High street banking giants vie for £2.5bn wealth manager Evelyn  | Money News

Two of Britain’s biggest high street banks are embroiled in a £2.5bn takeover battle for Evelyn Partners, the wealth management group.

Sky News has learnt that Barclays and NatWest Group were among the bidders notified last week that they were through to the second round of the Evelyn auction.

Royal Bank of Canada is also said to be in the frame to buy Evelyn, while a number of private equity firms have also tabled offers for the business.

Lloyds Banking Group is understood to have explored an offer for Evelyn, although it was unclear on Tuesday whether it remained interested.

For Barclays and NatWest, an acquisition of Evelyn would bolster an area of their businesses where both already have a strong presence – the latter through its Coutts division.

Paul Thwaite, NatWest’s chief executive, has been clear that the bank will consider acquisitions where they are sensibly priced and strategically attractive following its return this year to full private sector ownership.

According to results published in August, Evelyn had assets under management of £64.6bn at the end of June, reflecting growing demand across the wealth management sector.

Canaccord Genuity’s wealth arm is also on the block and could fetch a price of over £1bn.

Evelyn is owned by the private equity firms Permira and Warburg Pincus, having merged their respective firms Tilney and Smith & Williamson in 2020.

Last year, Evelyn’s professional services arm was sold to the buyout firm Apax Partners.

The current auction is being handled by bankers at Evercore.

Barclays and NatWest declined to comment.