UPDATE: William de Broë buys BNP Paribas Private IM

William de Broë, the private client subsidiary of Evolution Group, has acquired part of the wealth management arm of BNP Paribas.

Evolution Group, a FTSE 250 UK listed broker company, has bought the French investment bank's £1.8bn Private Investment Management business. Evolution will pay £5m plus the value of the net assets of the business, according to a statement on the London Stock Exchange. The firm, itself the target of takeover interest from South African banking group Investec, last month said its wealth management arm William de Broë was in advanced talks to secure the deal. De Broë will now take over the private client unit, which was known as Fortis Private Investment Management before being absorb...