NatWest to buy wealth manager Evelyn Partners for £2.7bn

NatWest Group has agreed to buy wealth management firm Evelyn Partners for £2.7 billion, marking the bank’s first major acquisition since returning to private ownership.

The announcement follows reports that the banking group had seen off competition from rival Barclays for the takeover move.

Acquiring Evelyn, one of the UK’s biggest wealth managers, brings together its £69 billion in assets under management with NatWest’s £59 billion.

The London-based firm, which rebranded from Tilney Smith & Williamson in 2022, offers financial planning and investment management and operates consumer platform BestInvest.

The deal is expected to boost NatWest’s fee income by about a fifth and increase the size of its private banking and wealth management business.

NatWest’s chief executive Paul Thwaite said: “Bringing together these two leading businesses creates a unique opportunity to provide financial planning, savings and investment services to more families and people across the UK.

“At a time when the benefits of saving and investing are increasingly part of the national conversation, we can help customers to make more of their money through a broader range of services, as well as helping to drive growth and investment across the economy.”

Reports over the weekend suggested that Barclays had also been in the running to buy Evelyn, but had backed away from any bid after NatWest stepped forward.

The deal marks a major acquisition for NatWest which has been privately owned for less than a year.

The Government sold its remaining shares in the bank in May and confirmed a £10.5 billion loss since it was rescued by UK taxpayers during the 2008 financial crisis.

Mr Thwaite said at the time that it was a “significant moment” for the bank that would allow it to “look to the future with confidence, without forgetting the lessons of the past”.

NatWest is due to publish its financial results for 2025 on Friday.