William de Broë in talks to buy BNP Paribas Private IM

William de Broë, the private client subsidiary of Evolution group, is looking to acquire part of the wealth management arm of BNP Paribas.

The management board of Evolution, a FTSE 250 UK listed broker company, is said to be in advanced discussions with BNP Paribas Wealth Management to acquire its £2.1bn Private Investment Management business. Williams de Broë had £6.2bn of assets under management as at the end of May. In 2009 BNP Paribas took over a 75% stake in insurance and investment banking specialist Fortis, whose wealth management arm became the UK-based business BNP Paribas Private Investment Management.