Progeny acquires Moray Group and appoints Rob Aberdein as chief commercial officer
Leeds-based financial services firm Progeny has today announced plans to acquire Scottish professional services firm, Moray Group for an undisclosed sum.
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 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, added: “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.