Progeny Group managing director Neil Moles says:“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 twenty years Chestergate has built a track record that proves they share our vision of skilled, professional financial advice with a long-term focus. Adding Chestergate means that a large and affluent southern market in and around Salisbury will now have access to Progeny’s offering, and they will generate synergies with our existing London operations.”
Speaking to Money Marketing earlier this year, Moles says he doesn’t consider Progeny as a consolidator, despite having made five recent acquisitions. The firm targets £1.2bn assets under management and £2bn by the end of 2018.
Chestergate Financial Planning managing director Robert Gerwat says:“The quality of our team has allowed us to specialise in advising clients with complex financial arrangements, and help them achieve their financial and lifestyle goals. Joining Progeny will extend and deepen our offering, adding specialisms in asset management as well as private and corporate law.”
More advisers are looking to bring investments in-house, experts are predicting, but barriers to entry can be tough to overcome. Events such as the commercial property saga of last year and disappointment with some external discretionary fund management firms are cited as some of the reasons why advisers would prefer to have more control over […]
Whether they like it or not, many in the industry can see where the Government is coming from in bringing forward the state pension age increase to 68 seven years earlier than planned. Increased life expectancy needs to be managed alongside the economics of having to fund the state pension, particularly if the alternatives, such as […]
By Ali Unwin, Chief Technology Officer & Fund Manager at Neptune Earnings season is noisy in the technology sector and a good quarter does not make a good investment. Numbers that come in marginally ahead or behind ‘market expectations’ are extrapolated to produce narratives showing the rise or fall of companies. Our job as technology […]
A group of 500 people have launched legal action against Ingenious Media saying they were misled about film investments that were later deemed to be tax avoidance by the government. According to Bloomberg, which cites court documents, employees from companies including Goldman Sachs, Lloyds Banking Group and HSBC are part of the action. British composer Andrew Lloyd-Webber is […]
Embark Services returned to profit in 2017 as it reported an increase in self-invested personal pension clients. Embark Services is a subsidiary of Embark Group that trades under the Hornbuckle and Embark brands. The business reported pre-tax profit for the year ending 31 December 2017 of £136,000 compared with a loss in 2016 of £2.4m. […]
Architas UK has seen inflows drop by just over 70 per cent in the first half of the year. The Axa-owned asset manager reported £152m net inflows for the first six months of 2018, compared with £546m in the first half of 2017. Globally, Architas’s net inflows dropped to €797m (£710.6m) in the first half […]