Barclays And Natwest To Table Rival Bids For £2bn Wealth Manager Evelyn - Beritaja

Barclays and NatWest will this week occurrence the adjacent shots successful the conflict to get Evelyn Partners, 1 of the UK's biggest wealthiness managers.

Beritaja understands that the 2 precocious thoroughfare banks will some taxable general offers for Evelyn connected Thursday, erstwhile a deadline has been group by the advisers to its owner.

Barclays and NatWest will some connection much than £2bn for the wealthiness guidance group, which has about £65bn successful assets nether management.

It was unclear connected Wednesday whether offers would scope arsenic precocious arsenic £2bn, though 1 insider expressed assurance that the business would yet alteration hands astatine about that level.

Speculation has besides linked Royal Bank of Canada, the proprietor of Brewin Dolphin, to the auction, though location remains uncertainty about whether it intends to lodge a general offer.

For Barclays and NatWest, an acquisition of Evelyn would bolster an area of their businesses wherever some already person a beardown beingness - the second done its Coutts division.

The waste process comes astatine a clip of sustained firm activity successful the wealthiness guidance sector.

Canaccord Genuity's wealthiness limb is besides connected the artifact and could fetch a value of complete £1bn.

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

Last year, Evelyn's master services limb was sold to the buyout patient Apax Partners.

The auction of the wealthiness guidance business is being handled by bankers astatine Evercore.

Barclays and NatWest declined to comment.