Progeny extends wealth planning with acquisition

Wealth management and legal advice firm Progeny has acquired a well-established financial advisory firm based in Salisbury and London.

The Chestergate team, which specialises in wealthy private clients with complex financial needs, will join Progeny – which has Leeds office. This will expand Progeny’s wealth management offering and bringing the wider group’s asset management and private and corporate legal advice to Chestergate’s clients.

Chestergate’s management will take a minority stake in the Progeny Group.

Neil Moles, managing director of Progeny Group, said: “This is the latest step in Progeny’s ‘acquire to hire’ growth strategy based on the principle that an advisory business is only as good as its people.

“We know that wealthy clients need legal advice on their financial affairs at least every two years, and having this advice delivered alongside planning advice from the same firm simplifies and improves the whole process. So we look forward to working with Chestergate to offer clients joined-up financial advice, including legal services and wealth structuring.

Peter Moss, Founding Director of Chestergate, added: “Becoming a part of the Progeny Group enhances the long term potential for our people and for the firm, and broadens our offering to clients.”

A team from Progeny Corporate Law, led by Alistair Scott-Somers, acted as legal adviser to Progeny on the transaction.