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Consolidator makes another two acquisitions

Handshake-Business-Finance-Deal-Corporate-700.jpgWealth management, financial planning and legal advice group Progeny has scored another two acquisitions.

The consolidator has purchased Quest Financial Solutions, based in Buckinghamshire, and Juno Wealth Management, based in Sussex.

The deals mark at least five that Progeny has completed since October 2017. Their value was not disclosed.

With these two acquisitions, and that of Scottish firm Innovate Financial Planning earlier this week, Progeny has doubled its headcount.

Quest and Juno’s management teams will join Progeny. The consolidator’s model is to attempt to keep staff at existing advice firms on when they are acquired.

Profile: Progeny’s Neil Moles on seeing opportunity in regulation

Juno Wealth Management became one of around 70 Chartered Institute for Securities and Investment accredited financial planning firms in 2017.

Progeny managing director Neil Moles says: “We look forward to welcoming Quest Financial Solutions and Juno Wealth Management to the Progeny family, and adding their skills to our transparent full-service offering, providing in-house wealth and legal advisory services.”

Progeny is split into four business areas:Progeny Wealth, Progeny Asset Management, Progeny Private Law and Progeny Corporate Law.

Progeny Corporate Law acted as legal adviser on the deals to Progeny, which has around 45 investment staff and 20 lawyers across its offices.

Quest managing director John Francis says: “Something we are excited to add to our proposition is a full suite of legal services which we believe to be crucial when continuing to provide our clients with the holistic solutions they deserve”.

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