News blog
Evolution Group
- BY: Andrew Hore |
- POSTED: 16/08/2011 |
Fellow Aim broker Canaccord says that it is interested in bidding for Evolution Group.
Canaccord appears more interested in the broking side, whereas the main attraction to rival bidder Investec is the Williams de Broe wealth management division of Evolution, which has just sealed the acquisition of the UK wealth management business of BNP Paribas for a £5m premium to its net asset value. That deal increases Evolution’s assets under management by £1.8bn to £7.8bn. Investec would like to merge Williams de Broe with its wealth management division which has £30bn under management.
Investec would sell Evolution’s broking business. Evolution Securities made a profit of £1.3m in the first half of 2011, which was much better than expected.
The Evolution finance director has resigned in the middle of the due diligence period for the Investec bid.
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