Progeny has acquired Nottingham-based wealth manager Fiscal Engineers that takes its assets under management to £8bn.
Fiscal Engineers uses a Family Office approach to provide bespoke services for business owners, entrepreneurs and other individuals who have substantial investment needs.
The company, which is based in Nottingham and also has offices in Birmingham and London, launched in 2000.
Fiscal Engineers executive chairman and founder Shane Mullins said: “This move will enable us to keep building on everything we’ve achieved over the course of the past 23 years.
“We believe combining our own unique strengths with Progeny’s will help both businesses fulfil our shared ambitions of delivering a world-class wealth management service and continually improving what we offer to clients.
“We’re very excited about this chance to grow the Fiscal Engineers family, broaden our proposition and deliver even more benefits to our clients, team and professional friends.”
Last week Progeny reported a strong performance in the first half of 2023, with revenues increasing 43.5% year-on-year.
Figures published on 31 July showed revenue increased in excess of £10m in the past year with Ebitda up by 22.4% over the same period.
The group also announced it had achieved B Corp Certification while it completed the acquisition of The Fry Group in April.
The deal allowed Progeny to move into international territories for the first time, extending its footprint to the Middle East, Asia and Europe.
Commenting on the deal today, Progeny chief executive Neil Moles added: “Over nearly a quarter of a century, Fiscal Engineers has built a highly prestigious advice firm that services a select and extremely discerning client base.
“Their well-researched and methodological approach to providing advice is progressive and effective in equal measure and will add a great deal of value to our own proposition.
“It’s great to be able to welcome Fiscal Engineers and their clients into Progeny as we realise the full potential of two great businesses coming together.”
