Professional services business expands north of the border

Leeds-headquartered Progeny has today revealed plans to acquire Edinburgh-based Chartered financial planners, Balmoral Asset Management.

It represents the next step in Progeny’s expansion into Scotland and will take its total assets under management to more than £6.5bn.

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

Stuart MacDonald, managing director, 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.

“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.”

Neil Moles, CEO of Progeny, added: “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.

“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.

“I look forward to working with Stuart and his excellent team, and to everything we can achieve together.”

Progeny first 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.

Progeny Group was advised on its Balmoral Asset Management transaction and its recent acquisition of Fry Wealth Limited by the Leeds office of Squire Patton Boggs, advised by partners David Milne, Mae Salem and Paul Mann and associates Emily Downie and Sarah Hardman.