Asset manager deal

Edinburgh adviser BAM acquired by Leeds firm

Stuart MacDonald: helps with growth

Balmoral Asset Management (BAM) has become the third Scottish firm acquired by Progeny, a Leeds-based company.

The deal for the Edinburgh adviser follows the acquisition of Innovate Financial Services, also based in Edinburgh, in February 2019. This was followed in April last year with the acquisition of Ayrshire-based Affinity Financial Planning.

Progeny’s assets under management will be lifted beyond the £6.5 billion mark after securing the deal for BAM whose managing director Stuart MacDonald said it will help the firm increase the range of services it offers.

Mr MacDonald, who founded the firm in 1999, will join Progeny along with rest of the BAM team. 

Progeny CEO Neil Moles said: ‘We have been steadily expanding our presence in Scotland in the last few years and our acquisition of Balmoral Asset Management will allow us to take a significant step forward.”

Progeny has ramped up its acquisition strategy after US private equity house Further Global Capital Management bought a stake in the business last October. Other recent deals includes last month’s swoop on international advice firm Fry Group.



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