Progeny taking Yorkshire expertise to capital

Wealth manager Progeny Group is speeding ahead with its expansion into the South by joining forces with Quadrant'‹ '‹Group, a London-based wealth management firm serving private and corporate clients.

Neil Moles, managing director of Progeny Group, said that the groups expansion into the South is an indication of how it is exporting Yorkshire expertise to the capital
Neil Moles, managing director of Progeny Group, said that the groups expansion into the South is an indication of how it is exporting Yorkshire expertise to the capital

Leeds-based Progeny​ ​is supporting the management buyout of Quadrant​, ​whose team will now join Progeny.

Neil Moles,​ ​managing​ ​director of Progeny Group, said that the group’s expansion into the South is an indication of how it is exporting Yorkshire expertise to the capital.

“The North has a number of advantages,” he said,

“We have fantastic people and amazing universities. If you go to Leeds University or Manchester University you tend to stay there.

“There is a belief that if you don’t work in the M25 you’re not that good.

“We are challenging that. We have amazing people here in Leeds.”

Progeny said it is looking to hire and it is actively seeking more strategic acquisitions.

The Quadrant team will focus on building ​the group’s​ core wealth management offering, while offering clients an expanded range of services, including legal and tax advice.

Mr Moles said: “We are pleased to be partnering with the​ ​team at Quadrant Group which is made up of experienced professionals sharing our client-first​ ​approach and focus on tailoring solutions to clients’ different objectives.

​“​As we grow they will also​ ​share in the success of Progeny. We look forward to working together to offer clients joined-up​ ​strategic financial advice, including legal services and wealth structuring. Today, that is what is​ ​needed to safeguard and grow wealth over generations.​”

He said that​ Quadrant will accelerate ​the group’s​ expansion in London and​ ​southern England.

​“​We will now have significant wealth advisory resources in London as well as the​ ​North of England, enabling us to better serve individuals, families and corporates based in the UK​ ​with assets and bases outside the UK​,” he added.​

Andrew Pereira, ​m​anaging ​d​irector of Quadrant Group, ​said: “We have admired Progeny as the first multi-service professional platform aligned​ ​with the goals of its clients. ​

“​Progeny and Quadrant are a perfect fit, bringing together the talents of​ ​both businesses, our shared culture and complementary geographic presence.

​“​As part of Progeny,​ ​we will continue to care for our clients’ wealth but now with a broader range of services, including​ ​legal and tax advice, delivered by very talented individuals.

​“​This will add real value to all clients and​ ​help them achieve their goals and protect their wealth for generations to come.”

A team from Progeny Corporate Law, led by Director 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.

​Mr Moles said ​P​rogeny​ is different from other firms as it combines legal and wealth management advice.

He said: ​“We asked clients what frustrates you?​ They said a lack of transparency of fees and not getting joined-up advice.

“We don’t charge by the minute or the hour. We charge fixed fees.”

Progeny’s fees for asset management is 0.75 per cent.

The group expects turnover to grow by seven times between 2015 (when it made £1.5m) and 2017.