NatWest Group agreed on 9 February to buy Evelyn Partners, the UK wealth manager behind the Bestinvest platform, at an enterprise value of £2.7bn.
Why NatWest Group plc is buying Evelyn Partners
NatWest said the combined business would hold more than £127bn of assets under management and administration and lift fee-based income by about 20% on a pro forma basis before revenue synergies, adding financial planning and investment management to its banking customer base.
Deal terms and financing
The price values Evelyn at about 9.7 times 2025 EBITDA of £179m including expected savings. NatWest expects run-rate cost synergies of about £100m a year, with one-off costs of about £150m, and a reduction of about 130 basis points in its CET1 ratio. It announced a £750m share buyback alongside the deal.
Regulatory approvals and timing
The deal required customary regulatory approvals. NatWest completed the acquisition on 30 June 2026, according to AJ Bell, and Evelyn is consolidated from that date.
Market context
Emma Crystal, head of NatWest's private banking and wealth division, leads the combined business. Evelyn's assets under management and administration grew at a compound annual rate above 7% between 2023 and 2025.
