Private equity-backed Progeny to acquire Edinburgh adviser

Scottish expansion

Ayesha Venkataraman
clock • 2 min read

Private equity-backed Progeny will expand its presence in Scotland through its latest acquisition plans.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your Business

Serving HNW clients: 'Advisers must take a greater deal of care'

Serving HNW clients: 'Advisers must take a greater deal of care'

‘They need bespoke strategies with the expertise of multiple advisers’

Isabel Baxter
clock 17 June 2024 • 5 min read
Management buy outs: Factors IFA business owners should consider

Management buy outs: Factors IFA business owners should consider

‘Properly structured, these arrangements can benefit everyone’

Helen Curtis
clock 13 June 2024 • 4 min read
Companies House changes IFAs need to know about

Companies House changes IFAs need to know about

'The current Companies House system is messy'

Helen Curtis
clock 11 June 2024 • 4 min read