Edinburgh asset manager acquired as English firm ramps up Scottish presence

Progeny, the Leeds-based professional services firm, has ramped up its Scottish presence after agreeing a deal to acquire Edinburgh-based Balmoral Asset Management.

Bosses said the move marked the next step in Progeny’s “concerted expansion” into Scotland and will take the firm’s total assets under management to more than £6.5 billion.

Launched in 1999, Balmoral Asset Management was established to provide a comprehensive wealth management service to a select number of private clients.

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Progeny entered the Scottish market with the acquisition of Innovate Financial Services in Edinburgh in February 2019. This was followed in April 2021 with the acquisition of Ayrshire-based Affinity Financial Planning.

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Neil Moles, chief executive of Progeny, said: “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.

“Balmoral Asset Management are a highly respected firm who have become a byword for impeccable standards and exceptional client service.

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“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.”

Financial details surrounding the deal have not been disclosed.

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Neil Moles, CEO of Progeny (left), and Stuart MacDonald, managing director of Balmoral Asset Management (right).

Stuart MacDonald, managing director of Balmoral Asset Management, said: “We’re immensely proud of what we have created at Balmoral Asset Management: a prestigious advice firm that’s built a reputation on getting results for our clients.

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“Joining Progeny will allow us to continue to grow, and to increase the range of services we offer our clients, many of whom have complex requirements which will benefit greatly from the multi-disciplinary professional services expertise we will now be able to provide.

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

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The deal follows a wave of consolidation in the sector, including the acquisitions of Caledonia Asset Management, Adam & Co and Cornerstone Asset Management.

Last month, an Edinburgh fund management business founded more than 30 years ago was acquired by an investment vehicle chaired by Scottish financial services veteran Martin Gilbert.

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SVM Asset Management, which was founded in 1990 by Colin McLean and Margaret Lawson, was bought by AssetCo for a total of about £10.7 million.

AssetCo said it was looking to build a strong asset management hub in Edinburgh, focused on managing listed equities. It has already sealed takeover deals in the city, including February’s acquisition of Revera Asset Management.

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Gilbert said: “We are immensely proud to be building an asset management hub in Edinburgh that, over time, will broaden its client base across the UK and beyond. SVM is a well-regarded fund management firm, with a recognised investment style and a very strong investment track record. Its business model, people and product offering are its key assets, and it is core to AssetCo’s ambitions.”

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