NatWest Group has completed its GBP 2.7 billion acquisition of Evelyn Partners, combining the two firms' private banking and wealth management operations in the UK.
The transaction brings together NatWest Group's existing private banking and wealth management operations with Evelyn Partners' financial planning and investment management business, including its Bestinvest platform.
At the end of 2025, Evelyn Partners held GBP 69 billion in Assets Under Management and Administration (AUMA). Combined with NatWest Group's GBP 59 billion in AUMA at the same date, the two businesses would have reported total AUMA of GBP 127 billion and total Customer Assets and Liabilities of GBP 188 billion, equivalent to approximately 20% of the Group's overall Customer Assets and Liabilities. In addition, NatWest Group stated that the deal increases fee income by approximately 20% before revenue synergies are accounted for, and expands its exposure to the UK wealth management market.
NatWest Group will consolidate Evelyn Partners' financials from 30 June 2026, with further details on the impact to the Group's full-year 2026 guidance due at its interim results on 31 July 2026.
Financial and capital impact
NatWest Group expects the transaction to generate estimated annual run-rate cost synergies of approximately GBP 100 million, against estimated integration costs of approximately GBP 150 million. The Group anticipates that combining Evelyn Partners' financial planning and investment management capabilities with its own banking, savings, and wealth management services will also generate revenue synergies. NatWest Group expects the acquisition to be accretive to both growth and Return on Tangible Equity in its first year of ownership.
The deal is expected to reduce NatWest Group's CET1 ratio by approximately 130 basis points, based on the Group's projected capital position at 31 December 2026 and pro forma for risk-weighted assets from 1 January 2027. This includes a CET1 capital deduction of approximately GBP 2.7 billion, tied to the recognition of goodwill and intangible assets and subject to finalisation of the purchase price allocation under IFRS 3, alongside approximately GBP 1 billion in operational risk-weighted assets recognised at completion and approximately GBP 40 million in transaction costs included within first-half 2026 operating expenses.
Chris Kenny, previously announced on 1 June 2026 as incoming CEO of Evelyn Partners, took up the role with effect from completion, reporting to Emma Crystal, CEO of Private Banking & Wealth Management at NatWest Group. NatWest Group said the combined business would serve more than 20 million customers with an expanded range of private banking, savings, and investment products. The Group said there would be no immediate changes to client service arrangements as integration proceeds, and that no action is required from existing customers or clients of either business.
The transaction follows a broader pattern of consolidation among UK wealth managers and banks seeking scale in financial planning and investment advice, as savings and investment products draw increased customer and regulatory attention across the UK market.
