Multi-disciplinary professional services firm Progeny is set to foray into the international markets with its agreement to buy The Fry Group.
The deal, whose financial terms were not disclosed, will enable Progeny to scale up its total assets under management to more than £5.5bn.
Established in 1898 by Thomas Fry, The Fry Group is said to be one of the oldest wealth management firms globally. It has four offices in the UK and four international offices in UAE, Singapore, Hong Kong and Belgium.
The acquisition will bring a team of 91 employees to Progeny, including tax, estate and financial planning experts.
The Fry Group CEO David Pugh said: “The Fry Group and Progeny are a great fit and we’re excited about this next stage in our journey.
“The wellbeing of our team is a priority and in this area we have more common ground with Progeny, who share our passion for attracting, inspiring and developing exceptional people.
“I’m looking forward to the new possibilities, the additional services we can offer our clients and the scope for scaling up that joining Progeny will bring.”
Progeny CEO Neil Moles added: “We’re proud to announce the international expansion of the Progeny brand and what better way to do it than with a business as prestigious and long-established as The Fry Group.
This is a thrilling new front for us, which will bring fresh new opportunities for our clients, our team members and for Progeny as a growing and ambitious firm.
“We are always focused on new horizons and on pushing ourselves to meet fresh challenges. Our aim is not just to help our clients meet their existing goals but to create the aspirational and supportive environment for them to achieve new ones.
“I’m delighted to welcome The Fry Group to Progeny and look forward to delivering on our joint potential and to the progress we can make together.”
Progeny’s corporate legal department team provided legal advise to Progeny on the transaction.
In May, the firm acquired Hampshire-based Coll Perkins, expanding its presence in the south of England.