Progeny has bought Ayrshire-based financial advice firm Affinity for an undisclosed sum, continuing its expansion in Scotland.
Affinity was established in 2008 and includes five team members who provide financial planning to private clients in Scotland.
The entire Affinity team will be joining Progeny, and will and become part of the Progeny brand 'in due course' according to a spokesperson.
Shona Barr, managing director of Affinity, said: “Affinity was established from my desire to create an honest, plain-talking, financial planning business, without the typical constraints of the corporate world.
"Our approach has always been broader than that of a traditional firm, with our key aim of making a positive difference to peoples' personal and financial lives and to inspire them to live life as they desire.
“It’s our continued commitment to this approach that has informed our decision to become part of Progeny. It’s clear they have a very similar client-focused attitude and a more extensive service will be possible thanks to the addition of investment management, tax and legal services.”
Neil Moles, chief executive of Progeny, added: “We’re proud that Affinity have chosen to join the Progeny business. We share a similar mindset when it comes to looking after our clients and we are transparent and consistent in the rationale behind our business decisions.
“We look forward to welcoming Affinity and their clients into the business and offering them the chance to benefit from a vast range of additional professional services to meet their legal and financial needs.”
In May last year Progeny hired Scottish solicitor Stuart Easton, based in Glasgow to work with the firm's financial planning and wealth management team in Edinburgh. His knowledge spans wills, trusts, powers of attorney and estate planning.
The acquisition of Affinity follows the firm's acquisition of Edinburgh-based Innovate Financial Services in 2019.
The deal saw the Innovate management team and staff join the Progeny group, in line with the wealth manager's ‘acquire to hire’ strategy.
sally.hickey@ft.com
