Two of the UK's largest high street banks, Barclays and NatWest Group, are locked in a fierce contest to acquire the wealth management firm Evelyn Partners in a deal valued at approximately £2.5 billion.
The High-Stakes Auction Enters Second Round
Sky News has learned that both banking giants were informed last week they had progressed to the second round of the auction for Evelyn Partners. The process is being managed by investment bankers at Evercore. Also reported to be in contention is the Royal Bank of Canada, alongside several private equity firms which have also submitted offers.
Lloyds Banking Group had previously explored making a bid, though its current interest as of Tuesday 23 December 2025 remained unclear. Both Barclays and NatWest declined to comment on the ongoing proceedings.
Strategic Prize in Wealth Management
An acquisition of Evelyn Partners represents a significant strategic move for either bank, aiming to bolster their already substantial wealth management divisions. For NatWest, this would complement its prestigious private banking arm, Coutts. The bank's chief executive, Paul Thwaite, has publicly stated that following its return to full private ownership this year, NatWest will consider deals that are sensibly priced and strategically attractive.
Evelyn Partners is a major player, managing a substantial £64.6 billion in assets as of the end of June 2025, according to its August results. This figure underscores the growing demand and value within the wealth management sector. The firm itself was created in 2020 from the merger of Tilney and Smith & Williamson, orchestrated by its current private equity owners, Permira and Warburg Pincus. Its professional services arm was sold to Apax Partners last year.
Broader Sector Activity and Implications
The battle for Evelyn highlights a period of intense consolidation and competition in the financial services landscape. The deal's scale, at around £2.5 billion, signals the premium banks are willing to pay for established wealth and asset management platforms. This comes as another wealth management business, the UK arm of Canaccord Genuity, is also on the market with an expected price tag exceeding £1 billion.
A successful acquisition by either Barclays or NatWest would dramatically expand their reach in servicing high-net-worth individuals and institutional clients, creating a more formidable competitor in a lucrative market. The outcome of this auction will be closely watched as a barometer for both banking strategy and valuation trends in the UK's financial sector.
