Financial Planner and wealth manager Evelyn Partners has completed the sale of its fund solutions business to collective investment scheme manager Thesis for an undisclosed amount.

The deal sees 75 staff who support the Evelyn Partners Fund Solutions Limited business, mainly based in Glasgow, transfer across to Thesis.

EPFL provides fund governance and administration services to UK domiciled funds and has assets under governance of £10.6bn. It currently supports 161 funds across 40 sponsors and investment managers.

The sale was first announced in January, but remained subject to regulatory approval.

Evelyn Partners decided to sell the business following a strategic review aimed at refocusing the firm on its core wealth management activities.

The firm had previously announced the sale of its professional services business to Apax Partners in November as part of the review. That deal completed on 31 March.

Paul Geddes, chief executive of Evelyn Partners, said: “The sale of EPFL to Thesis, means Evelyn Partners is now focused solely on wealth management activities. I would like to thank the team at EPFL for their commitment and professionalism and wish them well for the future as part of Thesis.

“We look forward to an ongoing relationship with the team, who will continue to act as ACD and Fund Administrator to numerous funds where Evelyn Partners is the delegated investment manager and where clients with benefit from complete continuity in service.”

David Tyerman, chief executive of Thesis, said: “Having EPFL in the group increases choice for our sponsors, as well as introducing greater scale for Thesis. Ultimately this will ensure good outcomes for our fund investors.”

Thesis is a UK-based operator of funds, now managing 330 funds with more than £50bn of assets. The firm was established in 1974 and launched its first UK regulated collective investment schemes in 1998.

Evelyn Partners was advised on the transaction by Evercore, as financial adviser, and Macfarlanes as legal adviser. Thesis was advised by Bryan Cave Leighton Paisner LLP on the transaction.