UK wealth manager Progeny Group has acquired Edinburgh-based IFA Innovate Financial Services.
The deal marks Progeny’s first expansion into Scotland and is part of the firm’s “acquire to hire” strategy. The Innovate management team and staff will join Progeny.
The financial terms of the acquisition were not disclosed.
Neil Moles, managing director of Progeny Group, said: “We are not pausing in the development of the Progeny Group.
“Edinburgh is a burgeoning commercial and financial centre and serves clients all over Scotland and northern England.
“Innovate’s clients will now have access to the Progeny formula of wealth planning and management, as well as legal advice, in one place, offered with a transparent fee tariff.”
Progeny Group provides wealth management and legal advice for private clients, corporates, charities and family offices. Based in London, Leeds and Salisbury, the group has more than 35 investment professionals and 20 lawyers.
Harwood
Elsewhere, UK financial planner Harwood Wealth Management has purchased “the trade” of IFA firm Castleton Financial Planning, based in Somerset and Dorset.
The price is expected to be around £1.6m ($2.06m, €1.83m), with 50% payable on completion (expected to be in April 2019).
There will be two further instalments of 25%, which are due to be paid on the first and second anniversaries of completion, dependent on results.
Peter Mann, chairman of Harwood, said: “The acquisition of Castleton is our second this financial year, and in line with our strategy has a strong cultural fit to the group.
“It is very pleasing to have started 2019 with the purchase of two quality businesses, and we continue to see a healthy pipeline of opportunities available to us.”
