SAGE was advised on the acquisition of Folhamatic by Citigroup Global Markets. Heading up its team was Charles Lytle, who was poached from ABN Amro’s Hoare Govett business in 2005.

Lytle’s departure caused a spat between the banks, with the Dutch bank claiming Citigroup had attempted to steal an entire division worth of staff. It followed the exit of Hoare Govett’s chief executive, Nigel Mills, and four of his team – Andrew Chapman, Tom Reid, Andrew Thompson and Chris Zeal – just a week earlier.