UK investment bank Evolution Group, the parent company of Williams de Broe, has agreed to buy one part of BNP Paribas' UK wealth management business in a deal that will add £1.8bn in assets under management to Evolution's business.
Evolution, itself the target of takeover interest from South African banking group Investec, last month said its wealth management arm de Broe, was in advanced talks to secure the deal.
de Broe will now take over the private client unit which was previously Fortis Private Investment Management before it was absorbed by the French banking giant.
Evolution will pay £5m plus the value of the net assets of the business, according to a statement on the London Stock Exchange.
The acquisition will take the company's assets under management to £7.8bn, and marks a significant step toward achieving Williams de Broe's previously stated target of reaching £10bn in assets by 2013
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