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Consolidator acquires London wealth manager

Neil Moles

Leeds-based Progeny Group has acquired wealth manager Chestergate Financial Planning in an attempt to extend its presence in the London area.

Salisbury and London-based Chestergate will take a minority stake in Progeny but no further details were given on the transaction.

Progeny was formed after wealth management firm Lawrence Scoffield Group merged with Progeny Private Law and Mark Burns Legal Services.

One of the four businesses within Progeny, Progeny Corporate Law, led by Alistair Scott-Somers, acted as legal adviser on the transaction.
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.”



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