• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

Investec closes in on Evolution

Sep 09 2011 08:42

Company Data


Last traded 120
Change -1
% Change -1
Cumulative volume 457803
Market cap 0

Last Updated: 27-11-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Investec to break up Evolution - FT

Investec ups profit in tough conditions

New deal for Investec target

Investec: Shares best of 'bad bunch'

Investec pursues UK's Evolution

Investec mulls Swiss unit sale


London - South African finance group Investec [JSE:INL] is buying British investment bank Evolution for an agreed £233m, in a deal which will boost its wealth management and broking arms.

Investec said on Friday its offer was worth 100.24 pence per Evolution share, a 6.6% premium to Evolution's closing share price on September 8.

Investec, which runs investment banking and fund management businesses, had been vying with Canaccord Financial for Evolution, until Canaccord pulled out on Thursday.

Evolution's main interest for bidders has been its Williams de Broe wealth management division, while its Evolution Securities investment banking and broking arm has a solid range of corporate clients in Britain.

"The group has seen strong growth in third-party assets under management and the acquisition of Evolution will add further momentum. The transaction strengthens our position in the UK, giving us greater scale in both private client wealth management and investment banking," Investec chief executive Stephen Koseff said.

Investec's takeover of Evolution has come amid a backdrop of ongoing consolidation among Britain’s smaller investment banks, who have been hit by the financial market downturn.

American investment bank Evercore Partners bought advisory firm Lexicon Partners in June, while in February 2010 Portuguese lender Banco Espirito Santo bought a majority stake in stockbroker Execution Noble.

investec  |  evolution group


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote