Evolution bidding for BNP's wealth managers

Shares in investment house, Evolution Group, rose 10% on Tuesday after analysts gave its bid for BNP Paribas Private Investment Management the thumbs up.Evolution said that its private client investment management subsidiary, Williams de Broë, was in advanced discussions to buy BNP's wealth management operation, formerly known as Fortis Private Investment Management.Evolution said there would be no further comment until an agreement is reached or the discussions were terminated."Details as yet unknown but, given the group's surplus cash of c£40m at year end, this would appear strategically a good move," analysis at Peel Hunt said in a note.