Mergers and acquisitions  

Progeny snaps up West Sussex financial planning firm

Progeny snaps up West Sussex financial planning firm

Progeny has bought financial planning firm Lewis Brownlee Financial Services for an undisclosed sum, taking its assets under management to nearly £7bn.

Progeny said its latest acquisition would allow it to further expand its presence in the south of England.

Established in 1990, Lewis Brownlee Financial Services has offices in Chichester, Midhurst and Whiteley.

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Steve Burns, managing director of Lewis Brownlee Financial Services, said: "Joining Progeny will allow us to continue to flourish while remaining loyal to our founding principles and the ethics and values we have worked hard to embed in the business.

"Becoming part of a multi-disciplinary professional services firm will also allow us to increase the range of services we offer, bringing a new scale and scope that will present fresh opportunities for our clients and our team members."

This year the consolidator has more than doubled its AUM, having bought a succession of firms including RU Group and Hampshire-based adviser Coll Perkins

These deals were followed by the acquisitoin of Edinburgh-based financial planning firm Balmoral Asset Management in July and the firm’s purchase of international financial planning firm The Fry Group.

Neil Moles, chief executive of Progeny, said: "Lewis Brownlee Financial Services have established themselves as a firm focused on building trusted relationships, driving up standards and providing meaningful financial planning and financial services for their clients.

"Their team members pride themselves on the highest levels of professionalism and integrity and so we are delighted that they will be joining us at Progeny.”

In October 2021, private equity investor Further Global Capital Management bought a majority stake in Progeny, readying the firm for further acquisitions.

amy.austin@ft.com