Wealth management group Progeny has agreed to acquire chartered financial planning firm RU Group for an undisclosed sum.
The deal is subject to approval by the Financial Conduct Authority (FCA) and would expand Progeny’s presence in south Yorkshire and the Midlands.
If completed, the acquisition would bring the wealth firm’s assets under management over the £3bn ($4bn, €3.5bn) mark.
Established in 2003, RU Group specialises in wealth management and retirement services, and has 48 employees across three offices in Nottingham, Derby and Sheffield.
As part of the deal, Ian Browne, head of advice at RU Group, will become chief of advisory services at Progeny.
Future growth
Neil Moles, chief executive of Progeny, said: “We’re very happy to welcome a firm with the prestige and heritage of RU Group into the Progeny fold.
“As a locally owned and managed company, RU Group are embedded in the communities in which they operate. They have demonstrated consistent entrepreneurial organic growth in AuM and profitability, supported by a highly qualified and well-developed team with excellent potential for the future.
“Our acquisition strategy is driven by our commitment to providing a high-quality multi-disciplinary service to clients, and our acquisition of RU Group is the next step in this strategy. We have a clear philosophy for growth, and clients – existing and future – will always be at the heart of this.
“This is a highly significant acquisition, in size and status, and we’re excited about what we can achieve together going forward.”
