Progeny has today announced plans to acquire Scottish professional services firm, Moray Group.
As part of the acquisition, Managing Director of Moray Group, Rob Aberdein, will take up the new role of Chief Commercial Officer with Progeny.
In addition, Progeny has established a commercial alliance with Moray Legal. The alliance is designed to allow the two businesses to work more closely together in anticipation of alternative business structure (ABS) licences being granted in the Scottish legal profession in the near future.
Established in 2020, with offices in Glasgow, Edinburgh, Aberdeen and North Berwick, professional services provider Moray Group has expanded rapidly since launch.
The business is focused on delivering an exceptional client service through their highly-talented people and by using innovative, leading-edge technologies.
Rob Aberdein, Managing Director, Moray Group, said: “The legal and professional services sectors need new ideas, structures and ways of working if they’re to meet the needs of the modern client and workforce.
“Progeny has led the way in disrupting these industries for the betterment of the sector and the clients within it and we’re delighted to be working more closely together.
“When the era of alternative business structures arrives in Scotland, it will bring fresh thinking and opportunity, changing the sector landscape forever. This means we will be able to offer the client more by making it easier for them to do business with us, accessing legal, tax, wealth management, property and financial advice in one place.
“Technology will also be a huge lever for change and I have long been a believer that professional services and technology can be more effectively combined to build better working practices and deliver superior client outcomes.
“There is true commonality of purpose and principle between ourselves and Progeny, and together we can create a new template for the future of professional services.”
Neil Moles, CEO of Progeny, said: “This is a new type of activity for us. As we expand the financial advice and asset management side of Progeny it’s important that we continue to increase our legal and professional services capacity in proportion.
“Aligning with Moray will help us to do this, ensuring we deliver an exceptional, joined-up service to clients while also giving us the innovative potential and far-sighted view of the future that will propel us forward in Scotland, the UK and internationally.”
“We are also underlining our commitment to Scotland and expanding our presence here. We’re excited about delivering on our potential to become a respected and trusted brand in the Scottish legal and professional services market.”
Progeny entered the Scottish market with the acquisition of Innovate Financial Services in Edinburgh in February 2019. This was followed in April 2021 with the acquisition of Ayrshire-based Affinity Financial Planning and the acquisition of Balmoral Asset Management in 2022.
ENDS
Notes to editors
Progeny is the first and only firm in the UK to bring together independent financial planning, asset management, tax, HR and private and corporate legal services.
Contact:
Rich Ellis
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Media reactive Q&As
Is Progeny planning to acquire Moray Legal in future?
We have designed the alliance so the two businesses can work more closely together with a potential view to Progeny acquiring a large minority stake in Moray Legal in future. This would be dependent, amongst other things, on alternative business structure (ABS) licences being granted in the Scottish legal profession.
Why are you striking this alliance?
The legal and professional services sectors need new ideas, structures and ways of working if they’re to meet the needs of the modern client and workforce. Progeny has led the way in disrupting these industries for the betterment of the sector and the clients within it. This alliance is part of that continued aim.
What are the benefits for you as a business?
As we expand the financial advice and asset management side of Progeny it’s important that we continue to increase our legal and professional services capacity in proportion. Aligning ourselves with Moray will help us to do this while also giving us the innovative potential and far-sighted view of the future that will propel us forward in Scotland, the UK and internationally.
What does this mean for clients?
We will continue to deliver an exceptional, joined-up service to clients and with the two businesses working more closely together, clients will benefit from shared expertise and resources and a wider range of professional services to support them. Progeny are also underlining their commitment to clients in Scotland and pursuing their potential to become a respected and trusted brand in the Scottish legal and professional services market.
What does it mean for Moray and Progeny staff?
Moray Group Managing Director, Rob Aberdein, will also become Progeny’s Chief Commercial Officer as part of the acquisition. We don’t anticipate any further changes for Moray Group or Progeny team members at this point.