Salisbury and London-based Chestergate Financial Planning has become the latest firm to be acquired by the asset management and legal services business Progeny Group. Leeds-headquartered Progeny said the deal would help it tap into a “large and affluent” market in and around Salisbury as well as providing synergies with its existing London operations.
The acquisition of Chestergate will bolster Progeny’s wealth management offering, while providing access to a ready-made market for its asset management and legal services.
Progeny Group managing director Neil Moles said: “This is the latest step in Progeny’s ‘acquire to hire’ growth strategy based on the principle that an advisory business is only as good as its people. Over 20 years Chestergate has built a track record that proves they share our vision of skilled, professional financial advice with a long-term focus.
“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.”
Progeny Group was formed in 2016 from the merger of wealth management firm Lawrence Scoffield Group with Progeny Private Law and Mark Burns Legal Services. It offers wealth management and legal advice for private clients, corporates and family offices.
As part of the deal Chestergate’s management will take a minority stake in Progeny.
Chestergate Financial Planning managing director Robert Gerwat 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.”
This acquisition is Progeny Group’s second of the year. In March 2017 it supported the management buyout of London-based wealth manager Quadrant Group.
Progeny is reported to be targeting assets under management of £2bn by the end of 2018.
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