NatWest Group has agreed to buy wealth manager Evelyn Partners for £2.7 billion, creating Britain’s largest private banking and wealth management business.
By combining Evelyn Partners’ £69 billion of assets under management and administration (AUMA) with the £59 billion AUMA of NatWest Group’s existing private banking and wealth management (PBWM) business, including Coutts, NatWest Group will oversee more than £127 billion of AUMA.
NatWest’s biggest single deal since its 2008 state bailout is subject to customary regulatory approvals and is expected to close in summer 2026.
The transaction follows recent acquisitions by competitors including HSBC and Lloyds, who have also been set on boosting their wealth management offerings in recent years.
NatWest said it expects the deal to generate about £100 million in annual cost savings and also announced a 750 million pound share buyback.
Paul Thwaite, chief executive, NatWest Group, said: “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.
“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.
“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.”
Speaking to FT Adviser, Fergus Caheny, managing partner, Evelyn Partners, said: “It was always the plan to do this so we are pretty happy that this has happened.
“We are not turning into Coutts by the way, we will stay as Evelyn Partners and specialise in investment management.”
Evelyn Partners has 21 offices across the UK, Ireland and the Channel Islands. Its predecessor, Tilney Smith & Williamson first started managing investments in Liverpool in 1836.
