a valued wealth management partner.
“Our sponsors and delegates can expect business as usual, with the team continuing to be based in Glasgow and focused on delivering the high standards of service and partnership-led approach to which they have become accustomed.”
David Tyerman, chief executive of Thesis, commented: “I’m delighted to be welcoming the EPFL team to Thesis. Their reputation in the market is excellent and, like us, they have a culture founded in high-quality professional services.
“Having EPFL in the group increases choice for our sponsors, as well as introducing greater scale for Thesis. Ultimately this will ensure good outcomes for our fund investors.”