
28th January 2025
Evelyn Partners has taken a significant step to enhance its focus on wealth management by selling its Authorised Corporate Director (ACD) division, Evelyn Partners Fund Solutions (EPFS), to Thesis Holdings. This transaction, expected to be completed in the first half of 2025, will transfer £10.6bn in assets under governance and 75 staff members to Thesis. This move reinforces a restructuring trend within financial services firms through M&A.
Strategic Realignment in Wealth Management
This deal follows Evelyn's strategic review, which focused on narrowing its operations to core wealth management functions. Last November, the firm sold its accountancy arm to Apax Partners, marking a broader movement among financial services firms to refine their business models. By shedding non-core divisions, these firms seek to enhance profitability and operational efficiency.
Paul Geddes, CEO of Evelyn Partners, stated, "The sale of EPFS to Thesis will further streamline Evelyn Partners, allowing us to concentrate solely on wealth management." This reflects the increasing importance of lean, client-focused business models in an increasingly competitive landscape.
Fund Administration Consolidation
For Thesis Holdings, this acquisition adds 161 funds from 40 providers, solidifying its position as a major player in the ACD and fund servicing space. With £40bn in assets across 170 funds, the company is enhancing its presence in a sector where scale and efficiency are crucial for success. EPFS CEO Neil Coxhead emphasised the positive outlook for employees, saying, "The deal provides long-term clarity about our future, with increased opportunities for colleagues as part of a market-leading UK asset servicing group."
The Bigger Picture: M&A as a Reshaping Force in Financial Services
This transaction reflects a broader trend in the industry: firms are increasingly utilising M&A to realign their business models, optimise operations, and concentrate on core strengths. The deal resembles the private equity-backed acquisitions seen throughout the sector, such as Evelyn’s earlier sale to Apax Partners and Titan Wealth’s ongoing acquisition strategy.
This trend stresses the importance of strategic positioning for wealth management firms and financial services businesses. It is essential to ensure they have the right structure, scale, and operational focus to remain competitive.
What This Means for Business Owners
For owners contemplating a sale, merger, or restructuring, the Evelyn-Thesis deal highlights several key insights:
Clarity of Focus Drives Value: Streamlining operations to concentrate on core strengths enhances long-term sustainability.
Private Equity Remains a Major Player: Recent deals indicate that private equity-backed firms are actively reshaping financial services through targeted investments.
M&A is both a Challenge and an Opportunity. Sellers must balance operational continuity and client experience while aligning with a buyer who shares their strategic vision.
At Chapters Capital, we specialise in financial planning and wealth management M&A. Whether you are considering a sale, merger, or expansion, our tailored approach ensures you receive trusted support at every step. Contact one of our professional associates today for a confidential, no-obligation consultation.