Acquisition

RNS Number : 2918G

Evolution Group PLC

21 October 2008

 

The Evolution Group Plc

Williams de Broe to acquire Singer & Friedlander investment management 

21 October 2008

The Evolution Group Plc ("Evolution") the investment bank and private client investment management group is pleased to announce that it has reached agreement with the administrators of Kaupthing Singer & Friedlander Limited (in administration) ("KSF") and certain subsidiaries of KSF for its subsidiary Williams de Broe Limited ("Williams de Broe") to acquire the investment management team of Singer and Friedlander Investment Management Limited ("Singer and Friedlander").

It is intended that the agreement will result in Assets Under Management moving to Williams de Broe's existing platforms with the team located in London.

Commenting on this agreement, Alex Snow, Group Chief Executive of Evolution and Chief Executive of Williams de Broe said:

"We look forward to welcoming the team from Singer and Friedlander and their existing clients for whom we will continue to provide a professional and bespoke investment management service.

"Williams de Broe and Evolution Group Plc remain extremely well capitalised. We have deliberately structured the group to have a strong and highly liquid balance sheet. This combined with no debt supports our aim of becoming a custodian of choice for clients and counterparties during these turbulent market conditions.

"This agreement, together with the recent opening of our Edinburgh office, where we continue to see significant inflows of new clients, demonstrates our previously stated commitment to continue to grow Assets Under Management substantially in the medium term."

For more information please contact:

The Evolution Group Plc                                   020 7071 4300

Alex Snow, Chief Executive Officer                

Bell Pottinger Corporate and Financial             020 7861 3232

Charles Cook
Mike Davies

Notes

1 The Vendors of the SFIM business comprise Kaupthing Singer & Friedlander Limited (in administration) and each of Singer & Friedlander Investment Management Limited, Singer & Friedlander Capital Management Limited, Singer & Friedlander Asset Management Limited and New Street Asset Management Limited.

 

Notes to Editors:

 

The Evolution Group Plc (“Evolution”) is the holding company of Evolution Securities Limited, Williams De Broe Limited and Evolution Securities China Limited. Founded in April 2001 and originally listed on AIM, Evolution joined the Official List in 2003 and now has a market capitalisation of over £170 million.

 

Williams de Broe Limited is a leading private client investment manager, with offices in Bath, Birmingham, Bournemouth, Edinburgh, Exeter, Guildford and London. Williams de Broe is authorised and regulated by the Financial Services Authority

 

Evolution Securities Limited is a leading investment bank focused on mid-cap UK public companies. It provides a full range of investment banking services including equity research, institutional sales and trading, market making and corporate finance advice. Evolution Securities has over 70 retained corporate clients. It is authorised and regulated by the Financial Services Authority

 

Evolution Securities China Limited is a specialised Chinese investment banking business with offices in London, Hong Kong and Shanghai. It offers UK based institutional clients research and trading in listed Chinese stocks and provides Chinese companies access to the markets in London and Hong Kong. Evolution Securities China is authorised and regulated by the Financial Services Authority

 

 

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