Expanding wealth manager and Financial Planning firm Progeny Group has bought Scottish Financial Planner Innovate Financial Services for an undisclosed sum.

Progeny, which has its roots in the legal profession, says that the acquisition of Edinburgh-based Innovate, a Financial Planning-focused business, will help it offer a UK-wide service to clients by providing its first expansion north of the border.

It is expected that the Innovate management team and staff will join Progeny.

Progeny provides wealth management and legal advice for private clients, corporates, charities and family offices.

The company has acquired a number of financial firms in recent years including Croydon and London-based Evolve Financial Planning, the UK’s first Financial Planner to receive corporate Chartered status in 2007, in 2018 and Chestergate Financial Planning in Leeds in 2017.

Based in London, Leeds and Salisbury, Progeny employs more than 35 investment professionals and more than 20 lawyers. 

Neil Moles, managing director of Progeny Group, said: “We are not pausing in the development of the Progeny Group.  Edinburgh is a burgeoning commercial and financial centre and serves clients all over Scotland and northern England.

“Innovate’s clients will now have access to the Progeny formula of wealth planning and management as well as legal advice in one place, offered with a transparent fee tariff.”

Chris Donald, managing director of Innovate Financial Services, said: “We are delighted to become to part of the Progeny Group and their first expansion into Scotland. The Progeny Group will provide our clients with a superior service and investment proposition as well as enhanced career opportunities for our employees.”

A team from Progeny Corporate Law, led by Alistair Scott Somers, acted as legal adviser to Progeny on the transaction.  Progeny Corporate Law is one of Progeny’s four business areas, which include Progeny Wealth, Progeny Asset Management and Progeny Private Law.