In a significant move for the UK insurance sector, global broker Howden has announced a definitive agreement to purchase the employee benefits consultancy arm of Evelyn Partners.
The acquisition of Evelyn Partners Financial Services (EPFS), for an amount that remains confidential, is pending regulatory approval and is anticipated to be finalised in the first quarter of 2026.
Strategic Expansion for Howden
This acquisition is strategically positioned to substantially increase the scale of Howden's corporate health and employee benefits operations within the UK. It marks a continued commitment to investing in specialised expertise to better serve its client base.
Upon completion, the entire 38-strong professional team from EPFS will transition to Howden. The team, led by Gareth Sawyer, is based across four key UK locations: London, Bristol, Glasgow, and Guildford.
Leadership Perspectives on the Deal
Gareth Sawyer, the leader of the transferring business, expressed optimism about the future. He stated that the agreement provides clear direction and will unlock exciting opportunities by integrating into a global organisation that ranks among the UK's largest employee benefits specialists.
Paul Geddes, CEO of Evelyn Partners, commented on the sale, affirming that Howden will be a great long-term owner for the business. He highlighted the new prospects it offers for the employee benefits team and ensures continuity for their clients.
From Howden's side, Cheryl Brennan, Managing Director of UK Howden Employee Benefits, noted that the purchase reinforces the company's investment in its market-leading, full-service proposition. She emphasised that it strengthens their capacity to deliver innovative solutions and trusted advice for corporates seeking a global broker with a client-first approach.
Evelyn Partners' Strategic Refocus
This transaction is part of a broader strategic shift for Evelyn Partners. The sale follows the divestment of its accounting arm to British private equity firm Apax for £700m last November, and its fund solutions business to Thesis Holdings in July.
Paul Geddes clarified that these sales collectively represent a strategic decision to focus solely on wealth management, streamlining the firm's core offerings.
For Howden, this latest acquisition builds on its momentum from March, when it bolstered its capabilities by acquiring professional services consultancy Barnett Waddingham.
