Evolution bid for Paribas wealth arm

STOCKBROKER and financial services group Evolution said it is in advanced talks over buying BNP Paribas Private Investment Management, as it looks to develop its wealth management business.

The group, which has an office in Leeds, declined to comment further about the possible acquisition of the French banking giant’s private wealth subsidiary by its Williams de Broë wealth management business.

Shares in Evolution surged 5.5p to 72p.

Completing the deal would reduce Evolution’s reliance on more volatile businesses, such as its securities division focused on debt and equity deals and corporate finance advisory.

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At the end of last year Williams de Broë reported a record level of funds under management of just under £6bn. Analysts at Peel Hunt forecast wealth management would make up 52 per cent of the group’s revenues in 2011, up from 47 per cent last year, when private client income hit £51.5m.

“Given the group’s surplus cash... at year end, this would appear strategically a good move,” said Peel Hunt analyst Henry Biddle.

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