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.
“Today marks an important step as we bring together two leading businesses and accelerate the delivery of our strategy, at a time when the benefits of saving and investing are increasingly part of the national conversation,” said NatWest Group CEO Paul Thwaite (pictured).
“This is a unique opportunity for the Group, delivering unmatched scale and capabilities in a market with considerable growth potential. Our new colleagues at Evelyn Partners bring with them long-standing, trusted client relationships and industry-leading expertise in financial planning and investment management.
“Together, we are now the UK’s leading Private Banking and Wealth Management business. As a result, we will offer a broader range of products, services and advice to over 20 million customers, helping them to make more of their money and invest with confidence.
“This will help us drive further growth and investment across the economy, as well as delivering higher returns to shareholders.”
Chris Kenny, who took over as CEO of Evelyn Partners from Paul Geddes a month ago, commented: “I am delighted that we have reached this significant milestone for Evelyn Partners and, most importantly, for our clients. Becoming part of NatWest Group strengthens our ability to support them over the long term, while preserving the personal relationships, trusted advice and investment expertise that they value from Evelyn Partners.
“This is an exciting opportunity for our people to build on what we do best, combining our strengths with those of our new colleagues at NatWest Group to deliver even greater value for clients, both now and in the years ahead.”
Emma Crystal, CEO of private banking & wealth management at NatWest Group, added: “This is a pivotal moment for our combined business, bringing complementary capabilities and scale to the expertise and service that we offer our clients.
“We look forward to working alongside our new colleagues, putting financial planning and investment management in the hands of more people, right across the UK, whether they are experienced investors or taking their first steps to build their financial futures.”
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