Financial services group Progeny has agreed to buy Scottish professional services firm Moray Group for an undisclosed sum.
As part of the acquisition, managing director of Moray Group, Rob Aberdein, will take up the role of chief commercial officer at Progeny.
In addition, Progeny has established a commercial alliance with Moray Legal. The alliance is designed to allow the two businesses to work more closely together in anticipation of alternative business structure (ABS) licences being granted in the Scottish legal profession in the near future.
Formed in 2020, Moray Group has offices in Glasgow, Edinburgh, Aberdeen and North Berwick. The firm offers a range of professional services including financial advice, wealth management, private client and legal.
Progeny first entered the Scottish market with the acquisition of Innovate Financial Services in Edinburgh in February 2019, followed by the purchase of Ayrshire-based Affinity Financial Planning in April 2021 and Balmoral Asset Management in 2022.
One stop shop
Aberdein said: “The legal and professional services sectors need new ideas, structures and ways of working if they’re to meet the needs of the modern client and workforce. Progeny has led the way in disrupting these industries for the betterment of the sector and the clients within it and we’re delighted to be working more closely together.
“When the era of alternative business structures arrives in Scotland, it will bring fresh thinking and opportunity, changing the sector landscape forever. This means we will be able to offer the client more by making it easier for them to do business with us, accessing legal, tax, wealth management, property and financial advice in one place.”
Neil Moles, chief executive of Progeny, said: “This is a new type of activity for us. As we expand the financial advice and asset management side of Progeny, it’s important that we continue to increase our legal and professional services capacity in proportion.
“Aligning with Moray will help us to do this, ensuring we deliver an exceptional, joined-up service to clients while also giving us the innovative potential and far-sighted view of the future that will propel us forward in Scotland, the UK and internationally.”
Progeny has global ambitions and recently agreed to acquire international wealth management company The Fry Group for an undisclosed sum.
