Wealth manager Evelyn Partners is to sell its fund solutions business to funds operator Thesis Holdings for an undisclosed sum.
The transaction, which is subject to customary regulatory conditions, is expected to complete in the first half of 2025.
The transaction will see approximately 75 Evelyn Partners staff predominantly based in Glasgow, transfer to Thesis.
Thesis is a UK-based operator of funds, established in 1997, that manages 170 funds with over £40 billion of assets.
The decision by Evelyn Partners to seek a new owner for EPFL was taken following a strategic review aimed at refocusing the Group on its core wealth management activities. On 25 November 2024, Evelyn Partners also announced the sale of its Professional Services business to funds advised by Apax Partners.
Paul Geddes, Group Chief Executive of Evelyn Partners Group, commented: “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.”
