A Record Private Equity Exit
Permira, which held a majority stake in Evelyn Partners, described the sale as the largest-ever disposal by a private equity firm of a stake in a U.K. wealth manager.
Permira funds first invested in the business in 2014, when it operated under the name Bestinvest. Through a string of acquisitions — including Tilney, Towry and Smith & Williamson — the company evolved into Evelyn Partners, steadily expanding its reach and capabilities.
Under Permira’s majority ownership, assets under management surged from approximately £5 billion to £69 billion by the end of 2025. Warburg Pincus joined as a minority investor in 2020.
A 180-Year Legacy
Evelyn Partners, with a history stretching back more than 180 years, provides financial planning, investment management and operates the online consumer platform BestInvest. The firm reported operating income of £509 million for 2025.
Paul Geddes, chief executive of Evelyn Partners, said the firm shares NatWest’s goal “to be the U.K.’s leading private banking and wealth management business.”
He pointed to NatWest’s longstanding presence in wealth management through Coutts & Co., the storied private bank. “We are hugely excited by the opportunity which this transaction presents, providing us with greater scale and resources for the benefit of our clients and colleagues,” Geddes said.
