British wealth manager Progeny Group has acquired Evolve Financial Planning for an undisclosed sum. The deal takes Progeny’s assets under administration to more than £1bn.

Evolve, established in 2004, focuses on providing financial and investment planning advice to clients. The business has offices in London and Croydon and is said to be the first planning firm in the UK to receive the corporate chartered status in 2007.

Under the agreement, Evolve will merge into Progeny Wealth, the wealth management unit of Progeny.

The acquisition will be mutually beneficial, strengthening Progeny’s wealth management capabilities in the South of England. On the other hand, the deal will enable Evolve clients gain access to Progeny’s asset management as well as private and corporate legal advisory services.

Progeny managing director Neil Moles said: “This acquisition marks a pivotal moment for Progeny Wealth, bringing our assets to over £1bn. Evolve has always been passionate about the professionalisation of the financial planning industry which fully aligns with our strategic vision.”

All directors and advisers of Evolve including its founder and managing director Antony Williams will migrate to Progeny as part of the deal.

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“We have been watching Progeny’s rise for some time and are excited to be involved in realising our shared vision of creating a countrywide network of professional, highly qualified, client orientated advisers. Our clients across the UK will now be able to benefit from access to a broader offering of in-house advice,” Williams noted.

In the last four years, Progeny Wealth has quadrupled its assets. The business currently has five offices in three counties and a workforce of 58.