Snow in the dough after he sells Evolution for £230m

Alex Snow, the former Harlequins and England rugby star-turned-stockbroker, today sold his Evolution Securities business to Investec for £230 million.

The all-shares deal values chief executive Snow's stake at £5.6 million.

He will remain closely involved with the business as executive chairman of Investec's investment banking operation.

"If you know Alex Snow, you know he can't be anything but very involved in the business going forward," said Bernard Kantor, Investec managing director.

Investec beat off competition in the bidding from Canaccord with its all-share offer worth 98.86p a share, or a premium to Evo's share price before its board first admitted to receiving an approach on August 2.

Investec chief executive Stephen Kosoff admitted there would be job cuts from the deal, mainly in the investment bank part of the business rather than private client management, where Evo's historic Williams de Broë was seen as the jewel in the crown for bidders.

Snow will work with David Currie, who continues as head of Investec UK investment banking.

Williams de Broë's boss, Philip Howell, will continue in charge of the division.

Kantor said Snow will be offered long-term incentive schemes with his new giant parent company.

"We've liked Williams de Broë for many many years. It has a very good reputation, we like the model and we like the management."

Key to the success of the deal for Investec will be retaining the staff at Evo. Kantor said years of experience in doing similar takeover deals suggested this would not be an issue.

"We've been making acquisitions like this since the mid '90s. We know how it works," he said.

Previous wealth management takeovers have included Henderson Crosthwaite and Rensburg.

Snow last year tried to buy Evo's rival, Panmure Gordon, but ended up dropping the bid. Last month, Williams de Broë struck a deal to buy BNP Paribas Private Investment Management, adding £1.8 billion of assets under management to its existing £6 billion.

Snow described Investec as an "excellent home" for both Evolution Securities and Williams de Broë. "An excellent cultural fit," he said.