Evelyn Partners Goes All-in on Wealth, Sells Fund Solutions Biz to Thesis

Evelyn Partners announced that it is divesting its fund management operations, entering into a sale agreement with UK-based fund operator Thesis, as it shifts to becoming a pure-play wealth management company. 

The move will see the firm’s 75-person funds solutions business, operated by Evelyn Partners Fund Solutions Limited (EPFL) with £10.6B (~$13.3B) in AUM at year-end 2024, transferred to Thesis, which manages 170 funds and over £40B (~$49.9B) in assets. Evelyn said the Glasgow-based EPFL team will continue to act as independent authorized corporate director and fund administrator to several UK-domiciled funds managed by the firm. 

The transaction, for which financial terms were not disclosed, was undertaken “following a strategic review aimed at refocusing the group on its core wealth management activities,” according to the London firm, and comes on the heels of the sale of its professional services and accounting business late last year. Dakota previously reported on Evelyn selling the business, which operated out of 15 offices across the UK, Ireland, and the Channel Islands, to funds managed by UK-based global private equity firm Apax Partners on November 25, 2024.

The deal with Thesis is expected to be closed in the first half of 2025. Evercore is serving as financial advisor and Macfarlanes as legal advisor to Evelyn Partners, while Bryan Cave Leighton Paisner is advising Thesis on the transaction.

New call-to-action

Written By: Dakota