Evelyn PartnersJun 12 2023

Evelyn Partners buys boutique wealth manager

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Evelyn Partners buys boutique wealth manager
Left to right: Chris Kenny, Regional Managing Partner. London & International at Evelyn Partners welcomes Richard Whitehead, CEO of Dart Capital, to Evelyn Partners office in Gresham Street, London.

Evelyn Partners has bought Dart Capital, a boutique wealth manager based in the City of London, for an undisclosed sum.

Dart Capital, which was incorporated in 1987, has been led by chief executive Richard Whitehead since a management buyout in 2008.

Since then, it has grown its assets under management from £120mn to £739mn.

Chris Woodhouse, chief executive of Evelyn Partners, said: “Richard and his team have built an impressive business over many years that supports a top-tier client base. 

“The cultural fit between the two business is excellent, with both firms focused on understanding the needs of our clients and delivering a highly personalised service.”

The 19-strong Dart Capital team provides personalised advice and discretionary investment management services for “a high-quality client base”, including the partners of leading accountancy and law firms, senior executives, business owners and retirees.

The deal, which is subject to regulatory approval, is expected to complete later this year. 

Whitehead said: “Both companies champion similar core values, and we are confident in the opportunity of growth and investment that this exciting development presents for our clients and the company.

“Evelyn Partners’ additional depth and breadth of resource will help us continue to nurture, preserve, and grow our clients’ wealth. We are excited for the future and look forward to supporting our clients in our new home.”

Last week, Evelyn Partners announced that Paul Geddes had been appointed as the company's new chief executive and will take up the role in July. 

Geddes, who is currently chief executive of QA Group, a higher education and workforce learning programmes provider, will succeed Chris Woodhouse, who is retiring from full-time executive management.

In April, Evelyn Partners bought Ashcroft Partnerships LLP, a Cambridge-based firm of chartered accountants and tax specialists. 

This followed the release of Evelyn’s 2022 results in March in which the firm said it is looking for further acquisition opportunities in 2023.