UK $66 Billion Banking Group NatWest (National Westminster Bank) to Buy UK $94 Billion Wealth Manager Evelyn Partners for $3.7 Billion (£2.7 Billion) with Total NatWest Private Banking & Wealth Management AUM to Increase to $175 Billion, Evelyn Partners Founded in 2020 with Merger of 1) Tilney and 2) Smith & Williamson, Evelyn Partners Investors Include Permira & Warburg Pincus
10th February 2026 | Hong Kong
UK banking group NatWest (National Westminster Bank) with $66 billion market value has announced to buy UK wealth manager Evelyn Partners ($94 billion / £69 billion AUM) for $3.7 billion (£2.7 billion) with total NatWest private banking & wealth management AUM to increase to $175 billion (£127 billion). Evelyn Partners was founded in 2020 with the merger of 1) Tilney and 2) Smith & Williamson. Evelyn Partners investors include Permira & Warburg Pincus. Announcement (9/2/26): “NatWest Group plc (“NatWest Group”) is pleased to announce that it has reached an agreement to acquire Evelyn Partners from funds advised by Permira and Warburg Pincus for £2.7 billion enterprise value (the “Transaction”). The Transaction creates the UK’s leading Private Banking and Wealth Management business (“PBWM”), transforming NatWest Group’s savings and investment offering for its 20 million customers. It accelerates delivery of NatWest Group’s strategy, further diversifying income by increasing fee income by c.20% pre-revenue synergies. It also increases NatWest Group’s exposure to a high growth, capital light segment, with PBWM becoming c.20% of group customer assets and liabilities. NatWest Group is also announcing a share buyback of £750 million, continuing its strong track record of capital return to shareholders … … Evelyn Partners is a leading UK wealth manager with more than 180 years of heritage overseeing £69 billion of Assets Under Management and Administration (“AUMA”). Evelyn Partners offers an integrated wealth management proposition spanning financial planning, discretionary investment management and its direct-to-consumer platform BestInvest. Evelyn Partners is led by a high-calibre management team with a proven track record of delivery, demonstrated by a compound annual growth rate in AUMA in excess of 7%. Its fully integrated model, combining approximately 270 financial planners and 325 investment managers, supports deep client relationships and superior client outcomes. 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. The Transaction brings together two established institutions with a shared commitment to supporting clients at every stage of their lives, under the leadership of Emma Crystal, Chief Executive PBWM. By combining Evelyn Partners’ £69 billion of AUMA with NatWest Group’s £59 billion brings total AUMA to £127 billion and total Customer Assets and Liabilities to £188 billion. NatWest Group expects the combination of Evelyn Partners with its existing PBWM business to create material shareholder value, including estimated annual run-rate cost synergies of c.£100 million, equivalent to around 10% of the combined PBWM cost base, with costs to achieve of c.£150 million. NatWest Group also intends to deliver significant revenue synergies through bringing Evelyn Partners’ leading financial planning and investment management solutions together with NatWest Group’s full suite of banking and wealth management solutions to our 20 million customers.” Evelyn Partners – Evelyn Partners was created in 2020 through the merger of Tilney and Smith & Williamson. With £67.0 billion of assets under management (as at 30 September 2025), we are one of the largest UK wealth managers ranked by client assets. Through an extensive network of offices across 21 towns and cities in the UK, as well as the Republic of Ireland and the Channel Islands, we support private clients, family trusts and charities, as well as provide investment solutions to financial intermediaries. Our diverse client base includes entrepreneurs, C-suite executives and partners of professional firms. Our expertise span both award-winning financial planning and investment management, enabling us to offer clients a truly holistic dual expert wealth management service. Through Bestinvest, we also provide an online investment platform and coaching service for self-directed investors, consistent with our purpose of ‘placing the power of good advice into more hands’.
“ UK $66 Billion Banking Group NatWest (National Westminster Bank) to Buy UK $94 Billion Wealth Manager Evelyn Partners for $3.7 Billion (£2.7 Billion) with Total NatWest Private Banking & Wealth Management AUM to Increase to $175 Billion, Evelyn Partners Founded in 2020 with Merger of 1) Tilney and 2) Smith & Williamson, Evelyn Partners Investors Include Permira & Warburg Pincus “
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UK $66 Billion Banking Group NatWest (National Westminster Bank) to Buy UK $94 Billion Wealth Manager Evelyn Partners for $3.7 Billion (£2.7 Billion) with Total NatWest Private Banking & Wealth Management AUM to Increase to $175 Billion, Evelyn Partners Founded in 2020 with Merger of 1) Tilney and 2) Smith & Williamson, Evelyn Partners Investors Include Permira & Warburg Pincus
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