Evelyn Partners Group has completed the sale of its professional services business to funds advised by Apax Partners for an undisclosed amount.

The binding agreement for the acquisition was agreed in November 2024 and will result in two standalone businesses.

These are Evelyn Partners, a pure-play UK wealth manager that is responsible for £63bn of client assets, and S&W, a UK professional services firm specialising in the accountancy mid-market.

Evelyn Partners was advised on the transaction by Evercore as financial adviser and Macfarlanes as legal adviser, while Apax was advised on the deal by Jefferies and Nomura.

Former Evelyn Partners chief professional services director, Andrew Wilkes, has now assumed the role of S&W chief executive officer, while former Evelyn Partners group chief financial officer, Andrew Baddeley, has become S&W chief financial officer.

Evelyn Partners interim chief financial officer, Scott Kirk, will remain in his current position.

“The completion of this major transaction is a significant milestone as we refocus Evelyn Partners on growing our position as one of the UK’s largest wealth managers,” said Evelyn Partners chief executive officer, Paul Geddes.

“We are incredibly well placed to continue to deliver good client outcomes and take advantage of the significant opportunity ahead with the strength of our expertise in both financial planning and investment management.

“Against a backdrop of a changing taxation and pension landscape, interest rate decisions and market volatility, the need for financial advice, coupled with robust investment management, has never been stronger.

“Importantly, whilst we are now two separate businesses, our shared history, ethos and commitment to our mutual clients leaves me confident in the strength of our relationship going forwards. I would like to take this opportunity to thank all colleagues across both businesses who have been involved in this process and wish the S&W team the very best for the future.”

Wilkes commented: “We are excited to embark on this new chapter through our partnership with Apax Partners. The establishment of S&W as a standalone business marks a pivotal moment, enabling us to accelerate our growth strategy and capitalise on the fast-growing professional services market.

“Our relationship with Evelyn Partners will be an enduring one as we continue to provide an integrated service for shared clients and identify new opportunities for working together as we expand the range of services we provide.”

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