NatWest Acquires Evelyn Partners for £2.7bn
- Simon Bourke
- Feb 10
- 3 min read
10th February 2026
Deal summary
NatWest Group announced on 9 February 2026 that it has agreed to acquire Evelyn Partners for £2.7bn in enterprise value. It is one of the largest UK wealth management transactions in recent years and adds to signs of renewed bank interest in wealth management acquisitions.
About NatWest Group
NatWest Group is a UK banking institution serving approximately 20 million customers. The bank's existing private banking and wealth management division, which includes Coutts, manages £59bn in assets under management and administration. This acquisition is NatWest's largest deal since its 2008 bailout, coming after the UK Government sold its remaining stake in May 2025.
About Evelyn Partners
Evelyn Partners is an integrated wealth management business managing £69bn in assets under management and administration across 21 offices. Permira has been an investor since 2014. The business offers financial planning, discretionary investment management, and a direct-to-consumer platform (Bestinvest) for self-directed investors. Evelyn Partners generated £179m EBITDA in 2025.
Why is NatWest acquiring Evelyn Partners?
The transaction reflects NatWest's objective to diversify income through higher-return, capital-light fee businesses whilst building scale in wealth management. Chief executive Paul Thwaite stated the deal "creates the UK's leading private banking and wealth management business" and positions the combined entity to serve clients across the wealth spectrum with integrated banking and investment capabilities.
The acquisition increases NatWest’s fee income by around 20% on a standalone basis, before any further uplift from cross-selling NatWest products to Evelyn clients or distributing Evelyn Partners’ services through NatWest’s wider network. It also brings NatWest’s total private banking and wealth management assets under management and administration (AUMA) to £127bn.
NatWest expects to deliver around £100m of annual cost savings once the two businesses are combined, which it describes as roughly 10% of the combined cost base. To achieve those savings, NatWest expects to incur around £150m of integration costs.
The deal follows similar bank acquisitions of wealth managers in Europe, including Norway-based DNB's purchase of Swedish investment bank Carnegie (completed March 2025) and Lloyds Banking Group's move to full ownership of Schroders Personal Wealth (completed October 2025).
What happens next?
The transaction requires customary regulatory approvals and is expected to complete in summer 2026.
Frequently asked questions
How big will NatWest's wealth management business be after completion?
The combined private banking and wealth management division will oversee £127bn in assets under management and administration, with total customer assets and liabilities of £188bn.
What multiple did NatWest pay for Evelyn Partners?
9.7x 2025 EV/EBITDA, including target run-rate cost synergies. Evelyn Partners generated £179m EBITDA in 2025.
When did NatWest return to private ownership?
The UK Government sold its remaining stake in NatWest in May 2025, nearly 17 years after the bank's rescue during the 2008 financial crisis.
Who currently owns Evelyn Partners?
Private equity firms Permira (majority) and Warburg Pincus (minority) own Evelyn Partners. Permira initially invested in Bestinvest in 2014 and built the current group through subsequent acquisitions including Tilney, Towry, and Smith & Williamson.
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