Progeny has bought Leeds-based advice firm J M Glendinning Financial Services for an undisclosed sum, taking its assets under management to over £2.5bn.
J M Glendinning Financial Services was established in 1987 and specialises in providing financial planning services to a select number of private clients and their families in Yorkshire and around the UK.
It has a team of 12 staff, however Progeny said it is yet to be decided whether the team are moving over as part of the deal.
Paul Glendinning, director of J M Glendinning Financial Services, said: “We’re really excited about joining Progeny, and in the process reinvigorating our business to take our service and offering to new levels for our clients.
"Progeny understand our mindset and, crucially, the aims and ambitions of our clients at a regional and national level."
He added: “A larger firm brings opportunities of scale; becoming part of Progeny’s multi-disciplinary business offers unique opportunities for exponential growth.”
The deal follows private equity investor Further Global Capital Management buying a majority stake in Progeny last week readying it for further acquisitions.
Progeny said it has recruited additional staff to help integrate Glendinning into the business.
The deal will allow Progeny to expand its presence in Leeds and the wider Yorkshire area.
Neil Moles, chief executive officer at Progeny, said: “In recruiting a number of new team members we’re also happy to help drive the post-pandemic recovery in the region and keep growing our business, and shaping the financial advice industry of the future.
“We are building a business, not buying one, and we’re passionate about creating an environment where exceptional financial planners can excel.”
In April, Progeny bought Ayrshire-based financial advice firm Affinity for an undisclosed sum, continuing its expansion in Scotland.
Moles added: “Our acquisition strategy is driven by our long-held commitment to providing a high-quality service to clients, with a high-performing and skilled team and our acquisition of Glendinning’s is very much in keeping with this.
“As we have said on many occasions, clients’ needs and concerns will always be paramount, and prioritised ahead of profit. We have a clear philosophy for growth, and clients – existing and future – will always be at the heart of this.”
sonia.rach@ft.com
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