Barclays and NatWest are set to submit rival bids for wealth management firm Evelyn Partners this week, according to reports.

Sky News reported that it understood the banks would both table formal offers of more than £2bn for the wealth manager.

Evelyn Partners, which was created in 2020 following the merger of Tilney and Smith & Williamson, has approximately £65bn in assets under management and is owned by private equity firms Permira and Warburg Pincus.

The auction for the firm is being led by Evercore, and there is speculation that Royal Bank of Canada may be interested, but it remained unclear as to whether it planned to submit a formal bid, according to Sky News.

Reports that Evelyn Partners’ private equity owners were exploring a potential sale of the wealth management firm surfaced in the summer, with NatWest and Royal Bank of Canada being touted as potential buyers.

The potential sale comes following further activity from the firm, as Evelyn Partners’ owners sold its professional services business to funds advised by Apax Partners in the spring, and its fund solutions business to Thesis Holdings in the summer.

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