RU Group specialises in wealth management and retirement. Founded in 2003, it is made up of three FCA-authorised, limited firms: Russell Ulyatt Financial Services, Greenhalgh Financial Services and Shevill Parkes.
This is Progeny's 13th acquisition, subject to approval from the Financial Conduct Authority.
The deal will see 13 advisers join Progeny, taking its adviser count past 50. In total, RU Group brings a team of 48 employees based across three offices in Nottingham, Derby and Sheffield.
As a result of the deal, Ian Browne, RU Group’s head of advice, will become chief of advisory services at Progeny.
Browne previously spent 23 years at then-named Standard Life, until he joined RU Group in 2014.
Neil Moles, Progeny’s chief executive, called the deal with the Nottingham IFA “a highly significant acquisition” in both “size and status”.
“As a locally owned and managed company, RU Group is embedded in the communities in which they operate,” Moles continued.
“They have demonstrated consistent entrepreneurial organic growth in Aum and profitability, supported by a highly qualified and well-developed team with excellent potential for the future.”
Progeny actively steers clear of the name “consolidator”, according to Caroline Hawkesley, the firm’s chief operating officer, who said it “acquire[s] to hire” rather than just grow assets.
In October, private equity investor Further Global Capital Management bought a majority stake in Progeny, readying the firm for further acquisitions.
In November, it bought Leeds-based advice firm J M Glendinning Financial Services for an undisclosed sum, taking its assets under management to over £2.5bn.
Progeny’s preferred platforms are Quilter and Transact, but its clients are stretched over seven or eight platforms due to its M&A activity.