Evolution to unveil Edinburgh private client strategy
The stockbroking firm’s Williams de Broë arm closed its institutional fund sales office in Edinburgh in 2006 following Evolution's acquisition of the business from ING
Evolution Group, the stockbroking firm, is this week expected to unveil its plans to re-open an Edinburgh base less than two years after leaving the city, according to a report in Scotland On Sunday.
The company has made no public comment since its Williams de Broë arm poached a team of 22 private client managers from the Edinburgh office of Gerrard Investment Management, part of Barclays Wealth, two weeks ago.
Williams de Broë closed its institutional fund sales office in Edinburgh in 2006 following Evolution's acquisition of the business from ING. Analyst Jeremy Grime of Arden Securities believes Evolution is keen to further add to its private client business through deals amid speculation of a wave of consolidation in the industry. "They would probably quite like to make acquisitions in the private client area and build that business up.
"The Edinburgh deal was a great move although it will probably be two or three years before they make profits from it."
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