Progeny backs wealth management MBO
Progeny Group is backing the management buyout of a London wealth management group as it looks to grow its own offering in the capital.
Progeny, a sponsor of TheBusinessDesk.com’s 2017 Business Masters Awards, is supporting the MBO of Quadrant Group, which serves both private and corporate clients.
The Quadrant team will join Progeny and continue to focus on building its core wealth management offering.
Neil Moles, managing director of Progeny Group, said: “We are pleased to be partnering with the team at Quadrant Group which is made up of experienced professionals sharing our client-first approach and focus on tailoring solutions to clients’ different objectives. As we grow they will also share in the success of Progeny. We look forward to working together to offer clients joined-up strategic financial advice, including legal services and wealth structuring. Today, that is what is needed to safeguard and grow wealth over generations.
“Quadrant will broaden and add to our London business and accelerate our expansion in London and southern England. We will now have significant wealth advisory resources in London as well as the north of England, enabling us to better serve individuals, families and corporates based in the UK with assets and bases outside the UK.”
Andrew Pereira, managing director of Quadrant Group, added: “We are excited to become part of Progeny Group. We have admired Progeny as the first multi-service professional platform aligned with the goals of its clients.
“Progeny and Quadrant are a perfect fit, bringing together the talents of both businesses, our shared culture and complementary geographic presence. As part of Progeny, we will continue to care for our clients’ wealth but now with a broader range of services, including legal and tax advice, delivered by very talented individuals.
“This will add real value to all clients and help them achieve their goals and protect their wealth for generations to come.”
A team from Progeny Corporate Law, led by director Alistair Scott-Somers, acted as legal adviser to Progeny on the transaction. Progeny Corporate Law is one of Progeny’s four business areas, which include Progeny Wealth, Progeny Asset Management and Progeny Private Law.
Progeny’s Private Law division was founded by a team from Gordons in 2015. The combined group has 20 investment professionals and 15 lawyers.