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Wealth manager makes third acquisition in a week

Foster Denovo has also made a move in the UK M&A market with the purchase of a Kent-based firm

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The managing director of wealth manager Progeny Group said its long-term ambition is to “become the number one financial planning business in the UK”, after it acquired Quest Financial Solutions and Juno Wealth Management.

Neil Moles, Progeny’s managing director, told International Adviser about the firm’s growth plan, which includes its “acquire to hire strategy”.

He said: “It is not about location but about the firm. It is the talent of the people in the company I care about. Assets are irrelevant to me.

“We are already in talks with other businesses across both England and Scotland and expect more deals to be announced as the year progresses.

“Our long-term plan is to ultimately become the number one financial planning business in the UK.”

Details of the deal

Quest FS and Juno WM both offer services to their clients in Buckinghamshire and Sussex, respectively. The two firms’ management teams and staff will join Progeny.

The financial terms of the deals were not disclosed.

These latest purchases, as well as the recent acquisition of Innovate Financial Services in Edinburgh, will see Progeny’s national headcount double and increase the group’s assets under advice.

AUA passed £1bn ($1.28bn, €1.13bn) for the first time with the acquisition of Evolve Financial Planning in July 2018.

Foster Denovo enters the M&A merry-go-round

In other news, financial advisory business Foster Denovo has continued the UK M&A consolidation with the acquisition of Orchard Wealth Cultivation.

Orchard is a financial planning firm based in Kent, which provides clients with financial advice and wealth management services.

The firm’s clients will be incorporated into Foster Denovo.

Roger Brosch, chief executive of Foster Denovo, said the firm “is a facilitator within the market rather than a consolidator, and as such we are always looking to attract like-minded people and businesses who share our values, commitment to deliver excellent client service and ambition to grow”.

“We are at an advanced stage of discussion with a number of firms and hope to have further exciting announcements soon.”

The financial terms of the deal were not disclosed.

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