Financial Planning and professional services firm Progeny is to acquire Chartered Financial Planning firm RU Group.

The deal will boost Progeny’s assets under management to over £3bn and is subject to FCA approval.

RU Group are wealth management and retirement specialists.

The firm has a team of 48 employees based in offices in Nottingham, Derby and Sheffield.

The cost of the deal has not been disclosed.

RU was established in 2003 but the origins of the business date back over 100 years.

Ian Brown, head of advice at RU Group, will become chief of advisory services at Progeny.

Neil Moles, CEO of Progeny, said the acquisition was “highly significant” both in terms of “size and status”.

He said: “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.”

Progeny said the deal would allow it to expand its presence in Yorkshire and the East Midlands.

The financial details of the deal have not been disclosed.

Andy Dyke, chairman of RU Group, said: “This is a momentous milestone in the RU Group’s history, securing the future for our clients, and we’re delighted to become part of the Progeny business.”

“We have built a well-established firm that is also well positioned for continued future growth, with Chartered status, a strong client-first ethos and a belief in the importance of embracing technology in the future of financial advice.”

Progeny has made a number of acquisitions over the past year.

In November it acquired Yorkshire-based Financial Planning firm JM Glendinning Financial Services. 

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, will remain invested as significant shareholders in the company, the firm said. 

Progeny has eight offices across the UK, including London, Leeds, Edinburgh and Bucks. Services include Financial Planning, asset management, tax, HR and private and corporate legal advice and support.