Advisory firm to acquire one of world’s oldest wealth management groups
Multi-disciplinary professional services firm, Progeny, plans to acquire The Fry Group, marking its expansion into international markets.
The deal, subject to regulatory approval, will allow Leeds-headquartered Progeny to extend its boundaries beyond the UK and increase its total assets under management to more than £5.5bn.
The Fry Group are tax, estate and financial planning experts, with a team of 191 employees across four offices in the UK (London; Worthing; Cheltenham; Exeter) and four international offices (United Arab Emirates; Singapore; Hong Kong; Belgium).
Established in 1898 by Thomas Fry, the group is one of the oldest wealth management firms in the world.
David Pugh, CEO at The Fry Group, said: “The Fry Group and Progeny are a great fit and we’re excited about this next stage in our journey.
“We are both values-based businesses with a sharp focus on clients, building trust and long-lasting relationships with them and aiming to always exceed their expectations.
“The wellbeing of our team is a priority and in this area we have more common ground with Progeny, who share our passion for attracting, inspiring and developing exceptional people.
“I’m looking forward to the new possibilities, the additional services we can offer our clients and the scope for scaling up that joining Progeny will bring.”
Neil Moles, CEO of Progeny, said: “We’re proud to announce the international expansion of the Progeny brand and what better way to do it than with a business as prestigious and long-established as The Fry Group.
“This is a thrilling new front for us, which will bring fresh new opportunities for our clients, our team members and for Progeny as a growing and ambitious firm.
“We are always focused on new horizons and on pushing ourselves to meet fresh challenges. Our aim is not just to help our clients meet their existing goals but to create the aspirational and supportive environment for them to achieve new ones.”
A team from Progeny’s own corporate legal department acted as legal adviser to Progeny on the transaction.