Insurance intermediary and benefits firm Howden has acquired Evelyn Partners’ employee benefits arm Evelyn Partners Financial Services Limited for an undisclosed sum.

The transaction is subject to regulatory approval but is expected to complete in the first quarter of 2026.

Evelyn said the sale was part of its strategic decision to refocus solely on wealth management and follows on from the successful sales of its Professional Services and Fund Solutions businesses, both of which completed earlier this year.

EPFS focuses on mid-market, scale-up and fast growth firms, and provides a wide range of consultancy services to employers and trustees. It also offers advice on group risk and healthcare benefits, employee engagement and communications services, as well as wellbeing and ancillary benefit packages.

EPFS’s team of 38 professionals, located in London, Bristol, Glasgow and Guildford, and led by Gareth Sawyer, head of employee benefits, Evelyn Partners, will transfer across to Howden in the first quarter of next year. Mr Sawyer will report to Cheryl Brennan, managing director, Howden Employee Benefits following completion of the acquisition.

Howden said the acquisition will strengthen the scale of its corporate health and employee benefits offering in the UK. In March it acquired pensions and SIPP consultancy Barnett Waddingham for an undisclosed sum.

Howden said that deal “created a new force in the global employee benefits and pensions advisory sector”, with approximately 4,000 experts delivering total combined revenues of more than £500m.

Paul Geddes, CEO, Evelyn Partners, said: “The sale of our employee benefits consultancy further streamlines Evelyn Partners’ range of activities as part of our strategic decision to focus solely on wealth management. “

Howden was founded in 1994 and provides insurance broking, reinsurance broking and underwriting to clients ranging from individuals to the largest multinational companies. The group operates in 55 countries across Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand, employing 20,000 people and handling $44.7bn of premium on behalf of clients.