Deal sealed
Property and legal services company, Moray Group, has been acquired by Leeds-based Progeny for an undisclosed sum.
Rob Aberdein, Moray managing director, will take on the new role of chief commercial officer.
Progeny has formed a “commercial alliance” with Moray Legal to work more closely ahead of the introduction of alternative business structures in the Scottish legal profession.
Mr Aberdein, who acquired the Simpson & Marwick business in October 2020. said: “The legal and service industries need new ideas, structures and ways of working if they are to meet the needs of modern clients and workers.
“Progeny has paved the way to revolutionise these industries for the benefit of the sector and its customers and we look forward to working more closely together.
“As the era of alternative business structures dawns in Scotland, it will bring new thinking and opportunities and change the landscape of the industry.
“Technology will also be a great lever for change, and I have long believed that professional services and technology can be combined more effectively to build better work practices and deliver superior client outcomes.”
Progeny entered the Scottish market with the acquisition of Edinburgh-based Innovate Financial Services in February 2019. This was followed by the takeover of Ayrshire-based Affinity Financial Planning in April 2021 and the purchase of Balmoral Asset Management earlier this year.
Progeny chief executive Neil Moles said: “This is a new type of activity for us. As we expand Progeny’s financial advisory and wealth management side, it is important that we continue to expand our legal and professional services capabilities accordingly.
“Working with Moray will help us ensure we deliver an exceptional, integrated service to our clients while also giving us the innovative potential and vision for the future that will drive us forward in Scotland, the UK and internationally.
“We are also underscoring our commitment to Scotland and expanding our presence here,” he added.
The move is the next step in what Progeny described as a “concerted expansion” into Scotland and would take the firm’s total assets under management to more than £6.5 billion.
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