Aggressive broker reaps reward

Several of London’s mid-cap brokers have compensated for the dearth in IPOs by exploiting the turmoil elsewhere in the City. But none has been more aggressive than Evolution. Its shares have more than doubled over the past year as it swallowed up Singer & Friedlander’s investment management arm for about £3m and hired teams from Dresdner Kleinwort and Lehman Brothers. This week, Arden Partners, the company’s broker, lifted its profit forecasts for the fourth time this year and Alex Snow, chief executive, said Evolution was only just beginning to reap the rewards.