Investment bank and private client group Evolution subsidiary Williams de Broë is to acquire BNP Paribas Private Investment Management.

The acquisition of BNP Paribas Private Investment Management is expected to add £1.8 billion in assets under management to Williams de Broë.

Williams de Broë will pay a gross consideration of £5 million and the value of the net assets of BNP Paribas Private Investment Management in cash.

Alex Snow, chief executive of Evolution Group, said, 'The Group continues to be extremely well capitalised with a strong and liquid balance sheet and no debt.

'The acquisition furthers our aim to grow assets under management to £10 billion in the medium term and we welcome the clients of BNP Paribas Private Investment Management to Williams de Broë and its growing franchise.'

The deal will be subject to approval by the Financial Services Authority, and is expected to be completed by the end of the financial year.
 
BNP Paribas Private Investment Management had gross assets of £19.9 million, revenues of £14.1 million and generated a pre-tax loss £8.8 million at 31 December 2010.

Last week, FTSE 100-listed financial services company Investec made a preliminary approach for Evolution Group.

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