Evolution Group's pre-tax profits rise

Wealth manager Evolution Group's private client investment management business, Williams de Broë, gained significant momentum during the first half of the year despite challenging market conditions, which had led to a lacklustre performance in the company's investment banking division. For the six months ended 30 June, the company's earnings fell 8% to £51.6m, from £56.1m, a year earlier. Pre-tax profits jumped 43% to £4.3m, up from £3m in the corresponding period last year. Sluggish corporate activity, with nearly dormant IPO and secondary market and market volatility weighed heavily on the company's investment banking division. "The first half of the year in Investment Banking was extremely difficult. Conditions remained uncertain, and volatility flared up with one crisis after another. The uncertain environment and lack of conviction reduced turnover and liquidity in all asset classes," Evolution said. However, on the bright side, Evolution said it is on track to meet its target of £10bn assets under management in Williams de Broë, helped by continuing growth of its first class private client business. "This fund growth will continue to be developed, alongside high quality recruitment which is at record levels, whilst pursuing an acquisition strategy that is accretive to the business and brand. This is an exciting time for Williams de Broë and the medium term strategy remains very much achievable," Evolution said.Shares of the company gained 4.3% to 77.7p in noon trading in London.AR