A managing partner from Evelyn Partners has assured the company will keep its identity following its £2.7bn takeover by NatWest Group.
Appearing on a panel at the Dynamic Planner conference, Fergus Caheny,
managing partner, investment management at Evelyn Partners, said the firm was “very excited” about the acquisition by NatWest.
The deal, announced on Monday, is expected to create the UK’s “leading” private banking and wealth management business, combining Evelyn Partners’ £69bn in assets under management and administration with the £59bn from NatWest Group’s existing Private Banking and Wealth Management business, which includes Coutts.
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“It was always the plan to do this so we are pretty happy that this has happened,” said Caheny.
He said: “We are not turning into Coutts by the way, we will stay as Evelyn Partners and specialise in investment management.”
As part of the agreement, which is subject to regulatory approval NatWest announced a share buyback of £750mn.
Evelyn Partners was created in 2020 through the merger of Tilney and Smith & Williamson.
Responding to the news on Monday, a Coutts spokesperson said: “This will further strengthen the Coutts wealth management offering and we are excited about the opportunities and benefits this will bring for all our clients.
“Together, we will be the UK’s leading private banking and wealth management business, with in excess of £120bn assets under management and administration.”
tara.o’connor@ft.com
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