Evelyn Partners Completes Major Transaction: A New Chapter in Wealth Management

In a strategic move aimed at bolstering its position in the UK wealth management sector, Evelyn Partners Group Limited has officially completed the sale of its Professional Services business to funds advised by Apax Partners LLP. This significant transaction, first announced in November 2024, marks a pivotal moment for both companies as they embark on new paths focused on their respective core competencies.

Structure of the Transaction

The transaction, finalized on March 31, 2025, results in the separation of two leading businesses: Evelyn Partners, a premiere UK wealth manager overseeing £63 billion in client assets, and S&W, which emerges as a major player in the UK professional services sector. S&W will operate under its new brand, leveraging the rich heritage of Smith & Williamson, a company founded in 1881[1][2].

Key Features of S&W

• Brand Legacy: S&W builds upon the historical reputation of Smith & Williamson, combining legacy excellence with modern growth strategies.
• Service Portfolio: Offers a comprehensive suite of financial services including business and private client tax advice, assurance, business services, recovery and restructuring, forensic services, and transactions.
• Operations: S&W will have a significant presence with around 1,600 employees across 15 offices in the UK, the Republic of Ireland, and the Channel Islands[1].

Strategic Impact of the Sale

This strategic decision by Evelyn Partners aligns with its broader goal of refining its focus on core wealth management activities. The sale allows both companies to pursue dedicated growth strategies:

Benefits for Evelyn Partners

• Focused Growth: Evelyn Partners will concentrate on expanding its wealth management offerings, capitalizing on its expertise in financial planning and investment management.
• Client Continuity: Despite the separation, both companies are committed to maintaining a strong relationship to ensure continuity in client services and explore new opportunities[1][2].

Benefits for S&W

• Growth Acceleration: Apax's investment is expected to accelerate S&W's growth initiatives, including expanding services and exploring strategic acquisitions in the fragmented mid-market sector.
• Market Leadership: With Apax's support, S&W plans to consolidate its position as a leading accountancy provider, building on its already impressive track record of organic growth[1][5].

Leadership and Management

Following the transaction, key leadership roles have been solidified:

• Andrew Wilkes: Assumes the role of Chief Executive Officer at S&W, guiding its strategic growth and ensuring its market position.
• Andrew Baddeley: Joins S&W as Chief Financial Officer, leveraging his experience from his previous role at Evelyn Partners[2].

Market Opportunity and Outlook

Both companies are poised to capitalize on favorable market conditions:

• Wealth Management Demand: Evelyn Partners stands to benefit from the increasing demand for expert financial advice, driven by market volatility and regulatory changes[2].
• Professional Services Growth: S&W is well-positioned to exploit growth opportunities in the professional services sector, bolstered by its rebranding and the strategic support from Apax[1][5].

Future Partnerships and Growth

Despite their separation, both companies have expressed a commitment to maintaining a strong ongoing relationship. This partnership is intended to provide clients with seamless service delivery and facilitate new business opportunities through cross-collaboration[1][2].

Related Business Moves

In line with its strategy to refocus on core activities, Evelyn Partners has also agreed to sell its Fund Solutions business to Thesis Holdings. This transaction, set to complete in the first half of 2025, aligns with the group's broader goal of enhancing its wealth management capabilities[3].

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