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Wealth boutique on the verge of triple acquisition

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Wealth boutique on the verge of triple acquisition

Progeny Group is on the verge of acquiring a trio of firms. 

The wealth boutique's managing director Neil Moles said he expects the firm to seal the deals in the coming weeks, which will strengthen its presence in the south and north of England.

Moles (pictured), a former Wealth Manager  cover star, said the new additions will have a significant impact on the group’s assets under management (AUM) and double its total headcount to 125 people.

The move is part of a national programme of acquisitions, as the firm, which already has five offices across the country, grows its business. Moles confirmed it is in discussions with more firms as it plans further expansion later in 2019.

In July, the group bought Evolve Financial Planning, which helped it increase its assets under influence to more than £1 billion.

 

Although Progeny has been on an acquisition spree the past year, Moles rejects the label of consolidator. ‘We target specific businesses that fit our culture and vision,’ Moles (pictured above) said.

‘We have very strict criteria. We talk to a lot of firms, but we only choose the right ones.’ The group is looking to keep the majority of people already working in these as-yet unnamed businesses, he added.

Progeny is also ready to move its first recruits into an adviser academy that has been in the works for the past six months. At least two people will initially join the programme, which will run between 18 months and two years. Those on board will work as official trainee advisers.

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