The transaction will result in two businesses focused on their respective sectors, rather than the current business with the accountancy business bolted on to the significantly larger wealth management group.

The transaction, which is subject to regulatory approval, is expected to complete in the first quarter of 2025. Upon completion, the professional services business will be rebranded S&W, using the old Smith & Williamson name as its base.

Evelyn Partners Group Limited, backed by PE group Permira, has reached a binding agreement to sell its professional services business to funds advised by private equity firm Apax Partners LLP.