Evelyn Partners has entered into an agreement to sell its fund solutions business to Thesis Holdings Limited for an undisclosed sum.

The transaction remains subject to customary regulatory conditions and will complete in the first half of 2025.

Evelyn Partners’ fund solutions business is operated by Evelyn Partners Fund Solutions Limited (EPFL), a long-established provider of fund governance and administration services which has grown to become an independent authorised corporate director (ACD) to UK-domiciled funds.

EPFL has assets under governance of £10.6bn and supports a book of delegate relationships comprising 161 funds across over 40 sponsors and investment managers.

Group chief executive of Evelyn Partners, Paul Geddes, commented: “The sale of EPFL to Thesis, will further streamline Evelyn Partners so that we will be focused solely on wealth management. It will also provide new opportunities for our EPFL colleagues as part of a larger, specialist fund governance business.”

EPFL chief executive, Neil Coxhead, added: “Given its significant experience in the provision of Independent ACD services in the UK, Thesis will be an excellent owner of EPFL. 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.”

Thesis is a UK-based operator of funds that manages 170 funds with over £40bn of assets.

The deal will see approximately 75 Evelyn Partners staff, who support the EPFL business, and are predominantly based in Glasgow, transfer across to Thesis on completion.

Thesis chief executive, David Tyerman, said: “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.”

---