Just three months after its launch the group’s asset manager, Progeny Asset Management, now has more than 300 clients on its books and its growth shows no sign of slowing, according to Moles.
With what Moles calls the industry “big boys” being shaken up by concerns over transparency, boutique asset managers such as Progeny, aim to be the answer for disenchanted clients.
“We are looking to hire and yes, we are looking to acquire rapidly. We have to be increasing the profit margins with every hire, we want to do it the right way,” Moles said. “It’s good for the industry, the big firms need to be challenged,” he added.
Moles said that while he is ‘not naming any names’, he has seen clients come to Progeny after abandoning bigger firms with what he sees as baffling charges for poor service.
“The industry desperately needs to be transparent. The big boys have been shaken up. Our clients are waking up and starting to find a voice about the service they get, the amount they are charged and they want to know what they’re getting.”
Moles claims its flat fee structure, with all fees and charges bundled into one annual management charge starting at 1% per year for the first £1m is the way wealth firms should operate.
The fledgling asset management arm launched in October 2016 after Progeny managed to coax six staff to join from Redmayne Bentley, along with their clients.
Progeny Group’s asset management unit sits alongside three other arms, Progeny Wealth, Progeny Corporate Law and Progeny Private Law.