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Progeny Group plans to grow after merger

Progeny Group plans to grow after merger

Wealth management firm Progeny Group has said it is looking to grow across the country after its merger last year.

The Leeds-based company was formed after wealth management firm Lawrence Scoffield Group merged with Progeny Private Law and Mark Burns Legal Services.

Managing director Neil Moles said the company is looking to hire lawyers and advisers, but is also looking to acquire other wealth management firms.

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He said Progeny already has one “fairly substantial” transaction lined up in London which will be completed soon.

Mr Moles said: “From a growth perspective we are looking to acquire both people and businesses within our space.

“We are delighted if like-minded advisers wish to come and join us and similarly, if there are businesses out there that would align with our vision then we would be happy to talk to them as well.

“We are looking nationwide but it is easy to focus on Leeds and London because that’s where we have offices.”

Mr Moles said Progeny does not offer accountancy services but said it works with a number of firms.

He said the company’s focus was on growing as a wealth management firm before it looked to expand its own offering.

Lawrence Scoffield Group was founded in 1980 in Leeds and was subject to a management-led buy-out in 2008.

Mr Moles was its managing director until the merger went ahead in April.

He said the financial advice industry could learn a lot from the legal profession, particularly around fees.

“We have got firms in the industry still not explicitly telling people what they charge them or what services they deliver,” he said.

damian.fantato@ft.com