Evelyn Partners, a UK wealth manager with £63 billion ($82 billion) in assets under management, has just announced a new art partnership, another example of how wealth managers support the arts.

UK-based Evelyn Partners has just launched a three-year partnership with Pallant House Gallery, a British art museum, located in the heart of Chichester, West Sussex. 

Under the partnership, Evelyn Partners said it will support Pallant House Gallery’s annual exhibition programme by providing investment to enhance the gallery’s growth and development and widen its community and education programmes. 

This is a further example of wealth managers supporting the arts as part of their branding, enriching people's lives and helping communities prosper. Deutsche Bank, for instance, has sponsored the Frieze events as global lead partner for 21 years, including art fairs such as Frieze London, Frieze New York and Frieze Los Angeles. A number of other wealth managers have supported art exhibitions, for instance RBC Wealth Management, Credit Suisse, Société Générale, BNY Mellon, and UBS, Switzerland’s largest bank. This also support banks’ advice to high net worth individuals wanting to invest in and collect fine art.

RBC’s own art collection consists of more than 5,500 works in over 30 locations across Canada, and key locations globally. The collection's acquisitions focus on the work of emerging artists, with select acquisitions by mid-career and senior artists. Each year, the RBC Foundation donates millions of dollars to hundreds of global arts organisations to give more help to emerging artists to establish their careers.

Evelyn Partners' decision to tie up with Pallant House Gallery was inspired by the gallery’s work curating modern British art which explores the past and the present – themes that align with Evelyn Partner’s philosophy of embracing ‘what’s next’ for its clients, their money and the wider world. 

Housed in a Grade I listed 18th century townhouse alongside a 21st century contemporary extension, Pallant House Gallery’s collection of more than 5,000 artworks tells the story of Moden British art from 1900 to the present day.  

By exploring the contributions of British artists from new perspectives, the gallery taps into one of Evelyn Partners’ passion points among its clients: culture and the arts, with the partnership opening up opportunities for its clients to visit and enjoy the intimate, tranquil exhibition space. 

“Pallant House Gallery’s approach to curating Modern British art exhibitions has really strong alignment with our brand promise to provide our clients with the inspiration to embrace ‘what’s next’, with their seasons often featuring groundbreaking exhibitions and contemporary artists, with a strong emphasis on female talent,” Andrew Middleton, group chief marketing and commercial officer, said.  

“This partnership also enables us to reach the widest possible audiences through our community and education programmes, which are an integral part of each exhibition season,” Simon Martin, director of Pallant House Gallery, added. “We can only deliver a nationally-recognised exhibition programme with additional support and this partnership is an inspiring example of corporate philanthropy in action with mutual benefit at its core.” 

Alternative investment
With people seeing art as a viable form of alternative investment, the appetite for art as an asset class has risen among high net worth individuals in recent years, partly in response to the instability in financial markets. 

Buying art also allows firms or individuals to make tax savings. There are various UK tax incentives which allow art amassed during a lifetime to pass to future generations in a tax-efficient way. Schemes related to cultural philanthropy also exist in France, Mexico, the Netherlands, and the US, amongst others. 

Evelyn Partners has been making a number of partnerships, most recently entering into a three-year partnership with Empower Padel, a global community for female padel players which aims to ensure that every woman can access a supportive community to learn, play and enjoy a team sport.