Wealth management firm Progeny Group has completed a deal to support the management buyout of London-based Quadrant Group as it expands its presence in London and the southeast.
The team at Quadrant Group will join the firm, which is based in Leeds and London, while the managing director of Quadrant Group, Andrew Pereira, will join Progeny as a director.
Progeny confirmed it will continue to focus on building its core wealth management offering, while providing clients with an expanded range of services, including legal and tax advice.
Earlier in the year Neil Moles, managing director at Progeny Group, told FTAdviser the firm intended to grow across the UK through the acquisition of other wealth management firms.
In a statement announcing the buyout, Mr Moles said: “We look forward to working together to offer clients joined-up strategic financial advice, including legal services and wealth structuring.”
He added: “Quadrant will broaden and add to our London business and accelerate our expansion in London and southern England.
“We will now have significant wealth advisory resources in London as well as the north of England, enabling us to better serve individuals, families and corporates based in the UK with assets and bases outside the UK.”
Mr Pereira commented: “As part of Progeny, we will continue to care for our clients’ wealth but now with a broader range of services, including legal and tax advice, delivered by very talented individuals.
“This will add real value to all clients and help them achieve their goals and protect their wealth for generations to come.”
A team from Progeny Corporate Law, led by director Alistair Scott-Somers, acted as legal adviser to Progeny on the transaction, the financial terms of which were not disclosed.
Progeny was formed after wealth management firm Lawrence Scoffield Group merged with Progeny Private Law and Mark Burns Legal Services.
eleanor.duncan@ft.com
