Williams de Broë, the wholly owned private client investment management subsidiary of the Evolution Group, is set to purchase BNP Paribas Private Investment Management Limited (PIM), the former Fortis Private Investment Management business in UK for £5m plus the value of the net assets of PIM, believed to be valued at £19.9m.
Subject to FSA confirmation, the move will see approximately £1.8bn assets under management transfer to Williams de Broë.
BNP Paribas insists the UK is still a “key location” for its global wealth management business and retains a 63% majority stake in Bank Insinger de Beaufort, which has offices in London.
“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 BNP Paribas Wealth Management UK chief executive Ligia Torres.
Evolution Group chief executive Alex Snow said: “The acquisition furthers our aim to grow assets under managament to £10bn in the medium term.”
