NatWest Group has agreed to acquire Evelyn Partners from Permira and Warburg Pincus in a deal valued at £2.7bn.

The acquisition will combine Evelyn Partners’ £69bn of assets under management and advice with the £59bn managed by NatWest’s existing Private Banking and Wealth Management division, which includes Coutts. Together, the enlarged group will oversee £128bn in AUMA, while total customer assets and liabilities across the combined businesses will reach £188bn.

Subject to regulatory approvals, the transaction is expected to complete in summer 2026.

Strategic Rationale and Scale

NatWest has positioned the deal as a transformational step in building the UK’s leading private banking and wealth management business. In addition, the group announced a £750m share buyback, underlining its continued capital return strategy.

Chief executive Paul Thwaite described the transaction as a compelling use of capital. He stated that the acquisition would accelerate NatWest’s long-term strategy, enhance income diversification and strengthen returns in a high-growth segment.

Similarly, Emma Crystal, CEO of NatWest’s Private Banking and Wealth Management division, emphasised the opportunity to expand access to high-quality financial planning and advice across the UK.

Evelyn Partners’ chief executive Paul Geddes highlighted the cultural alignment between the two firms. He also pointed to the benefits of scale, shared vision and enhanced service capability.

Revenue Synergies and Market Positioning

NatWest intends to generate significant revenue synergies by combining Evelyn Partners’ financial planning and investment management capabilities with its broader banking and wealth offering.

Evelyn Partners provides financial planning, discretionary investment management and, through Bestinvest, a direct-to-consumer investment platform. The business itself was formed through the 2020 merger of Tilney and Smith & Williamson.

As a result, the transaction brings together established advisory capability, discretionary management and retail investment access under a major UK banking group.

What This Signals for the Market

This acquisition reflects a broader consolidation trend within UK wealth management. Large banking groups are increasingly seeking to deepen recurring fee income and diversify revenue through advice-led models.

Moreover, scale is becoming central to competitiveness. Investment in technology, compliance, client experience and regulatory infrastructure requires significant capital. Consequently, strategic acquisitions remain a key route to growth.

For owners of financial planning and wealth management firms considering selling a business in the UK, the message is clear. Well-positioned firms with strong client relationships and scalable operating models continue to attract significant buyer interest.

At Gunner & Co., we monitor transactions of this scale closely. Major strategic deals influence valuation benchmarks, buyer appetite and exit planning considerations across the UK financial services sector.