NatWest Group is in advanced talks to acquire Evelyn Partners, a leading UK wealth‑management firm that manages about £65 billion of client assets, for a transaction valued between £2.5 billion and £3 billion. The deal would bring Evelyn’s client base and investment expertise into NatWest’s growing wealth‑management platform, creating new fee‑income streams and cross‑sell opportunities across the bank’s retail and private‑banking businesses.
The acquisition aligns with NatWest’s strategy to focus on higher‑return areas such as wealth and affluent banking. By adding Evelyn’s AUM, NatWest would strengthen its position against peers like Lloyds and Barclays, and would enhance its Coutts private‑banking arm. The deal is modest relative to NatWest’s market capitalisation of roughly £52 billion, suggesting it would not strain the bank’s balance sheet.
Evelyn Partners, formed from the 2020 merger of Tilney and Smith & Williamson, reported adjusted EBITDA of £174.3 million in 2024, up 11.8 % year‑on‑year. NatWest, which posted a profit of £4.5 billion for the year ended 31 December 2024 and a return on tangible equity of 17.5 %, would be adding a firm that has grown its assets under management from £5 billion in 2014 to £65 billion today.
The deal follows a competitive bidding process in which Barclays withdrew after NatWest increased its offer, and the Royal Bank of Canada was also linked to the process. The transaction would be NatWest’s largest acquisition since the 2008 taxpayer bailout and would position the bank to compete more effectively in the consolidating UK wealth‑management market.
The acquisition is part of a broader trend of consolidation in the sector, driven by demographic shifts and the growing demand for long‑term savings and financial planning services. By integrating Evelyn’s expertise, NatWest aims to accelerate fee‑income growth and deepen client relationships across its retail and private‑banking segments.
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