Private equity-backed Progeny will expand its presence in Scotland through its latest acquisition plans.

The multi-services company will buy Balmoral Asset Management, a financial planning firm based in Edinburgh, it said. The advice business was founded in 1999 to provide wealth management to private clients.

This deal will take Progeny's total assets under management to more than £6.5bn, it said. It was not clear how many staff would join Progeny as part of the deal nor how the firms would integrate.

The firm first entered the Scottish market with the acquisition of Edinburgh-based Innovate Financial Services in February 2019, followed by the acquisition of Ayrshire-based Affinity Financial Planning in April 2021.

Progeny claims to be the first and only firm in the UK to combine independent financial planning, asset management, tax, HR, and private and corporate legal services.

The deal comes after Progeny made a "significant" acquisition in February, taking its assets under management to £3bn through the purchase of advice firm RU Group, which joined with a team of 48 staff based across three offices in Nottingham, Derby and Sheffield.

Progeny has completed several acquisitions during the past three years, including the buyout of Watsons Law in February 2021 and advice practice J M Glendinning in November the same year. It also bought out Anna Sofat's Addidi Wealth back in 2019.

It sold a majority stake to private equity business Further Global Capital Management in October 2021.

Stuart MacDonald, MD, Balmoral Asset Management, said: "Joining Progeny will allow us to continue to grow, and to increase the range of services we offer our clients, many of whom have complex requirements which will benefit greatly from the multi-disciplinary professional services expertise we will now be able to provide.

"We're diligent in maintaining the high standards we have set. There are not many firms out there who we could join with and see an improvement in our client offering, but Progeny is one such firm and we can't wait to get started on this next phase of our journey."

Neil Moles (pictured), CEO of Progeny, said: "We have been steadily expanding our presence in Scotland in the last few years and our acquisition of Balmoral Asset Management will allow us to take a significant step forward in this aim.