More Evolution jobs to go after Investec’s takeover

EVOLUTION is preparing to axe more staff once its takeover by South African investment group Investec is completed next month.

The broker-turned-wealth manager has made around 60 staff redundant in the last 10 days and City A.M. understands more job cuts are planned, although no decision on numbers has been made so far.

The £210m deal – a reduction on the £233m value announced in September – is due to be completed on 13 December, clearing the way for Investec to restructure the business.

Evolution’s chief executive Alex Snow will take a seat on Investec’s board and become executive chairman of its UK investment bank.

Only 56 per cent of Evolution’s shareholders voted either for or against the offer at the general meeting called to approve the deal.

Evolution itself agreed to take over BNP Paribas Private Investment Management in August.

Last night a spokesman for Evolution declined to comment.