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Financial planning firm buys Scottish advice business

It is the company’s third acquisition in the country


Progeny has acquired Edinburgh-based financial planning firm Balmoral Asset Management for an undisclosed sum.

The deal takes Progeny’s total assets under management to more than £6.5bn ($7.78bn, €7.69bn).

Based in Edinburgh, Balmoral Asset Management offers wealth management services to a select number of private clients.

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

Neil Moles, chief executive of 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. There are so many areas of overlap and common ground between us, in our services, our business ethos and in wanting to make a meaningful commitment to the next generation of our industry.”

The deal comes several weeks after Progeny announced the acquisition of international advice group The Fry Group for an undisclosed sum.

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