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London-based chartered advice firm bought by consolidator

London-based chartered advice firm bought by consolidator

Progeny Group has bought London-based Evolve Financial Planning, in a deal which will see its assets grow to more than £1bn.

The acquisition, for an undisclosed sum, will see Evolve become part of Progeny Wealth, the group's wealth management arm.

Evolve's founder and managing director Antony Williams will join Progeny, which also has legal and asset management arms, along with all of the intermediary's directors and advisers.

Neil Moles, managing director of Progeny Group, said: "This acquisition marks a pivotal moment for Progeny Wealth, bringing our assets to over £1bn.

"Evolve has always been passionate about the professionalisation of the financial planning industry which fully aligns with our strategic vision.

"Progeny continues to lead the industry in transforming towards a transparent full-service offering providing in-house wealth and legal advisory services, including the recently launched subscription service Club Legal.

"We look forward to Antony and his team joining the Progeny family, further developing our geographic footprint and catering to the needs of companies, charities and individuals across the country."

Founded in 2004 with offices in Croydon and London, Evolve provides financial and investment planning advice across the country with a concentration of clients in the Home Counties.

It was the UK's first financial planning firm to receive corporate chartered status in 2007.

Mr Williams said: "We have been watching Progeny’s rise for some time and are excited to be involved in realising our shared vision of creating a countrywide network of professional, highly qualified, client orientated advisers.

"Our clients across the UK will now be able to benefit from access to a broader offering of in-house advice."

Progeny Group was founded in 2014 with £250m in assets and over the past four years it has quadrupled its assets while its headcount and geographic footprint have increased to five offices across three counties.