Evelyn Partners' private equity owners are exploring a potential sale of the wealth management firm, and are targeting NatWest and Royal Bank of Canada as potential buyers, according to reports.

As reported by the Financial Times, people familiar with the matter said Permira and Warburg Pincus had appointed Evercore to advise on the potential sale of the wealth management business.

The process of selling the firm is expected to begin within months, with Evelyn Partners potentially valued at approximately £2.5bn, according to the FT.

Other organisations that were reportedly seen as potential buyers were private equity groups and US wealth management companies that were looking to expand into the UK, such as Raymond James.

The FT reported that those familiar with the matter had said NatWest would consider a bid if Evelyn Partners hit the market, with the bank previously holding early-stage discussions with the firm about a potential acquisition.

The potential sale comes following further M&A activity from the firm, as Evelyn Partners’ owners recently sold its professional services business to funds advised by Apax Partners for an undisclosed amount.

Last month (July), Reuters reported that the firm's owners were exploring a potential sale of the business towards the end of 2025.

Permira has owned Evelyn Partners since 2014, when it merged Bestinvest with Tilney, while Warburg Pincus provided capital to finance a merger between Tilney and Smith & Williamson in 2020, with the merged firm rebranding to Evelyn Partners.

The FT noted that Evelyn Partners, Permira, and Warburg Pincus had all declined to comment on the matter.

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