With £8bn ($10.2bn) in assets under management, Fiscal Engineers will increase the Progeny footprint in the Midlands once acquired.

Furthermore, the change will enable the two organisations to pool their resources, enhance one another’s product offerings, and expand upon their common strategic goals and guiding principles.

Fiscal Engineers offers specialised services to business owners, entrepreneurs, as well as individuals with significant investment needs using a family office model.

Since its establishment in 2000, the company, which is headquartered in Nottingham but also maintains offices in Birmingham and London, has won a number of awards for financial services and innovation.

Fiscal Engineers executive chairman and founder Shane Mullins stated: “This move will enable us to keep building on everything we’ve achieved over the course of the past 23 years. We believe combining our own unique strengths with Progeny’s will help both businesses fulfil our shared ambitions of delivering a world-class wealth management service and continually improving what we offer to clients. We’re very excited about this chance to grow the Fiscal Engineers family, broaden our proposition and deliver even more benefits to our clients, team and professional friends.”

Progeny CEO Neil Moles added: “Over nearly a quarter of a century, Fiscal Engineers has built a highly prestigious advice firm that services a select and extremely discerning client base. Their well-researched and methodological approach to providing advice is admirable, progressive and effective in equal measure and will add a great deal of value to our own proposition. It’s great to be able to welcome Fiscal Engineers and their clients into Progeny as we realise the full potential of two great businesses coming together.”

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