Evelyn Partners’ private equity backers are planning to kick off a sale process within months targeting potential suitors including NatWest and Royal Bank of Canada, in the latest sign of consolidation in the wealth management sector.

Permira and Warburg Pincus, which own one of the UK’s largest wealth managers, have called in investment bank Evercore to advise on the transaction, according to people familiar with the matter, who added that a deal could value the group at about ￡2.5bn.

Evelyn is planning to seize on demand from banks to beef up offerings for customers seeking financial advice, the people said. They added that the company would also be pitching to private equity groups and US wealth managers that want to expand in the UK, such as Raymond James.