In Focus: Profitable advice business  

Progeny purchases Scottish financial planning firm

Progeny purchases Scottish financial planning firm
Progeny’s chief executive, Neil Moles (left) and Balmoral Asset Management's managing director, Stuart MacDonald (right)

Progeny has acquired Edinburgh-based financial planning firm Balmoral Asset Management for an undisclosed sum, taking its assets under management to £6.5bn.

The deal marks Progeny’s fourth acquisition this year, following the firm’s purchase of international financial planning firm The Fry Group last month.

This year the consolidator has more than doubled its AUM, having also bought RU Group and Hampshire-based adviser Coll Perkins

In a release today (July 11), Progeny said its latest acquisition represents the next step in Progeny’s “concerted expansion” into Scotland.

Balmoral Asset Management, which was founded in 1999, is Progeny’s 16th acquisition to date. The deal brings with it around £1bn in assets to the group.

Progeny first entered the Scottish market with the acquisition of fellow Edinburgh-based firm, Innovate Financial Services, in February 2019.

The consolidator, which offers a range of financial planning, asset management, tax and legal services, has also since snapped up Ayrshire-based Affinity Financial Planning.

“We have been steadily expanding our presence in Scotland in the last few years and our acquisition of Balmoral Asset Management will allow us to take a significant step forward in this aim,” said Progeny’s chief executive, Neil Moles.

“Balmoral Asset Management is a highly respected firm which has become a byword for impeccable standards and exceptional client service.

“There are so many areas of overlap and common ground between us, in our services, our business ethos and in wanting to make a meaningful commitment to the next generation of our industry.”

The acquired firm’s managing director, Stuart MacDonald, said joining Progeny will allow the firm to continue to grow and to increase the range of services it offers its clients.

He added that many of the firm's clients have “complex requirements” which will benefit from Progeny’s wider range of services.

“We’re diligent in maintaining the high standards we have set,” said MacDonald.

“There are not many firms out there who we could join with and see an improvement in our client offering, but Progeny is one such firm and we can’t wait to get started on this next phase of our journey.”

In October, private equity investor Further Global Capital Management bought a majority stake in Progeny, readying the firm for further acquisitions.

ruby.hinchliffe@ft.com