Evolution non-exec opens account

Peter Gibbs, a non-executive director at Evolution Group, has taken a stake in the FTSE 250-listed investment bank soon after it posted its 2008 results.

He bought 100,000 shares at 102.7p a time, having previously had none.

The firm said Wednesday that it was well positioned for the future despite falling into losses after revenues slumped.

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The firm posted a pre-tax loss of £12.7m in 2008 compared with a profit of £3.2m the previous year, as revenues slipped to £65.2m from £87.5m.

Market conditions were the most demanding for generations, the firm said.

However, the firm said it had seen 'very encouraging' trading over the first quarter.

"We believe the group is capable of riding out the continuing difficult conditions and is well positioned for the future," it said.

It lifted its final dividend by 2% to 1.27p giving a full-year dividend of 2.02p, up 5% from the previous year.

Gibbs, who began his career at the wealth management and private banking group Brown Shipley, is a former chief investment officer and head of region for Merrill Lynch's investment management activities outside the US. He retired from Merrill Lynch in November 2005.

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