NatWest Secures Major Acquisition
NatWest has agreed to purchase Evelyn Partners, one of the largest wealth management firms in the UK, for £2.7 billion. This represents NatWest’s largest acquisition since the 2008 taxpayer bailout.
The acquisition aims to strengthen NatWest’s wealth management division, complementing its existing private banking operations, including Coutts. According to , NatWest outbid Barclays to secure the deal, which will bring approximately 2,400 Evelyn Partners employees into the NatWest group.
About Evelyn Partners
Formerly known as Tilney Smith & Williamson, Evelyn Partners manages around £69 billion in client assets and provides financial planning and wealth management services throughout the UK and Ireland. The London-based company was placed on the market last summer by its private equity owners, Permira and Warburg Pincus.
Last year, Evelyn Partners completed the sale of its professional services division to Apax Partners, a private equity firm.
The company’s origins date back to 1836 when Thomas Tilney founded a stock brokerage in the City of London. Permira acquired Tilney in 2014, and in 2019 the firm purchased Smith & Williamson, a Glasgow-based investment company with a 145-year history. The combined entity rebranded as Evelyn Partners in 2022.
Leadership and Strategic Focus
Paul Thwaite has been Chief Executive of NatWest since 2024, succeeding Alison Rose. Under his leadership, the bank has prioritized growth in wealth management and private banking sectors.
Thwaite has emphasized a high threshold for acquisitions but has already overseen the purchase of a £2.5 billion residential mortgage portfolio from Metro Bank and other deals since assuming his role.
"This deal is a unique opportunity to provide financial planning, savings and investment services to more families and people across the UK," Thwaite stated on Monday.
NatWest’s Privatisation and Financial Context
NatWest was fully privatized in May last year, 17 years after the £45 billion taxpayer bailout during the financial crisis when it was known as Royal Bank of Scotland. The privatization resulted in a £10 billion loss to taxpayers, as the government recovered only about £35 billion due to share prices remaining below the average 502p paid during the bailout.
Evelyn Partners’ Leadership
Paul Geddes, who has been CEO of Evelyn Partners since 2023, previously spent 15 years at RBS, managing its insurance division, which included brands such as Direct Line and Churchill.
Market Reaction and Upcoming Results
NatWest is scheduled to announce its full-year financial results on Friday. Alongside the acquisition announcement, the bank revealed plans to return £750 million to shareholders through a share buy-back program.
Despite these developments, NatWest’s shares declined by more than 5% in early trading on Monday, making it one of the largest fallers on the FTSE 100 index.
