Evolution Founder Snow To Leave Investec

One of the City's most prominent figures is quitting his role at Investec (LSE: INVP.L - news) 18 months after the broking business he founded was sold for £230m.

Sky News has learnt that Alex Snow, a former Harlequins and England rugby player, is to step down from his position as chairman of Investec's UK investment banking division.

His departure will come less than two years after Mr Snow sold Evolution Securities to Investec, netting himself a £5m-plus payout in the process.

Mr Snow is one of the best-known figures in the City's close-knit broking community, and is renowned for his straight-talking demeanour.

He is understood to be yet to decide on his next career move but is expected to be in demand from other major financial services companies.

Listed in London and Johannesburg, Investec is expected to announce Mr Snow's decision to step down before the weekend, an insider said on Wednesday.

Since the takeover of Evolution, Mr Snow has worked on a string of corporate deals, the most recent of which is the takeover of Lonrho (Other OTC: LNAFF - news) , the quoted infrastructure group, by a Swiss-led consortium.

Mr Snow could not be reached for comment.