Wealth manager and Financial Planner Evelyn Partners has completed the sale of its professional services business to funds advised by Apax for an undisclosed amount.

The transaction results in two standalone businesses: Evelyn Partners, a UK wealth manager, and S&W, a UK professional services firm.

The name S&W harks back to Smith & Williamson, the accountancy firm that merged with wealth manager Tilney to create Evelyn Partners in 2020.

Scott Kirk will continue as interim chief financial officer at Evelyn Partners.

Andrew Wilkes, previously chief professional services director of Evelyn Partners, has become chief executive of S&W, with Andrew Baddeley, former group chief financial officer of Evelyn Partners, becoming CFO at S&W. 

Both businesses will continue their ongoing commercial relationship.

Paul Geddes, chief executive of Evelyn Partners, said: “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.

“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, while 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.”

Andrew Wilkes, Chief Executive Officer of S&W, said: “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.”

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

The wealth management group was created by the merger of Tilney and Smith & Williamson in 2020. It has £63bn of assets under management as at 31 December 2024.

Last week it reported a 12% rise in profits for 2024 despite a 68% drop in net inflows (year-on-year).

Earlier this month it appointed a new Financial Planning director for its London team, as well as two Financial Planners and an investment manager to its Leeds and Newcastle offices.

In December it added a new Financial Planner in London to boost its near 300-strong national Financial Planning team.