UK broker Evolution has bought out the contracts of all 45 London-based staff of Icelandic bank Kaupthing’s investment management business in a deal worth in the 'low single millions' of pounds following the Icelandic bank’s collapse.

Singer & Friedlander's private client assets will be transferred to Evolution's wealth management operation, Williams de Bröe, taking total assets under management to nearly £4bn (€5.2bn) after the UK broker agreed a deal with Kaupthing's administrator.