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Williams de Broë to acquire BNP’s PIM

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Evolution Group’s wholly-owned private client investment management subsidiary, Williams de Broë Limited, has reached agreement with BNP Paribas Wealth Management SA (BNP) for the acquisition of the entire issued share capital of the former Fortis Private Investment Management business, now BNP Paribas Private Investment Management Limited (PIM).
 

Completion of the Acquisition is conditional only on the Financial Services Authority granting its consent to the change of control of PIM. An application for such consent has been submitted and it is expected that such consent will be granted and the Acquisition will be completed prior to the end of the current financial year. 
 
The Acquisition of PIM, which comprises a UK private client investment management business under the stewardship of a team located in London with a small Global Derivatives Department and US Brokerage, is ultimately expected to result in approximately GBP1.8bn assets under management (“AUM”) transferring to Williams de Broë.

Gross consideration comprises the aggregate of GBP5m plus the value of the net assets of PIM and will be paid in cash upon completion

As at 31 December 2010, PIM had gross assets of GBP19.9m, generating revenues of GBP14.1m and a loss before tax of GBP8.8m.

As a result of the Acquisition, AUM at Williams de Broë are expected to grow to approximately GBP7.8bn, a significant step towards achieving its target of growing AUM to GBP10bn.

Williams de Broë expects to be able to achieve a quick integration of the business, generating substantial efficiencies
 
Williams de Broë has a track record of growth in AUM, which have increased from GBP0.8m in 2005 to GBP6bn as at 30 June 2011. This success has been achieved via acquisition and a growth focused agenda enhanced through significant investment, which has established Williams de Broë as one of the UK’s top wealth management firms.
 
Alex Snow (pictured), Chief Executive Officer of Evolution Group, says: “We are delighted to be able to announce the acquisition of PIM and in doing so demonstrating our continued ability to successfully execute and integrate value enhancing acquisitions into our flexible and scalable operating framework.
 
“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 AUM to GBP10bn in the medium term and we welcome the clients of PIM to Williams de Broë and its growing franchise.”

Philip Howell, Chief Executive Officer of Williams De Broë, adds: “Over the past five years Williams de Broë has, and continues to be one of the fastest growing private client investment managers in an intensively competitive sector. All at Williams de Broë look forward to welcoming the team from PIM to our London office and their existing clients onto our well developed and increasingly sophisticated operational platform.  We will continue to provide a highly professional and bespoke investment management service.”
 

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