The fast growing Financial Planning firm Progeny Group has acquired Edinburgh-based Chartered Financial Planners Balmoral Asset Management to expand its presence in Scotland.

The deal, for an undisclosed sum, will increase Progeny’s total assets under management to more than £6.5bn, the firm says.  

Balmoral Asset Management, launched in 1999, provides wealth management to a 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." 

Neil Moles, CEO of Leeds-based Progeny, said: “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.”

Progeny entered the Scottish market with the acquisition of Innovate Financial Services in Edinburgh in February 2019, followed in April 2021 with the acquisition of Ayrshire-based Affinity Financial Planning. 

Progeny has made numerous acquisitions in recent years, including several this year. 

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.

• Progeny announced recently it would welcome six new associate planners to join the September intake to its Progeny Adviser Academy. The three-year course will result in Chartered status.