NatWest buys Evelyn Partners for £2.7bn in wealth management push
NatWest has confirmed its £2.7billion takeover of wealth manager Evelyn Partners, one of its biggest deals since the financial crisis.The bank, which returned to full private ownership last year, will combine Evelyn's £69billion of assets under management with its own, beefing up its investment offering. The deal is expected to boost NatWest's fee income by about 20 per cent.The deal marks the biggest acquisition for NatWest since the financial crisis, when the Government took a large stake after its bailout. NatWest has bought Evelyn Partners for £2.7bn, beating its rivals in wealth management pushChief executive Paul Thwaite said: 'Bringing together these two leading businesses creates a unique opportunity to provide financial planning, savings and investment services to more families and people across the UK.'This transaction creates the UK's leading private banking and wealth management business, delivering the scale and capabilities needed to succeed in a market with significant growth potential.'It follows reports NatWest was in a bidding war with Barclays to buy Evelyn, as both banks look to consolidate their wealth management arms. NatWest already has its Coutts division, while Barclays has doubled down on its private bank division.It comes as other banks seek to diversify their income to help offset an anticipated decline in interest income as interest rates fall.Analysts had expected NatWest to sign a large deal after it returned to privatisation, with the wealth arm reportedly an area of interest for Thwaite.Evelyn is owned by private equity firms Permira and Warburg Pincus, having merged their respective firms Tilney and Smith & Williamson six years ago. Its professional services arm was sold to Apax Partners last year.Natwest expects the deal to generate £100million in cost savings and also announced a fresh £750million buyback scheme.NatWest share price was down 5.4 per cent in early trading and sits at 623.6p. DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
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NatWest buys Evelyn Partners for £2.7bn in wealth management push
