NatWest Group has this week completed its £2.7bn acquisition of London-based wealth manager and Financial Planner Evelyn Partners.
The deal was formally completed yesterday (30 June) and will result in major change at Evelyn.
Across the combined group, NatWest is expecting £100m in cost savings as its brings the two businesses together to bolster its Financial Planning and wealth management interests.
Earlier this month it was announced that the CEO and CFO at Evelyn Partners will step down this summer. Paul Geddes, chief executive officer, and Alex Gersh, chief financial officer, are leaving now that the acquisition is completed.
Chris Kenny, currently chief investment management officer, has become CEO of Evelyn Partners, reporting to Emma Crystal, CEO of NatWest’s private banking & wealth management division. Din Mustaffa, currently deputy CFO of Evelyn Partners, will become CFO, reporting to Chris Kenny.
Privately-owned Evelyn Partners was sold to banking giant NatWest by private equity firm Permira and minority owner Warburg Pincus.
NatWest claims the takeover of Evelyn will create the UK's “leading private banking and wealth management business."
Evelyn Partners had £69 billion of Assets Under Management and Administration at the end of 2025. NatWest said that when this is combined with NatWest Group’s £59 billion at that date it would have resulted in a joint AUMA of £127 billion and total customer assets and liabilities of £188 billion.
NatWest says the deal “transforms” its Financial Planning and investment management capabilities and will increase fee income by about 20%. It also increases the group’s position in the high growth UK wealth market.
NatWest Group CEO Paul Thwaite, said: “Together, we are now the UK’s leading private banking and wealth management business. As a result, we will offer a broader range of products, services and advice to over 20 million customers, helping them to make more of their money and invest with confidence. This will help us drive further growth and investment across the economy, as well as delivering higher returns to shareholders.”
Chris Kenny, new CEO of Evelyn Partners, said: "Becoming part of NatWest Group strengthens our ability to support them over the long term, while preserving the personal relationships, trusted advice and investment expertise that they value from Evelyn Partners. This is an exciting opportunity for our people to build on what we do best, combining our strengths with those of our new colleagues at NatWest Group to deliver even greater value for clients, both now and in the years ahead."
Emma Crystal, CEO of Private Banking & Wealth Management at NatWest Group, said: “This is a pivotal moment for our combined business, bringing complementary capabilities and scale to the expertise and service that we offer our clients.”
NatWest says it expects the combination of the two groups to results in cost synergies of approximately £100 million. It has not made clear whether there will be redundancies or where savings may be found.
NatWest said it expects to deliver significant “revenue synergies” by combining Evelyn Partners’ Financial Planning and investment management capabilities, including the Bestinvest platform, with NatWest Group’s banking, savings and wealth management services.
The transaction is expected to be accretive to NatWest Group’s growth and Return on Tangible Equity in the first year of ownership.