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February 23, 2022

Progeny to buy chartered financial planning firm RU Group

British financial planning firm Progeny has announced plans to buy chartered financial planning firm RU Group for an unknown sum.

The acquisition, subject to FCA approval, will help Progeny expand its footprint in South Yorkshire and the East Midlands and increase its total assets under management (AUM) to over £3bn.

RU Group employs 48 wealth management and retirement experts across its three offices in Nottingham, Derby, and Sheffield.

Following the transaction, RU Group customers will benefit from access to additional legal, financial, and professional services via Progeny’s multi-disciplinary offering.

Commenting on the deal, Progeny CEO Neil Moles said: “Our acquisition strategy is driven by our commitment to providing a high-quality multi-disciplinary service to clients, and our acquisition of RU Group is the next step in this strategy. We have a clear philosophy for growth, and clients – existing and future – will always be at the heart of this.”

As part of the deal, RU Group Advice head Ian Browne will assume the role of chief of advisory services at Progeny.

RU Group chairman Andy Dyke said: “We have built a well-established firm that is also well positioned for continued future growth, with Chartered status, a strong client-first ethos and a belief in the importance of embracing technology in the future of financial advice.

“What’s more, we are committed to creating long-term prosperity for our clients, placing them at the centre of our decision-making. For all these reasons, Progeny and RU Group are an obvious fit.”

In November last year, Progeny snapped up Yorkshire-based financial advice firm J M Glendinning Financial Services.

In October, Further Global Capital Management purchased a majority stake in Progeny as part of an investment to support the firm’s acquisition strategy and expansion.

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