Investec, the UK and South Africa-listed financial services group, has entered a 30-day consultation period to discuss the details of staff cutbacks following the firm’s acquisition of Evolution Group.

Evolution's shareholders approved the £233 million ($372 million) deal on 27 October, although it is not expected to finalise until mid-December, and remains subject to regulatory approvals.

“Evolution’s fixed income and debt capital markets offering is a good complement to Investec’s existing business in that area. Investec intends to reduce aggregate investment banking headcount to avoid unnecessary overlap with its existing activities whilst maintaining an appropriately sized employee base,” said Evolution in a formal announcement in September.

Evolution, of which UK investment manager Williams de Broë is a part, is not expected to see job losses within its asset management division.