M and A
UK's Progeny Acquires Wealth Manager, Expands AuM To ÂŁ8 Billion
The transaction is an example of continued M&A activity in the UK wealth management space.
UK professional services firm Progeny has acquired Nottingham-based wealth manager, Fiscal Engineers, a business that uses a “family office” approach.
The acquisition, the terms of which were not disclosed, will strengthen Progeny’s presence in the Midlands and take its assets under management to £8 billion ($10.2 billion), Progeny said in a statement this week.
“Fiscal Engineers uses a family office approach to provide bespoke services for business owners, entrepreneurs and other individuals who have substantial investment needs,” Progeny said of Fiscal Engineers.
Besides its Nottingham headquarters, Fiscal Engineers, bought in 2000, has offices in Birmingham and London.
