Financial Planner and wealth manager Evelyn Partners is to sell its fund solutions business to collective investment scheme manager Thesis.

The deal, selling Evelyn Partners Fund Solutions Limited (EPFL) for an undisclosed sum, is expected to complete in the first half of the year.

It remains subject to regulatory conditions.

EPFL provides fund governance and administration services to UK domiciled funds and has assets under governance of £10.6bn. It currently supports 161 funds across 40 sponsors and investment managers.

Evelyn Partners took the decision to divest EPFL following a strategic review aimed at refocusing the firm on its core wealth management activities. The firm had previously announced the sale of its professional services business to Apax Partners in November as part of this review.

Paul Geddes, group CEO of Evelyn Partners, 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.”

Around 75 Evelyn Partners staff based in Glasgow will transfer across to Thesis with EPFL on completion of the deal.

David Tyerman, chief executive of Thesis, said that the acquisition of EPFL would increase choice for its sponsors, as well as introducing greater scale for the firm.

Thesis is a UK-based operator of funds, managing 170 funds with over £40bn of assets. The firm was established in 1974 and launched its first UK regulated collective investment schemes in 1998.