Evelyn Partners Group has agreed to sell its fund solutions arm, operated by EPFL, to Thesis Holdings.
The deal is expected to complete in the first half of 2025.
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Evelyn Partners decided to find a new owner for EPFL as it decided to refocus the group on its core wealth management offerings.
Furthermore, the deal between Evelyn Partners and Thesis will see around 75 staff from the EPFL arm, predominantly in Glasgow, move over to Thesis.
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.”
Neil Coxhead, chief executive of EPFL, added: “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.”
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By GlobalDataDavid Tyerman, chief executive of Thesis, commented: “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.”
EPFL is a long-established provider of Fund Governance and Fund Administration services which has grown to hold Assets under Governance of £10.6bn (as at 31 December 2024).
