He joins from KPMG where he led the financial services M&A practice for their Northern corporate finance business.

In his newly-created role, Mr Cape will take responsibility for driving Progeny’s acquisition activity.

He said: “Progeny is a business I know extremely well, having spent a significant proportion of last year working closely with Neil and the team, so when Neil offered me the role of head of corporate development I was excited to come onboard.

“It is a firm that is on an impressive growth journey, and I look forward to working closely with the leadership team to find ways to add to its unique client proposition and support its ambition to change the industry for the better.”

Mr Cape advised Progeny on its partnership with Future Global in 2021 in his former role at KPMG, where he developed a relationship with Neil Moles, CEO of Progeny.

Mr Moles said: We’re very happy to announce Stewart’s appointment to this new role with Progeny. He is one of best-known finance services specialists in corporate finance in the UK and comes with an impeccable pedigree.

“Stewart advised Progeny on our partnering with Further Global in 2021 so he already knows the business inside out. Now he is going to play a vital role within Progeny, professionalising our inorganic growth activity and spearheading the ongoing transformation of the business. It’s clear the positive impact that someone with Stewart’s insight, experience and analytical skills will have on our corporate ambitions.”

Progeny has made several acquisitions already this year.

In July the Financial Planning firm acquired Edinburgh-based Chartered Financial Planners Balmoral Asset Management to expand its presence in Scotland, taking the group’s asset under management to over £6.5bn. 

In June Progeny agreed to acquire The Fry Group for an undisclosed sum. In May it acquired Hampshire-based Financial Planning firm Coll Perkins and in February it acquired Chartered Financial Planning firm RU Group, adding £3bn in assets under management.

US-based private equity firm Further Global Capital Management acquired a majority stake in the five-year-old Progeny business in October, to accelerate the Financial Planning firm’s expansion.

Both management and Progeny’s existing capital partner, LSG Holdings, remain invested as significant shareholders in the company.