The sale follows Evelyn Partners' review aimed at refocusing the group on its core wealth management activities.

UK wealth manager Evelyn Partners has agreed to sell its fund solutions business, operated by Evelyn Partners Fund Solutions Limited (EPFL), to Thesis Holdings for an undisclosed sum. The move adds to the sale of its professional services arm late last year.

The transaction, which is subject to customary regulatory conditions, is expected to complete in the first half of 2025, the firm said in a statement.

EPFL provides fund governance and fund administration services; it has grown to become an independent authorised corporate director (ACD) to UK-domiciled funds. EPFL, which has assets under governance of £10.6 billion ($13.26 billion), supports sponsors and delegate relationships, comprising 161 funds across over 40 sponsors and investment managers.

The transaction will see about 75 Evelyn partners staff who support the EPFL business, and are predominantly based in Glasgow, transfer across to Thesis as part of EPFL on completion.

Established in 1997, Thesis is a UK-based operator of funds that manages 170 funds with over £40 billion of assets. Working in partnership with a range of global asset servicers, Thesis brings insight that allows it to create flexible solutions for its fund investors. With the acquisition of EPFL, Evelyn Partners will now be able to provide greater choice, the firm said.

The decision to find a new owner for EPFL was taken after a review aimed at refocusing the group on its core wealth management activities. Last November 2024, Evelyn Partners also announced the sale of its professional services business to funds advised by Apax Partners.

Evelyn Partners is being advised on the transaction by Evercore, as financial advisor, and Macfarlanes as legal advisor. Thesis is being advised  by Bryan Cave Leighton Paisner.

“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,” Paul Geddes, group chief executive of Evelyn Partners Group, said. “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.”

“Given its significant experience in the provision of independent ACD services in the UK, Thesis will be an excellent owner of EPFL,” Neil Coxhead (pictured), chief executive of EPFL, added. “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.”

“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,” David Tyerman, chief executive of Thesis, said.

Evelyn Partners’ story dates back to when funds of private equity house Permira bought the Bestinvest IFA firm and combined it with Tilney in 2014. The group acquired Towry Group in 2016 and merged with Smith & Williamson in 2020, which was supported by funds advised by Warburg Pincus, another private equity firm.