Evolution Arm Seals Buy From Kaupthing for Less Than [Pounds]1m

Evening Standard - London › October 21, 2008

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Summary

WILLIAMS de Broe, the wealth management firm owned by Evolution Securities, today snapped up the investment management business of troubled rival Kaupthing Singer & Friedlander for less than [pounds]1 million.

It beat off competition from 40 rival bidders including Numis Securities and WH Ireland. Lloyds TSB had showed interest early in the auction process. It had been thought Singer & Friedlander Investment Management could fetch as much as [pounds]10 million, but sources said the bids were worth less than [pounds]1 million.

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Evolution Arm Seals Buy From Kaupthing for Less Than [Pounds]1m

The business was put up for sale after parent Kaupthing Singer &...

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