‘Major step’ as plans to acquire financial planning firm revealed

Leeds-based multidisciplinary professional services firm Progeny plans to acquire chartered financial planning firm, RU Group.

The deal, subject to FCA approval, will bring Progeny’s total assets under management (AUM) to over £3bn and enable the business to expand its presence in South Yorkshire and the East Midlands.

RU Group are wealth and retirement management experts with a team of 48 staff across three offices, in Nottingham, Derby and Sheffield.

The integration of Progeny will allow RU Group clients to access an additional range of legal, financial and professional services.

The RU Group was established in its current form in 2003, but the company’s origins date back over 100 years.

Andy Dyke, Chairman of RU Group, said: “This is a major milestone in the history of RU Group, which secures the future of our customers.

“We have built a well-established business that is also well positioned for continued future growth, with chartered status, a strong client-focused ethos and a belief in the importance of embracing technology in the future of financial advice. .

“Furthermore, we are committed to creating long-term prosperity for our customers, putting them at the center of our decision-making. For all these reasons, Progeny and RU Group go without saying. »

Neil Moles, CEO of Progeny, said: “We are very pleased to welcome a company with the prestige and heritage of RU Group into the Progeny fold.

“As a locally owned and managed business, RU Group is embedded in the communities in which it operates.

“They have demonstrated consistent entrepreneurial organic growth in assets under management and profitability, supported by a highly skilled and well-developed team with excellent potential for the future.

“We look forward to welcoming RU Group’s clients to Progeny and offering them the opportunity to benefit from a wide range of additional professional services to meet all their legal and financial requirements.

“This is a very significant acquisition, in size and status, and we are excited about what we can accomplish together.”

Following the deal, Ian Browne, Head of Consulting at RU Group, will become Head of Consulting Services at Progeny.

Moles added: “Ian has extensive experience having managed large teams and worked in the industry for many years, both at Standard Life and more recently in his role with the RU Group.

“The position of Head of Advisory Services will be fundamental to the next stage of our growth and we look forward to welcoming the experience and energy that Ian will bring to the business.”

A team from Progeny’s legal department acted as legal counsel to Progeny in connection with the transaction. RU Group was supported by its legal counsel, Ed Foulkes of Clarke Wilmott, and Roderic Rennison and John Chapman of Catalyst Partners Ltd.

Progeny is one of the sponsors of TheBusinessDesk.com’s Invest North Conference and Dinner on March 2-3 and Moles will be speaking at the event. Click here to find out how to participate.