Professional services firm Progeny is to acquire international wealth management company The Fry Group for an undisclosed sum.
The deal, which is subject to regulatory approval, will allow Progeny to extend its boundaries beyond the UK and increase its total assets under management to more than £5.5bn.
The Fry Group is a wealth management firm which offers tax, estate and financial planning services. It has a team of 191 employees across four offices in the UK – London, Worthing, Cheltenham and Exeter – and four international offices – UAE, Singapore, Hong Kong and Belgium.
The acquisition comes eight months after US-headquartered private equity firm Further Global Capital Management acquired a majority stake in Progeny Group for an undisclosed sum.
In addition to The Fry Group, it has since scooped up Coll Perkins, RU Group and JM Glendinning Financial Services.
‘Focused on new horizons’
Neil Moles (pictured), chief executive of Progeny, said: “We’re proud to announce the international expansion of the Progeny brand and what better way to do it than with a business as prestigious and long-established as The Fry Group.
“This is a thrilling new front for us, which will bring fresh new opportunities for our clients, our team members and for Progeny as a growing and ambitious firm.
“We are always focused on new horizons and on pushing ourselves to meet fresh challenges. Our aim is not just to help our clients meet their existing goals but to create the aspirational and supportive environment for them to achieve new ones.”
David Pugh, chief executive of The Fry Group, said: “The Fry Group and Progeny are a great fit and we’re excited about this next stage in our journey. We are both values-based businesses with a sharp focus on clients, building trust and long-lasting relationships with them and aiming to always exceed their expectations.
“The wellbeing of our team is a priority and in this area, we have more common ground with Progeny, who share our passion for attracting, inspiring and developing exceptional people. I’m looking forward to the new possibilities, the additional services we can offer our clients and the scope for scaling up that joining Progeny will bring.”
This article first appeared on our sister publication International Adviser