The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Quanta Group, Craven Street Wealth
Quanta Group, a newly-formed, next-generation financial services group led by Patrick Mill, has just confirmed the purchase of financial planning business Craven Street Wealth. The group also comprises the Wealthtime and Wealthtime Classic platforms and DFM Copia Capital.

Quanta Group’s acquisition of Craven Street Wealth reflects its aim to provide a broad wealth management proposition beyond platforms and discretionary fund management. Craven Street Wealth, the Wealthtime and Wealth Classic platforms and Copia Capital will continue to operate as independent businesses with separate management teams, the firm said in a statement.

Craven Street Wealth is an independent financial planning business with offices in London and the south of England. Founded in 2021, it has built a high-quality, independent advice-led business through organic growth alongside acquisition and integration. Its 90-strong team, including 30 financial planners, manages around £2 billion ($2.6 billion) of client assets for over 3,500 clients, bringing Quanta Group’s combined assets under advice to around £16 billion for nearly 77,000 clients. Tom Barnett, who will remain as managing director of Craven Street Wealth, will join the Quanta Group executive committee, the firm added.

Evelyn Parners
Evelyn Partners has completed the sale of its professional services business to funds advised by Apax Partners, having initially agreed on the deal in November last year.

The transaction – the financial terms of which were not disclosed – has produced two standalone businesses: Evelyn Partners, a UK wealth manager, and S&W, a professional services firm and mid-market accountancy. 

The Evelyn Partners business is responsible for £63 billion of client assets.

As announced previously, Andrew Wilkes, who had been chief professional services director at Evelyn Partners, will become the CEO of S&W, with Andrew Baddeley, former group chief financial officer at Evelyn Partners, becoming CFO at S&W. Scott Kirk will continue as interim chief financial officer at Evelyn Partners.

“The completion of this major transaction is a significant milestone as we refocus Evelyn Partners on growing our position as one of the UK’s largest wealth managers,” Paul Geddes, CEO at Evelyn Partners, said. “Against a backdrop of a changing taxation and pension landscape, interest rate decisions and market volatility, the need for financial advice, coupled with robust investment management, has never been stronger.”

Evelyn Partners was advised on the transaction by Evercore as financial advisor and Macfarlanes as legal advisor. Apax was advised on the transaction by Jefferies and Nomura.

Now a substantial UK wealth manager, 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.