No front office redundancies at Evolution says FD

Front office employees at Evolution can breathe a sigh of relief: following the acquisition of broking firm William de Broe, there will be no redundancies - for now.

Evolution finance director Graeme Dell told Reuters that the Evolution and Williams de Broe's businesses are complementary in terms of equities sales and research.

However the news may be different for those in the back office of the new entity

"There are undoubtedly going to be integrations because we both have back-office infrastructure, so obviously you need one infrastructure to run the organisation," said Dell. He declined to comment on any job cuts.

After the recent loss of five of its small-cap sales team to mid-cap broking start-up Cenkos, a start-up brokerage headed by Andy Stewart, co-founder of investment bank Collins Stewart, Evolution seems keen to retain its front office staff.

The Financial Times reports that the bank has had to offer its brokers better remuneration that some rivals to keep them through the recent turmoil.