Evolution Securities, the UK investment bank, is on the lookout for acquisitions to bolster its asset management business, as a decline in capital markets activity by UK mid-sized companies contributed to a halving of investment banking revenues and a 60% fall in pretax profits.

The UK investment bank reported a £6.3m (€7.8m) pretax profit for the six months to June 30, a 60% fall on the same period last year. Group revenues fell 28% to £37.6m in that period.