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Barclays, NatWest to submit formal offers for Evelyn Partners - report
(Sharecast News) - Barclays and NatWest are reportedly set to submit formal offers for wealth manager Evelyn Partners on Thursday. According to Sky News, both banks will both offer more than £2bn for Evelyn, which has about £65bn in assets under management.
Sky said on Wednesday that it was unclear whether offers would reach as high as £2bn, although one insider expressed confidence the business would ultimately change hands at around that level.
Speculation has also linked Royal Bank of Canada, the owner of Brewin Dolphin, to the auction, although there remains uncertainty about whether it intends to lodge a formal offer, Sky said.
For Barclays and NatWest, an acquisition of Evelyn would bolster an area of their businesses where both already have a strong presence - the latter through its Coutts division.
Evelyn is owned by the private equity firms Permira and Warburg Pincus, having merged their respective firms Tilney and Smith & Williamson in 2020. Last year, Evelyn's professional services arm was sold to buyout firm Apax Partners.
The auction of the wealth management business is being handled by bankers at Evercore.
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