'Nothing sinister' as Evolution shuffles board

Evolution, the City investment bank and wealth manager which is pondering a takeover bid from South Africa's Investec, today parted company with its finance director and brought Lord MacLaurin back on to its board.

Evolution said Andrew Westenberger had left "with immediate effect." Chief executive Alex Snow said: "His departure was by mutual agreement and there's nothing sinister about it."

Lord MacLaurin, a former chairman of Vodafone and Tesco, has rejoined the board, having stood down at this year's annual meeting in May after seven years' service.

The stock market greeted his return as an indication that Evolution is not going to surrender its independence to Investec without putting up a good fight. Its shares rose 2½p to 83½p, valuing the group at £180 million. The shares have risen 28% in the past month.