Private equity-backed Progeny to acquire Edinburgh adviser

The multi-services company will buy Balmoral Asset Management, a financial planning firm based in Edinburgh, it said. The advice business was founded in 1999 to provide wealth management to private clients. This deal will take Progeny's total assets under management to more than £6.5bn, it said. It was not clear how many staff would join Progeny as part of the deal nor how the firms would integrate. The firm first entered the Scottish market with the acquisition of Edinburgh-based Innovate Financial Services in February 2019, followed by the acquisition of Ayrshire-based Affinity Fina...