NatWest Group has sealed a £2.7 billion swoop for wealth management firm Evelyn Partners.
It 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 £63bn in client assets since 2014, when Permira first invested. Warburg Pincus invested in 2020.
NatWest said the transaction creates the UK’s leading private banking and wealth management business and will transform its savings and investment offering for its 20 million customers.
NatWest is also announcing a share buyback of £750m to return capital to shareholders.
“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,” said Paul Thwaite, chief executive of NatWest Group.
“We look forward to welcoming our new clients and working with our colleagues at Evelyn Partners to transform the services our 20m customers across the group can expect from us.”
Evelyn Partners generated full-year 2025 EBITDA of £179m, meaning that the transaction values Evelyn Partners at the equivalent of 9.7x 2025 EV to EBITDA multiple, including target run-rate cost synergies.
Paul Geddes, chief executive of Evelyn Partners, added: “Evelyn Partners is a leading UK wealth manager with more than 180 years of heritage.
“We are proud to have grown to £69bn 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.”
The transaction is subject to customary regulatory approvals and is expected to close in the summer of 2026.
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