Evelyn Partners Group Limited has announced an agreement to sell its Fund Solutions division to Thesis Holdings Limited for an undisclosed sum.
The deal, subject to regulatory approval, is expected to conclude in the first half of 2025.
Paul Geddes, group chief executive of Evelyn Partners, said the sale “will further streamline Evelyn Partners so that we will be focused solely on wealth management”.
Evelyn Partners Fund Solutions business is operated by Evelyn Partners Fund Solutions Limited (EPFL).
EPFL is a leading independent authorised corporate director (ACD) for UK-based funds, with £10.6bn in assets under governance as of 31 December 2024.
It oversees 161 funds across more than 40 sponsors and investment managers.
As part of the deal, approximately 75 Evelyn Partners employees, mainly based in Glasgow, will transfer to Thesis.
Established in 1997, Thesis manages 170 funds with over £40bn in assets. The acquisition will strengthen Thesis’s ability to offer bespoke, open-architecture fund solutions for international clients.
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Evelyn Partners decided to sell EPFL following a strategic review to refocus on its core wealth-management operations.
This follows its November 2024 announcement of the sale of its Professional Services division to funds advised by Apax Partners.
Commenting on the agreement, Paul Geddes, group chief executive of Evelyn Partners Group, said: “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.”
EPFL chief executive Neil Coxhead said: “Given its significant experience in the provision of independent ACD services in the UK, Thesis will be an excellent owner of EPFL.
“The deal provides long-term clarity on our future, with increased opportunities for colleagues as part of a market leading UK asset servicing group while continuing to work with Evelyn Partners as a valued wealth-management partner.
“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.”
Thesis chief executive David Tyerman added: “I’m delighted to be welcoming the EPFL team to Thesis. Their reputation in the market is excellent and, like us, they have a culture founded in high-quality professional services.
“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.”
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