Multi-disciplinary professional services firm Progeny has bolstered its footprint in Scotland to acquire with the acquisition of Edinburgh-based financial planning firm Balmoral Asset Management.

The deal, whose financial terms of the deal were not disclosed, marks Progeny’s fourth acquisition this year and follows its recent takeover of The Fry Group.

The acquired entity provides a comprehensive wealth management service to a number of private clients.

Progeny forayed into the Scotland market with the acquisition of Innovate Financial Services in Edinburgh in February 2019. Last year, the firm acquired Ayrshire-based Affinity Financial Planning to further expand its presence in the country.

The latest transaction will take the British wealth manager’s total assets under management (AuM) to over £6.5bn.  

Progeny chief executive Neil Moles said: “We have been steadily expanding our presence in Scotland in the last few years and our acquisition of Balmoral Asset Management will allow us to take a significant step forward in this aim.

“Balmoral Asset Management are a highly respected firm who have become a byword for impeccable standards and exceptional client service.

“There are so many areas of overlap and common ground between us, in our services, our business ethos and in wanting to make a meaningful commitment to the next generation of our industry.

“I look forward to working with Stuart and his excellent team, and to everything we can achieve together.”

Leeds-headquartered Progeny Group has offices in London, Nottingham, Edinburgh, Buckinghamshire, West Sussex, Lancashire and Ayrshire.

Balmoral Asset Management managing director Stuart MacDonald said that joining Progeny will enable the firm to drive its growth and increase the range of services offered to clients.

MacDonald commented: “We’re diligent in maintaining the high standards we have set. There are not many firms out there who we could join with and see an improvement in our client offering, but Progeny is one such firm and we can’t wait to get started on this next phase of our journey.”