Wealth manager and Financial Planner Evelyn Partners has today completed the sale of its employee benefits arm to growing global insurance group Howden.
Evelyn Partners is itself being taken over by NatWest in a £2.7bn deal set to be completed by the summer.
The sale of Evelyn Partners Financial Services Limited (EPFS), Evelyn’s employee benefits consultancy business, and its team was negotiated last year for an undisclosed sum.
The sale was struck after Evelyn Partners decided to focus purely on wealth management. Evelyn sold its professional services and fund solutions businesses in early 2025.
Howden is an expanding insurance-based group and acquired pensions and employee benefits consultancy Barnett Waddingham in March last year.
EPFS provides services in group risk, healthcare benefits, employee engagement, wellbeing, and ancillary benefit services. Its team of 38 professionals, led by Gareth Sawyer, has joined Howden.
Evelyn Partners CEO Paul Geddes said: “We are pleased to confirm the completion of this transaction which concludes the streamlining of Evelyn Partners, ahead of us becoming part of the NatWest Group plc. We thank the EPFS team for their contribution to Evelyn Partners over many years and wish them continued success as part of Howden.”
EPFS’s team of 38 professionals are located in London, Bristol, Glasgow and Guildford, and led by Gareth Sawyer.
Howden said the deal will strengthen the scale of its corporate health and employee benefits offering in the UK. Howden says that the deal has, “created a new force in the global employee benefits and pensions advisory sector”, with approximately 4,000 experts delivering total combined revenues of more than £500m.
Howden was founded in 1994 and provides insurance broking, reinsurance broking and underwriting to clients ranging from individuals to the largest multinational companies. The group operates in 55 countries across Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand, employing 20,000 people.
In February Evelyn announced that it was being acquired by NatWest Group Plc subject to regulatory approval. The takeover is is expected to be completed in the summer.