Private clients drive Evolution Group

Investment bank and wealth manager, Evolution Group, said that despite difficult market conditions, it was profitable in the first quarter of 2011.The firm cited strong performance in its private client arm, Williams de Broë, with total funds under management growing 7% in the first four months of 2011 to £6.2bn.Its investment banking arm, Evolution Securities had acted on seven capital market transactions so far this year, compared with five in the comparable period in 2010, the company said.On a down note, the firm said a paucity of large transactions closing meant less corporate income in the first quarter of 2011, compared to the previous three months.The pipeline of current corporate business remained strong, Evoluton said. This included four flotations, further retail bond mandates, secondary equity raisings and a growing number of debt and equity advisory opportunities, the firm said.____mm