While Reuters reports Barclays is considering a bid for UK wealth manager Evelyn Partners, Spear’s experts say any acquisition would be a strategic move in a competitive market.
Market context
Evelyn Partners, formed in 2020 from the merger of Tilney and Smith & Williamson, is one of the UK’s leading integrated wealth management and professional services groups. According to unnamed sources cited by Reuters, its private equity owners, Permira and Warburg Pincus, are reportedly seeking an exit, with Barclays eyeing a move.
Other names said to be interested include NatWest, Lloyds, and the Royal Bank of Canada (RBC).
Investors reportedly have until 10 December to submit bids, with a successful offer potentially announced next week.
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There are signs that banks are placing greater focus on the ‘mass affluent’ segment, individuals with £100,000 to £1 million in savings or investments – a sweet spot for fee-based revenue that doesn’t require high capital outlay. Barclays already has a strong presence in both high street banking and bespoke private banking, with its private division managing £213.4 billion in assets in H1 2025.
HSBC, one of the world’s largest banks, has already expanded its presence in the mass-affluent market. The bank launched its ‘Premier’ division in 2024, catering to individuals earning a salary of at least £100,000, or who have the same amount in savings or investments with HSBC.
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These moves highlight a growing focus on the mass-affluent sector, as banks seek to boost fee-based income amid falling interest rate revenue.
Barclays and Evelyn Partners declined to comment. As of yet, there is no confirmation that a transaction will occur.
What the experts are saying
Adam Scarr, founder and executive search specialist at Bayford Hale, emphasised the competitive nature of wealth management.
‘It’s a war of assets and who can grow the biggest. It is a dog-eat-dog world. If you look at the smaller firms, many are being swallowed up by the bigger financial planning firms,’ Scarr said.
He also suggested RBC may be unlikely to bid, as it continues to integrate British wealth manager Brewin Dolphin, acquired in 2022 for £1.6 billion.
‘I don’t think RBC will buy Evelyn Partners, because they still have work to do integrating Brewin Dolphin into their business,’ he said. ‘When these businesses merge, it takes a lot of work to make sure you don’t have a fallout of staff because of both the duplication of roles and cultural differences.’
Asked who might win the bid, Scarr added: ‘I reckon Barclays will get the winning bid, although it is impossible to say this with any certainty. There is always the chance that none of the bidders will be willing to pay the right price for Evelyn, and so the private equity firms which own it might not be willing to sell up.’
Dan Sondhelm of Sondhelm Partners highlighted why the mass-affluent market is attractive: ‘This type of deal is common right now,’ said Sondhelm, who helps asset managers grow with his firm.
‘Multiple banks competing for the same asset tells you the mass-affluent segment is highly valued,’ he added. ‘It’s about fee-based revenue without massive capital requirements.’
However, Sondhelm echoed Scarr’s caution over predicting the future with too much certainty.
‘It’s hard to say if it will happen. Multiple credible bidders suggest serious intent, but these deals often fall apart over price, integration concerns or regulatory issues,’ he said.
American investment specialist Michael Ashley Schulman, founder of Californian multi-family office Running Point, focused on the sellers’ perspective: ‘The interesting point for me is not so much the potential buyers but rather the sellers, private equity owners Permira and Warburg Pincus, as further positive proof that PE ownership and investment in asset managers can be profitably sold.’
British financial services provider Hargreaves Lansdowne was sold to a consortium of private equity firms for £5.4 billion in 2024, with the deal completed in March 2025. Likewise, UK wealth manager AFH was acquired by US private equity firm Flexpoint Ford for £231 million in 2021.
Scarr highlighted Evelyn’s strong performance and significant assets, suggesting the business could attract serious interest from potential buyers.
‘Evelyn has around £67 billion of assets (as of 30 September 2025) and over the last year they have performed well, so now is probably the perfect time for their owners to find a buyer.’
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