Leeds-based professional and financial services group Progeny has acquired Glasgow-headquartered rival Moray Group.
As part of the acquisition, managing director Rob Aberdein will take up the new role of chief commercial officer with Progeny.
In addition, Progeny has established a commercial alliance with Moray Legal, designed to allow the two businesses to work more closely together in anticipation of alternative business structure (ABS) licences being granted in the Scottish legal profession in the near future.
Established in 2020, Moray Group rapidly expanded to offices in Glasgow, Edinburgh, Aberdeen and North Berwick.
Aberdein said: “The legal and professional services sectors need new ideas, structures and ways of working if they’re to meet the needs of the modern client and workforce.
“Progeny has led the way in disrupting these industries for the betterment of the sector and the clients within it and we’re delighted to be working more closely together.
“There is true commonality of purpose and principle between ourselves and Progeny, and together we can create a new template for the future of professional services.”
Neil Moles, chief executive of Progeny, said: “As we expand the financial advice and asset management side of Progeny, it’s important that we continue to increase our legal and professional services capacity in proportion.
“Aligning with Moray will help us to do this, ensuring we deliver an exceptional, joined-up service to clients while also giving us the innovative potential and far-sighted view of the future that will propel us forward in Scotland, the UK and internationally.”
Progeny entered the Scottish market with the acquisition of Innovate Financial Services in Edinburgh in February 2019, followed in April 2021 with a deal for Ayrshire-based Affinity Financial Planning.
Earlier this year, the group bought Edinburgh-based Chartered financial planners Balmoral Asset Management, taking total assets under management to more than £6.5bn.
Don't miss the latest headlines with our twice-daily newsletter - sign up here for free.
