NatWest has reached an agreement to acquire wealth manager Evelyn Partners in a deal worth £2.7bn.
The transaction, from funds advised by NatWest’s private equity owners Permira and Warburg Pincus, is the bank’s largest acquisition since it was bailed out by taxpayers in 2008.
Evelyn Partners’ wealth management proposition spans financial planning, discretionary investment management and its direct-to-consumer platform, BestInvest.
NatWest said it expects the combination of Evelyn Partners with its existing private banking and wealth management (PBWM) business to create “material shareholder value”, including estimated annual run-rate cost synergies of £100m – equivalent to around 10% of the combined PBWM cost base.
The combination of Evelyn Partners’ £69bn of assets under management and administration (AUMA) with NatWest’s £59bn will bring the total AUMA for the group to £127bn, and take total customer assets and liabilities to £188bn.
NatWest chief executive, Paul Thwaite, said: “We look forward to welcoming our new clients and working with our colleagues at Evelyn Partners to transform the services our 20 million customers across the group can expect from us.
“At a time when the benefits of saving and investing are increasingly part of the national conversation, we can help customers to make more of their money through a broader range of services, as well as helping to drive growth and investment across the economy.
“This represents a strategically and financially compelling use of capital, enhancing income diversification and strengthening returns in a high growth segment, to deliver sustainable long term value creation.”
Evelyn Partners chief executive, Paul Geddes, added: “We are delighted to join NatWest, 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 remains subject to customary regulatory approvals and is expected to close in the summer this year.
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