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Evolution sings praises of strong fixed-income show
Jim Armitage19.05.09
Stockbroker Evolution was today crowing about its successful drive into fixed income as it reported “very strong growth” in revenues from the division.
The owner of Williams de Broë has hired 20 new staff for the division and struck a surprisingly bullish note in its trading update today, adding that its institutional equities and securities operations were also growing well.
Evolution hit the headlines last week when it hired 45 staff from the old Dresdner Kleinwort securities business, increasing the number of its client-facing staff in the division by 50%
“Financial markets are showing early signs of stabilising,“ the company said.
“Despite the economic outlook remaining uncertain, we believe that the group is well-placed to deliver its growth plans.”
Collins Stewart seemed less upbeat, saying revenues between January and April were flat on a year ago at £57 million and warning the outlook remained hazy.
It admitted the revenue figure was flattered by the weakness of the pound against the dollar. Stripping out the US, revenues were 9% lower.
