Professional services firm Progeny has made another swoop on the Scottish advisory sector by acquiring Carbon Financial Partners.

Carbon has a team of 45 staff in Edinburgh, Glasgow, Aberdeen and Perth and it joins Balmoral Asset Management, Innovate Financial Services and Affinity Financial Planning in Leeds-based Progeny’s stable of firms.

The deal adds £600 million to Progeny’s assets under management which recently passed £8 billion. It has 23 offices in the UK and overseas.

Carbon’s managing director Gordon Wilson said: “Combining with Progeny will help us to take our service and advice offering to new levels.”

Neil Moles, chief executive of Progeny, said: “We are highly purposeful in our approach to selecting the businesses we bring into Progeny.

“We apply a set of strict criteria, with a laser focus on high quality firms that add a great deal of value.

“Welcoming Carbon Financial Partners to Progeny will enable us to consolidate and strengthen our existing presence in Scotland and I look forward to what we can achieve together for our clients.”