British wealth management firm Progeny has forayed into Scotland with the purchase of Edinburgh-based Innovate Financial Services.

Financial terms of the transaction were not revealed.

Innovate managing director Chris Donald said: “The Progeny Group will provide our clients with a superior service and investment proposition as well as enhanced career opportunities for our employees.”

The management team and employees of the acquired entity will move to Progeny as part of the deal.

Progeny Group managing director Neil Moles said: “We are not pausing in the development of the Progeny Group.  Edinburgh is a burgeoning commercial and financial centre and serves clients all over Scotland and northern England.

“Innovate’s clients will now have access to the Progeny formula of wealth planning and management as well as legal advice in one place, offered with a transparent fee tariff.”

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Progeny’s other recent acquisitions

The latest acquisition continues Progeny’s recent buying spree.

Last year, Progeny bought Evolve Financial Planning. The deal took Progeny’s assets under administration to more than £1bn.

In 2017, Progeny snapped up Chestergate Financial Planning.

Progeny operates through four business lines- Progeny Corporate Law, Progeny Wealth, Progeny Asset Management and Progeny Private Law.

The business has branches in London, Leeds and Salisbury.