18th Jan 2007 11:38
Evolution Group PLC18 January 2007 Evolution Group Plc Response to Financial Services Authority Statement Regarding Williams de Broe Evolution Group Plc ("Evolution"), the investment bank and retail fundmanagement group, notes the announcement made today by the Financial ServicesAuthority ("FSA") regarding W Deb MVL Plc, formerly known as Williams de BroePlc. The FSA announcement gives details of a fine imposed on W Deb MVL Plc of£560,000. When Evolution acquired Williams de Broe Plc it secured an indemnity against theongoing FSA investigation from its former parent company, ING Belgium. As aresult of this indemnity all costs of the investigation and the fine are beingmet by the former parent. The fine imposed by the FSA relates to an investigation into "a failure ofsystems and controls at Williams de Broe Plc", prior to Evolution's acquisitionof Williams de Broe Plc in June 2006. The breaches occurred during the periodDecember 2001 to May 2005 and the fine relates solely to historic events andproblems that no longer effect the on-going business, acquired by Evolution. Evolution has successfully migrated both the clients and staff of Williams deBroe Plc's institutional and private client divisions into its existingbusinesses. Subsequently, the legal entity that has been the subject of the fineis in the final stages of being closed down before being placed into membersvoluntary liquidation later in the year. Ends For more information please contact: Evolution Group Plc Tel: 020 7071 4300Alex Snow, Chief Executive OfficerGraeme Dell, Finance Director Bell Pottinger Corporate and Financial Tel: 020 7861 3232Charles CookSarah Hilyer Notes to Editors: Acquisition of Williams de Broe: The acquisition of Williams de Broe was completed on 3 June 2006. In July 2006, the institutional business was fully integrated into EvolutionSecurities investment banking operation. The private client business of Williamsde Broe was merged with Christows, the private client stockbroking and assetmanagement business of Evolution Group. The integration was successfullycompleted on 6 October 2006 with the successful transfer of client funds undermanagement onto Christows' operating platforms. At the same time ChristowsLimited was re-named and the private client fund management business is nowbranded Williams de Broe Limited. About Evolution Group Plc: Evolution Group Plc Evolution Group is the holding company of Evolution Securities Limited, Williamsde Broe Limited and Evolution Securities China Limited. Founded in April 2001and originally listed on the AIM, Evolution Group joined the Official List in2003 and now has a market capitalisation of approximately £285 million. Evolution Securities Limited aims to be the leading investment bank advisingsmall and mid-cap UK public companies. It has approximately 100 retainedcorporate clients, to whom it provides equity research, institutional sales andtrading, market making and corporate finance advice. Evolution SecuritiesLimited is authorised and regulated by the Financial Services Authority. Inaddition, it operates a US broker-dealer, Evolution Securities (US) Inc., whichis registered with the National Association of Securities Dealers and regulatedby the Securities Exchange Commission through which it brings US institutionalinvestors access to its UK based corporate clients. Williams de Broe Limited is a leading private client fund manager, with officesin Bath, Birmingham, Bournemouth, Exeter, Guildford and London. Williams de Broeis authorised and regulated by the Financial Services Authority. Evolution Securities China Limited ("ESCL") is a specialist investment bankingand securities firm dedicated to offering equity research, institutional salesand sales trading to a broad base of professional portfolio investors, as wellas Equity Capital Markets and Corporate Finance services, primarily to Chineseand Asian corporations. ESCL is headquartered in London with additional offices in Shanghai and HongKong, under the regulatory authority of the FSA and SFC. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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