The acquisition marks Progeny’s first expansion into international markets.

The Fry Group is a Financial Planning, tax and estate firm with 191 employees across the UK (London, Worthing, Cheltenham and Exeter), as well as four international offices in the United Arab Emirates, Singapore, Hong Kong and Belgium.

The firm was founded in 1898.

On completion of the deal Progeny’s total assets under management will be boosted by £5.5bn.

David Pugh, CEO of The Fry Group, said: “The Fry Group and Progeny are a great fit and we’re excited about this next stage in our journey.

“We are both values-based businesses with a sharp focus on clients, building trust and long-lasting relationships with them and aiming to always exceed their expectations.

“The wellbeing of our team is a priority and in this area we have more common ground with Progeny, who share our passion for attracting, inspiring and developing exceptional people.

“I’m looking forward to the new possibilities, the additional services we can offer our clients and the scope for scaling up that joining Progeny will bring.”

Neil Moles, CEO of Progeny, said: “We’re proud to announce the international expansion of the Progeny brand and what better way to do it than with a business as prestigious and long-established as The Fry Group.

“This is a thrilling new front for us, which will bring fresh new opportunities for our clients, our team members and for Progeny as a growing and ambitious firm.”

The acquisition of The Fry Group is the third for Progeny this year.

In May it acquired Hampshire-based Financial Planning firm Coll Perkins. 

In February it acquired Chartered Financial Planning firm RU Group, adding £3bn in assets under management. 

US-based private equity firm Further Global Capital Management acquired a majority stake in the five-year-old Progeny business in October, to accelerate the Financial Planning firm’s expansion.

Both management and Progeny’s existing capital partner, LSG Holdings, remain invested as significant shareholders in the company.