Evelyn Partners Group Limited (“the Group”) will today complete the sale of its Professional Services business to funds advised by Apax Partners LLP (“Apax”), following the binding agreement reached on 25 November 2024.
The transaction results in two standalone businesses: Evelyn Partners, a leading pure-play UK wealth manager, responsible for £63 billion of client assets; and S&W, one of the fastest-growing UK professional services firms and a leader in the accountancy mid-market.
As announced previously, Andrew Wilkes, previously Chief Professional Services Director of Evelyn Partners, now assumes the role of Chief Executive Officer of S&W, with Andrew Baddeley, former Group Chief Financial Officer of Evelyn Partners, becoming CFO at S&W. Scott Kirk will continue as Interim Chief Financial Officer at Evelyn Partners.
Both businesses remain committed to pursuing a strong ongoing commercial relationship, underpinned by a mutual commitment to continuity in the services provided to clients, as well as ways to develop new growth opportunities together.
Paul Geddes, Chief Executive Officer of Evelyn Partners, said: “The completion of this major transaction is a significant milestone as we refocus Evelyn Partners on growing our position as one of the UK’s largest wealth managers. We are incredibly well placed to continue to deliver good client outcomes and take advantage of the significant opportunity ahead with the strength of our expertise in both financial planning and investment management. Against a backdrop of a changing taxation and pension landscape, interest rate decisions and market volatility, the need for financial advice, coupled with robust investment management, has never been stronger.
“Importantly, whilst we are now two separate businesses, our shared history, ethos and commitment to our mutual clients leaves me confident in the strength of our relationship going forwards. I would like to take this opportunity to thank all colleagues across both businesses who have been involved in this process and wish the S&W team the very best for the future.”
Andrew Wilkes, Chief Executive Officer of S&W, commented: “We are excited to embark on this new chapter through our partnership with Apax Partners. The establishment of S&W as a standalone business marks a pivotal moment, enabling us to accelerate our growth strategy and capitalise on the fast-growing professional services market.
“Our relationship with Evelyn Partners will be an enduring one as we continue to provide an integrated service for shared clients and identify new opportunities for working together as we expand the range of services we provide.”
Evelyn Partners was advised on the transaction by Evercore as financial adviser and Macfarlanes as legal adviser. Apax was advised on the transaction by Jefferies and Nomura.
