Investment group Evolution has bought the
UK-based private investment management (PIM) business of BNP
Paribas Wealth Management, believed to be worth more than £5m
($8.2m), through its subsidiary Williams de Broe (WdB).

As a result of the takeover, WdB, whose assets
under management (AuM) stood at £6bn ($9.8bn) as at 30 June 2011,
acquired £1.8bn in AuM.

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BNP Paribas Private Investment Management was
the former UK arm of Fortis Private Investment Management.

According to Evolution Group’s chief executive
Alex Snow, the acquisition furthers the company’s aim to grow AuM
to £10bn in the medium term.

 

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In July, an unnamed source within BNP Paribas
told PBI that keeping UK PIM operations were not in line
with the bank’s global strategy due to the regimented nature of the
business.

At the time, the French banking giant had
received a number of interested bids for its PIM business.

“This deal allows us to focus on the strengths
that BNP Paribas Wealth Management can bring to our clients through
such an important centre as London and to use its presence here to
leverage its key global client network,” said Ligia Torres, chief
executive at BNP Paribas WM, in a recent statement.

The acquisition of BNP Paribas PIM by WdB is
conditional and subject to the customary regulatory approvals by
the Financial Services Authority.

The takeover is scheduled to be completed
prior to the end of the current financial year.

 

Investec eyes Evolution

Meanwhile, South Africa-based banking group
Investec reportedly expressed interest in acquiring Evolution
Group.

Media reports speculated that Investec could
bid as much as £250m.