Evolution used negotiation skill in takeover?
Evolution has completed a takeover of BNP Paribas Private Investment Management.
Business negotiations have been completed by British banking group Evolution in respect of taking over BNP Paribas Private Investment Management.
The deal will go through provided it gets regulatory approval from the Financial Services Authority.
As a result of the agreement, assets under management at Williams de Broe - which is a wholly-owned private client investment subsidiary of Evolution Group - will grow to £7.8 billion, while its aim in the medium term is to increase this to £10 billion.
Alex Snow, chief executive officer of Evolution Group, said: "We are delighted to be able to announce the acquisition ... and in doing so demonstrating our continued ability to successfully execute and integrate value-enhancing acquisitions."
He continued by saying it demonstrates that his organisation continues to be "extremely well capitalised".
Williams de Broe was recently ranked first in growth portfolios - over the course of three years - in the Financial Times Money Guide Top Performers section.
Posted by Ron Maverick