Progeny reports a very strong first half performance

Yorkshire wealth manager, Progeny, has reported a very strong first half with all key metrics ahead of last year.

Neil Moles, Progeny's chief executive

The Leeds-based financial, legal and tax advice firm said revenue rose 17 per cent and earnings were up 16 per cent on the same period last year.

Neil Moles, Progeny's chief executive, said: “We have attracted £78.2m in new assets under management into Progeny Wealth and £290.5m into Progeny Asset Management. New matters in Progeny Law & Tax, from external and internal referrals, are at record levels.

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“2021 is a year of growth for Progeny. We are focusing on three key areas: organic growth through our marketing strategy and client referrals, inorganic growth via our ongoing acquisition strategy and internal growth from referrals and by marketing more of our array of professional services to more of our clients.

“We are always looking ahead and seeking ways to improve, focusing on where our business is going, not where it’s come from."

Mr Moles said Progeny is proud of its points of difference and the attributes that set it apart from its peers.

“Our strengths lie in the excellence of our people, our increasing capacity for commercially successful collaboration and our appetite for using technology, data and innovation to create ever-better client outcomes,” he added.

Progeny Asset Management passed the significant milestone of £1bn assets under management in April. This progress has been underpinned by its Centralised Investment Proposition (CIP), developed in 2020 to deliver a unified investment philosophy across all portfolios.

Progeny said the CIP offers the ability to scale up the investment proposition and provides a consistent and repeatable process and clear messaging, all under one investment committee.

The firm said its next project is to take closer control of its investment process, which should bring cost savings for clients, more consistent outcomes and increased efficiency. Technology will continue to play a key role in enabling the firm to create a better proposition for clients.

Progeny said its portfolios have continued to perform well. It said the Dynamic range has been a consistently strong performer over its five-year lifetime, even throughout the recent challenging financial market environment.

It has continued to develop its Tempo portfolio range and recently launched a Bravo ESG range – a systematic ESG solution – to meet growing client demand in this space.

In February, Progeny acquired Leeds-based legal firm, Watsons Law, which specialises in conveyancing, land and property law.

In April, it acquired Ayrshire-based financial advice firm, Affinity.

Progeny took on 39 new team members in 2021.

Mr Moles said: "We are a firm that is positioned to keep on growing.

"As the overwhelming number of applications for our vacancies show, people want to join us and we are attracting talented team members who can make a real contribution."