Chestergate, which specialises in advice for wealthy private clients with complex needs, fits with Progeny’s ambitions to grow its client base of people with international, cross-border financial planning needs.
Based in Salisbury and London, the Chestergate team will join Progeny, helping it expand its wealth management offering and bring the wider group’s asset management and private and corporate legal advice to Chestergate clients.
The acquisition is the second for Leeds-based Progeny this year after it supported the management buyout of Quadrant, a London-based IFA firm, in March.
Combining legal and financial advice
Neil Moles, managing director of Progeny Group (pictured), said: “This is the latest step in Progeny’s ‘acquire to hire’ growth strategy based on the principle that an advisory business is only as good as its people.
“Over 20 years, Chestergate has built a track record that proves they share our vision of skilled, professional financial advice with a long-term focus.
“We know that wealthy clients need legal advice on their financial affairs at least every two years, and having this advice delivered alongside planning advice from the same firm simplifies and improves the whole process.”
Progeny Group consists of four businesses; Progeny Wealth, Progeny Asset Management, Progeny Private Law and Progency Corporate Law.
Chestergate’s management will take a minority stake in the Progeny Group.
The financial details of the acquisition were not disclosed.
