Alongside the sale of its professional services business, which completed on 31 March, the sale of EPFL will refocus Evelyn Partners on its wealth management activities. Following the acquisition, Thesis' enlarged independent fund governance and administration business will manage 330 funds with over £50 billion of assets, the firm said in a statement.

Seventy-five staff who support the EPFL business, predominantly based in Glasgow, will transfer across to Thesis.

“The sale of EPFL to Thesis, means Evelyn Partners is now focused solely on wealth management activities,” Paul Geddes, chief executive of Evelyn Partners, said.

Evelyn Partners was advised on the transaction by Evercore, as financial advisor, and Macfarlanes as legal advisor. Thesis was advised on the transaction by Bryan Cave Leighton Paisner LLP.