A provider of wealth management and legal advisory services has unveiled the acquisition of a Scottish financial services firm as it looks to deepen its roots north of the Border – including more potential deals.
Progeny Group has swooped on Edinburgh-based Innovate Financial Services, marking its first expansion into Scotland and furthering its rapid growth across the UK in recent years. Terms of the deal were not disclosed.
Neil Moles, MD of Progeny, told The Scotsman that the business sees great potential in its new area, stating: “We feel that Scotland is a very important market for us.”
Progeny, which has offices in London, Leeds and Salisbury, said that independent financial adviser Innovate over the last decade has built its reputation as the financial planning and wealth-management firm “of choice” in the Scottish capital. “This commitment to client service and technical excellence chimes with Progeny’s ethos and will help the group offer a UK-wide presence with a consistently high level of service.”
It added that Innovate’s clients will now be able to benefit from the wider Progeny Group’s asset management, wealth planning and legal services, offered with transparent costs.
In line with Progeny’s “acquire to hire” strategy, the Innovate management team and staff will join the group, which now boasts about 125 staff altogether.
Moles said: “We are not pausing in the development of the Progeny Group. Edinburgh is a burgeoning commercial and financial centre and serves clients all over Scotland and northern England.
“Innovate’s clients will now have access to the Progeny formula of wealth planning and management as well as legal advice in one place, offered with a transparent fee tariff.”
He added that the firm’s Scottish growth will come via a combination of organic growth and acquisitions, with law firms among potential targets. He did not rule out buying a firm in its entirety.
“It’s a very exciting time,” he added, also saying Progeny could well open another office in Scotland in due course where it sees enough demand.
Chris Donald, MD of Innovate Financial Services, added: “We are delighted to become to part of the Progeny Group and their first expansion into Scotland.
“The Progeny Group will provide our clients with a superior service and investment proposition as well as enhanced career opportunities for our employees.”
A team from Progeny Corporate Law, led by Alistair Scott Somers, acted as legal adviser to Progeny on the transaction.
Progeny last year snapped up Evolve Financial Planning, pushing its assets under advice over the £1 billion mark, from £200 million in 2014. Progeny Corporate Law is one of Progeny’s four business areas, which include Progeny Wealth, Progeny Asset Management and Progeny Private Law.