Advice firm consolidator Progeny has hired a former director of corporate finance from big four auditor KPMG to drive its acquisition activity.
Stewart Cape spent 12 years at KPMG leading merger and acquisitions for its Northern corporate finance business.
In an announcement today (September 6), Cape said he knew Progeny’s business “extremely well”, having spent a “significant proportion” of last year working closely with the firm’s chief executive, Neil Moles.
At KPMG, Cape advised Progeny on its decision to sell a majority stake to private equity investor Further Global Capital Management in October 2021.
Moles said this meant Cape “already knows the business inside out”.
The firm’s boss added: “Now he is going to play a vital role within Progeny, professionalising our inorganic growth activity and spearheading the ongoing transformation of the business.
“It’s clear the positive impact that someone with his insight, experience and analytical skills will have on our corporate ambitions.”
Cape is Progeny's first-ever head of corporate development.
Progeny's most recent acquisition was Edinburgh-based financial planning firm Balmoral Asset Management, a deal which took its assets under management to £6.5bn - more than double what it managed at the start of 2022.
The firm has made four acquisitions so far this year, including the purchase of international financial planning firm The Fry Group in June, RU Group and Hampshire-based adviser Coll Perkins.
In July, Progeny cited its “concerted expansion” into Scotland. 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.
ruby.hinchliffe@ft.com
