Leeds-based Progeny, which already has an operation in Edinburgh, said the acquisition of the Affinity financial planning practice would extend its “multi-disciplinary professional services offering in Scotland”.
Affinity specialises in providing financial planning services to a “select number” of private clients and their families in Scotland and the UK.
The Troon-based firm, which has a team of five, was established in 2008. Financial terms surrounding the deal have not been disclosed.
Shona Barr, managing director of Affinity, said: “Affinity was established from my desire to create an honest, plain-talking, financial planning business, without the typical constraints of the corporate world.
“Our approach has always been broader than that of a traditional firm, with our key aim of making a positive difference to peoples’ personal and financial lives and to inspire them to live life as they desire.
“It’s our continued commitment to this approach that has informed our decision to become part of Progeny.
“It’s clear they have a very similar client-focused attitude and a more extensive service will be possible thanks to the addition of investment management, tax and legal services.”
She added: “We invested a great deal of time and thought into the decision and weighed up a range of factors to ensure the right fit for our clients and team. Whilst change can be unsettling, I am certain that when it is done for the right reasons, it brings great long-term benefits for all parties.”
Neil Moles, chief executive of Progeny, said: “We’re proud that Affinity have chosen to join the Progeny business. We share a similar mindset when it comes to looking after our clients and we are transparent and consistent in the rationale behind our business decisions.
“We are seeing more and more deals announced in the financial advice sector where what’s good for clients seems to be a secondary concern for the parties involved, and where profits and shareholders are prioritised. This is not our aim and never will be. We have a clear philosophy for growth, and clients – existing and future – will always be at the heart of this.”
There has been a flurry of takeover activity in the financial advice and wealth management sectors in recent weeks.
Caledonia Asset Management was bought by Mattioli Woods earlier this week, with that deal following the acquisitions of Adam & Co, from Royal Bank of Scotland, and Cornerstone Asset Management, which was bought by Waverton Investment Management Group.
Mattioli Woods, the specialist wealth and asset management business quoted on London’s Alternative Investment Market (Aim), said it was acquiring Caledonia Asset Management from its shareholders for an initial £960,000 and potential further consideration of up to £640,000 dependent on meeting performance targets in the two years after completion of the deal.
Founded in 2000, Caledonia provides wealth management services to affluent individuals and families, covering areas such as lifestyle financial planning, pensions and retirement planning, income protection and personal taxation matters.