ONE of the City’s oldest firms looks set to be snapped up by South Africa’s Investec after a deal valuing its owner at £233m.
Williams de Broe, formed in 1869 and which manages about £6bn of funds for wealthy private clients, has been part of Evolution Group since 2006.
The wealth management business is seen as a major prize for Investec following its takeover of rival Rensburg Sheppards for £412m last year.
Evolution Securities, the other half of the Evolution business, is a specialist broker and finance house focused on the mid-cap corporate broking and research markets.
Boss Alex Snow, a former rugby player for England and Harlequins, said Investec represented a good home for the two main businesses.