A pack of private equity groups are lining up offers for the accountancy firm previously known as Smith & Williamson.
Sky News has learnt that Bain Capital and Swiss-based Partners Group are among the buyout firms which have been considering whether to make initial offers for the division of Evelyn Partners ahead of a deadline this week.
They will join Apax Partners, whose interest was reported by The Times earlier this month.
A deal will result in a rebranding of the business, with one banker suggesting that the Smith & Williamson name could be revived.
It is the seventh-largest UK accountancy firm by fee income, and the auction comes amid a deluge of corporate activity in the professional services sector.
The sale of Evelyn's accountancy business would leave it as a pureplay wealth management company owned by Permira and Warburg Pincus, two other prominent private equity firms.
On Wednesday, Evelyn published a third-quarter trading update showing that assets under management and advice had risen to a record £62.7bn.
The company is now run by Paul Geddes, a former boss of Direct Line Group.
Market sources expect the remainder of Evelyn to change hands in the next 12 months.
Apax, Bain and Partners Group all declined to comment on Wednesday.
Bankers at Evercore are handling the auction of Evelyn's accountancy arm.
(c) Sky News 2024: Buyout firms to table £500m bids for Evelyn accountancy arm
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