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In a significant move to refocus its operations, Evelyn Partners has completed the sale of its professional services business to funds advised by Apax Partners. This strategic transaction marks a major milestone for Evelyn Partners, allowing it to concentrate on its core wealth management services while launching S&W as a standalone professional services firm. The deal is part of a broader trend in the financial services sector, where companies are increasing focus on their core competencies to drive growth and efficiency.
The binding agreement for the acquisition was reached in November 2024, with the completion of the transaction occurring in the first quarter of 2025. The sale results in two distinct entities: Evelyn Partners, one of the UK's leading pure-play wealth managers with £63 billion in client assets, and S&W, a prominent professional services firm specializing in the accountancy mid-market. This separation allows both businesses to have dedicated management teams and capital bases, aligning with their ambitious growth strategies.
As an independent entity, S&W is poised to capitalize on the fast-growing professional services market. With the backing of Apax Partners, S&W aims to accelerate its growth strategy by consolidating its position as a market leader through strategic mergers and acquisitions (M&As) and investing in talent and technology. S&W boasts a strong heritage, building on the legacy of Smith & Williamson, which has been operating since 1881.
The sale allows Evelyn Partners to sharpen its focus on wealth management, capitalizing on its expertise in financial planning and investment management. The UK wealth management market is highly competitive, and by concentrating on core services, Evelyn Partners aims to enhance client outcomes amid a volatile financial landscape influenced by taxation changes, interest rate fluctuations, and market volatility.
The sale of Evelyn Partners' professional services business to Apax Partners marks a strategic repositioning for both entities. As Evelyn Partners solidifies its presence in the wealth management sector, S&W embarks on an accelerated growth path in professional services. This transaction underscores the trend of businesses streamlining their operations to capitalize on sector-specific opportunities, ensuring each firm is well-equipped to meet the evolving needs of its clients.
