London-based stockbroker Williams de Broë has entered into exclusive talks with the Evolution Group, a UK stockbroker. Evolution is believed...

London-based stockbroker Williams de Broë has entered into exclusive talks with the Evolution Group, a UK stockbroker. Evolution is believed to have bid £30 million ($55.1 million) for the brokerage group, according to various media reports. Reports suggest that Evolution is likely to be interested in Williams de Broe’s private client business and could merge this business with Christows, Evolution’s private client stockbroker group. Early indications suggest the Australian investment bank Macquarie was interesting in bidding for Williams de Broë, as well, although any initial interest appears to have waned. An earlier report in the Daily Telegraph also said that chief executive Richard Charnock, has held talks with a number of private equity groups about a management buyout of the firm in an attempt to head off a sale to a trade buyer. Last year ING uncovered accounting irregularities at Williams de Broë which led to the dismissal of chief executive John Millar and chief operating officer David Whistance. As a result of the scandal, ING was forced to make a provision of £56 million and is expected to offer an indemnity against any related losses that emerge after a sale.