Evelyn Partners Group has entered into an agreement to sell its fund solutions business, operated by Evelyn Partners Fund Solutions (EPFS), to Thesis Holdings for an undisclosed amount.

The transaction is expected to complete in the first half of this year, subject to regulatory conditions.

EPFL is a fund governance and fund administration provider, and was described as a “leading” independent authorised corporate director (ACD) to UK-domiciled funds.

It has assets under governance of £10.6bn, as at the end of December 2024, and supports a book of sponsors and delegate relationships comprising 161 funds across more than 40 sponsors and investment managers.

As part of the deal, around 75 Evelyn Partners staff who support the EPFL business, and are mostly based in Glasgow, will transfer across to Thesis as part of EPFL upon completion.

Thesis is a UK-based operator of funds that manages 170 funds with over £40bn of assets.

Evelyn Partners stated that Thesis brought independent insight and experience that enabled it to create bespoke, flexible solutions for its fund investors, and its acquisition of EPFL will allow it to provide greater choice.

Evercore is acting as financial adviser on the transaction to Evelyn Partners, while Macfarlanes is acting as legal adviser.

Thesis is being advised on the transaction by Bryan Cave Leighton Paisner LLP.

The firm took the decision to sell EPFL following a strategic review that sought to refocus the group on its core wealth management activities.

In November 2024, Evelyn Partners also announced the sale of its professional services business to funds advised by Apax Partners.

Commenting on the sale of EPFL, Evelyn Partners Group group chief executive, Paul Geddes, said: “The sale of EPFL to Thesis will further streamline Evelyn Partners so that we will be focused solely on wealth management.

“It will also provide new opportunities for our EPFL colleagues as part of a larger, specialist fund governance business. I would like to thank our colleagues at EPFL for their commitment and professionalism and wish them well for the future as part of Thesis.

“We look forward to an ongoing relationship with the team, who will continue to act as ACD and fund administrator to numerous funds where Evelyn Partners is the delegated investment manager, providing clients with complete continuity in service.”

EPFL chief executive, Neil Coxhead, added that Thesis will be an “excellent owner” of EPFL.

“The deal provides long-term clarity on our future, with increased opportunities for colleagues as part of a market leading UK asset servicing group while continuing to work with Evelyn Partners as a valued wealth management partner,” he continued.

“As we become part of Thesis, our sponsors and delegates can expect business as usual, with the team at EPFL continuing to be based in Glasgow and focused on delivering the high standards of service and partnership-led approach to which they have become accustomed.”

Also commenting on the transaction, Thesis chief executive, David Tyerman, said: “I’m delighted to be welcoming the EPFL team to Thesis. Their reputation in the market is excellent and, like us, they have a culture founded in high-quality professional services.

“Having EPFL in the group increases choice for our sponsors, as well as introducing greater scale for Thesis. Ultimately this will ensure good outcomes for our fund investors.”

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