Howden has agreed to acquire Evelyn Partners Financial Services (EPFS), the employee benefits consultancy arm of Evelyn Partners.
The insurance intermediary group said the deal – expected to complete in the first quarter of 2026 subject to regulatory approvals – would strengthens the scale of its corporate health and employee benefits offering in the UK and was "an additional step forward" in its strategy to invest in expertise for the benefit of clients.
The deal follows Howden's acquisition of Barnett Waddingham in March 2025 – a deal which which created a employee benefits and pensions advisory business with approximately 4,000 experts delivering total combined revenues of over £500m.
EPFS has a strong focus on mid-market, scale-up and fast growth firms, and provides a wide range of consultancy services to employers and trustees. It also offers advice on group risk and healthcare benefits, employee engagement and communications services, as well as wellbeing and ancillary benefit packages.
EPFS's team of 38 professionals – located in London, Bristol, Glasgow and Guildford – is led by Evelyn Partners head of employee benefits Gareth Sawyer, who will transfer across to Howden in Q1 2026.
Sawyer will report to Howden Employee Benefits managing director Cheryl Brennan following completion of the acquisition.
Commenting on the deal Brennan said: "EPFS bring a highly experienced team with an excellent reputation and a culture that mirrors our own.
"This acquisition reinforces Howden's investment in our market-leading, full-service employee benefits proposition, strengthening our ability to deliver fresh thinking and trusted advice for corporates seeking a global employee benefits broker with a client-first approach. We're delighted to welcome the EPFS team and to build on our strong relationship with the wider Evelyn Partners group as we continue to grow our scale and impact in the corporate health and benefits market."
Evelyn Partners chief executive Paul Geddes added: "The sale of our employee benefits consultancy further streamlines Evelyn Partners' range of activities as part of our strategic decision to focus solely on wealth management.
"This transaction follows on from the successful sales of our professional services and fund solutions businesses, both of which completed earlier this year. Howden will be a great long-term owner of this business, providing new opportunities for our employee benefits team and continuity of the services they provide to clients. I would like to thank the team for the contribution they have made to our business over many years and wish them well for the future as part of Howden."
Evelyn Partners' Gareth Sawyer continued: "The deal provides clarity on our future and will bring exciting opportunities as we become part of a global organisation that has grown to become one of the UK's largest employee benefits specialists. Our clients can expect business as usual, with the team remaining focused on delivering high quality advice to help them attract and retain talent in a competitive market, while retaining a close relationship and continued collaboration with Evelyn Partners."
