Evelyn Partners acquires boutique money manager Dart Capital as speculation grows over flotation
Wealth management and accountancy firm Evelyn Partners has acquired boutique City firm Dart Capital for an undisclosed sum.
The acquisition is the latest in a series of deals that has seen Evelyn Partners grow to have over £54.4bn in assets under management, making it the UK’s second largest wealth manager.
Dart Capital, which was incorporated in 1987, had £739m in under its control as of 6 June. The deal, which is subject to regulatory approval, is expected to complete later this year.
Chris Woodhouse, outgoing chief executive of Evelyn Partners, commented: “We are delighted that they (Dart Capital) have chosen to become part of Evelyn Partners at an exciting time of growth and development for the group.
“The cultural fit between the two businesses is excellent, with both firms focused on understanding the needs of our clients and delivering a highly personalised service.”
Evelyn Partners was created by the merger of Tilney and Smith & Wilkinson back in 2016. In 2020 it acquired Towry.
Since the start of this year, it has also acquired two accountancy firms, Leather in Newcastle and Ashcroft in Cambridge.
The latest acquisition comes shortly after Evelyn Partners hired Paul Geddes, formerly of Direct Line, as its new chief executive.
The move stoked speculation that Evelyn Partners, which is thought to be worth between £2bn and £3bn, could be lining up a flotation as Geddes led Direct Line’s own flotation back in 2012.
In 2022, Evelyn Partners recorded a slight drop in assets under management as, like many wealth managers, it was hit by economic volatility.