Chestergate was set up over 20 years ago and specialises in wealthy private clients with complex financial needs, particularly focusing on family advice and private clients.
The Chestergate team will join Progeny to help expand Progeny’s wealth management services and bring the group’s asset management and private and corporate legal advice to Chestergate’s clients. Chestergate’s management will take a minority stake in the Progeny Group. The cost of the deal has not been disclosed.
Robert Gerwat, managing director of Chestergate and a Chartered and Certified Financial Planner, said: “The quality of our team has allowed us to specialise in advising clients with complex financial arrangements, and help them achieve their financial and lifestyle goals. Joining Progeny will extend and deepen our offering, adding specialisms in asset management as well as private and corporate law.”
Neil Moles, managing director of Progeny Group, said: “Over twenty years Chestergate has built a track record that proves they share our vision of skilled, professional financial advice with a long-term focus. Adding Chestergate means that a large and affluent southern market in and around Salisbury will now have access to Progeny’s offering, and they will generate synergies with our existing London operations.
“We know that wealthy clients need legal advice on their financial affairs at least every two years, and having this advice delivered alongside planning advice from the same firm simplifies and improves the whole process. So we look forward to working with Chestergate to offer clients joined-up financial advice, including legal services and wealth structuring.”
Based in Leeds and London, Progeny employs more than 15 investment professionals and more than 16 lawyers. Progeny has made a number of acquisitions recently and is considering further buy outs.
A team from Progeny Corporate Law, led by Alistair Scott-Somers, acted as legal adviser to Progeny on the transaction. Progeny Corporate Law is one of Progeny’s four business areas, which include Progeny Wealth, Progeny Asset Management and Progeny Private Law.