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.
Evolve's founder and managing director Antony Williams will join the group 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 group’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 company has quadrupled its assets and significantly increased its headcount and geographic footprint with five offices across three counties and 58 employees.
Neil Moles, managing director 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.