Progeny speeds up expansion into the South with Evolve deal

Wealth manager Progeny Group is speeding ahead with its expansion into the South '‹with the acquisition of '‹Evolve'‹ '‹Financial Planning'‹ for an undisclosed sum'‹.

Neil Moles, managing director of Progeny Group

The acquisition will see Evolve become part of ​Leeds-based ​Progeny Wealth.​

Progeny said ​Evolve​, which has ​offices in Croydon and London,​ provides high quality financial and investment planning advice across the country with a concentration of clients in the Home Counties.

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​Evolve's founder and ​m​anaging ​d​irector Antony​ ​Williams will join the ​g​roup along with all of Evolve’s directors and advisers, expanding​ ​Progeny’s wealth management capabilities in the South of England. ​Progeny said ​Evolve’s clients will be able to benefit from the wider ​g​roup’s ever-expanding asset management and private and​ ​corporate legal advisory services at transparent prices.

This latest acquisition ​will expand Progeny Wealth’s assets under advice to over £1bn for the first​ ​time. ​Over the last four years the ​c​ompany has​ ​quadrupled its assets​ and significantly increased its​ headcount and geographic footprint with ​five​ offices across ​three ​counties and 58 employees.

Neil Moles, ​m​anaging ​d​irector of Progeny Group, said:​ ​“This acquisition marks a pivotal moment for Progeny Wealth, bringing our assets to over​ ​£1bn.

​"​Evolve has always been passionate about the professionalisation of the financial​ ​planning industry which fully aligns with our strategic vision.

“Progeny continues to lead the industry in transforming towards a transparent full-service​ ​offering providing in-house wealth and legal advisory services, including the recently launched​ ​subscription service Club Legal.”

​Mr Williams added:​ ​“We have been watching Progeny’s rise for some time and are excited to be involved in​ ​realising our shared vision of creating a countrywide network of professional, highly qualified,​ ​client orientated advisers.

​"​Our clients across the UK will now be able to benefit from access​ ​to a broader offering of in-house advice.”

A team from Progeny Corporate Law, led by Alistair Scott Somers acted as legal adviser to​ ​Progeny on the transaction. Progeny Corporate Law is one of Progeny’s four business areas,​ ​which include Progeny Wealth, Progeny Asset Management and Progeny Private Law.