Evolution reports leap in income

City A.M. Reporter
WEALTHY clients are helping financial group Evolution cope with volatile markets, it said yesterday.

The firm said income and operating profitability had both risen so far this year, although it did not say by how much.

Assets under management at its private client division were up six per cent from December 2009 to £5.5bn pounds, with net new fund inflows of £133m in the first quarter.

An Evolution spokesman said: “The recent financial market turbulence is a reminder of how the short-term uncertainties stemming from the ongoing unwinding of the global structural imbalances may continue to provide challenging trading conditions for some time.

“The group is confident, however, that its growth plans remain on track.”

Evolution’s head of fixed income Guy Cornelius said earlier this year that activity would pick up strongly over the next three to five years as firms shun bank financing in favour of the debt market.

But he said the firm does not expect a “flood” of deals this year due to the lag in persuading companies to change their attitude towards the corporate bond market but hopes to make headway in the second half of 2010.