The Birmingham office of Williams de Broe, part of the private client arm of stockbroker Evolution, has become a billionaire operation, it revealed today.

It has passed the £1 billion mark for funds under management and has outlined plans to expand into new offices.

Adrian Quin, investment director and head of the 42-strong Birmingham team, said it was a “milestone moment”.

And he was very hopeful of further organic growth.

In its half-year results released in August, Evolution revealed funds under management out of Birmingham grew by 15 per cent in the six months to June 30 against a 24 per cent fall in the FTSE All Share index over the same period.

Overall, the de Broe business, which is represented in six other towns and cities, including London, saw 50 per cent growth in funds under management to £4.2 billion while adjusted operating profit jumped by the same proportion to £1.2 million in the 12 months at the half year ending June 30 2009.

Funds under management in Birmingham are now £1.1 billion and £4.7 billion for the whole of Williams de Broe.

Birmingham has notched up £122 million of new mandates this year.

Mr Quin revealed that the Birmingham operation was looking to move out of its One Colmore Row base and was currently examining three locations in the city centre.

A decision is expected later this month.

The firm is taking advantage of a five year break clause in its lease partly for reason of space needs and partly to take advantage of the current competitive property market.

Of breaching the £1 billion barrier, Mr Quin stated: “It is important to us in terms of our peer group.

“It shows we are a substantial business. We are getting on pitches and winning new mandates. It gives us critical mass and it is all with the support of the professional business community.”

The firm is also benefiting from improved stock markets and a pick-up in takeover activity.

The office now has 15 investment managers in Birmingham.

The office concentrates on several services – primarily clients looking for bespoke investment management with a personal service, where the individual or family needs, aspirations and attitudes to risk are fully understood by their dedicated investment manager, trusts and charities, entrepreneurs and high net worth individuals, looking for investment opportunities and to make major investments in smaller companies but where the individual wants to maintain control over the decision to buy or sell their investments; a team specialising in the AIM Market for Inheritance Tax, Income Tax and Capital Gains Tax benefits and fund of funds.

Williams de Broe is independent and not therefore involved in pushing in-house products.

To that extent Mr Quin says it is very different from both retail and private banks – the majority of which are offshoots of High Street majors – and the likes of Tesco, now heavily involved in the financial world.

He said: “In five years’ time Tesco will be a big bank selling lots of products. And that is fine for an awful lot of the population. But individuals wanting a service which is bespoke, personal and added value need something different.”

The firm both complements and works extensively with independent financial advisers because it doesn’t look to get involved in financial planning like trusts, wills, tax or pensions, while many IFAs wish to ‘outsource’ investment management.

Williams de Broe now includes the investment management arm of Singer & Friedlander, once a considerable force in Birmingham.

Evolution established a Birmingham office in 2005 taking a team from Brewin Dolphin. This was bolstered when Evolution purchased Williams de Broe from Dutch group ING Bank. Subsequently the arrivals of teams from Barclays and Tilney, coupled with organic growth, took the office to the size it is today.

Evolution’s recent results saw first-half operating profit double to £9.1 million on income 50 per cent ahead at £52.6 million.