Private equity backed-wealth manager Progeny has acquired high net worth advisory business Chartered Wealth Management, taking total assets under management to £9bn.
Chartered Wealth Management has offices in Manchester and London and a team of 21, with nine Chartered financial planners and wealth managers. The firm offers tailored financial planning and asset management services to high-net-worth clients.
Mark Stanbury, founding director of Chartered Wealth Management said: “This is an exciting day for our team and our clients, as we join Progeny – a business rapidly growing in scale and profile.
“We look forward to being part of this unique business as well as the mission to transform and improve financial advice for the better, for our clients and the industry at large.”
Progeny chief executive Neil Moles added: “It’s a pleasure to welcome such a prestigious and high-performing business into Progeny, one which is forward-thinking and committed to excellence in equal measure.
“This is the culmination of a five-year search for the right firm, one that will allow us to expand into a new geography but which also crucially meets the strict criteria we set for our acquisition targets around average client size and age, as well as the age and ambition of the firm’s team.”
“With CWM onboard, we look forward to building our presence and extending our proposition in the north west of England. There are exciting times ahead.”
After acquiring The Fry Group in 2022, Progeny has expanded its presence with offices in the United Arab Emirates, Singapore, Hong Kong, and Belgium.
Its latest acquisition was in October last year with the purchase of Chartered financial advice firm Carbon Financial Partners adding £600m in assets.