PROGENY HAS AGREED TO ACQUIRE NATIONAL FINANCIAL PLANNING FIRM
Capital and Trust - June 28, 2022 -
Yorkshire-based Financial Planning firm, Progeny has announced plans to acquire The Fry Group, marking its expansion into international markets and taking its assets under management past £5.5bn.
Founded in 1898 by Thomas Fry, The Fry Group is one of the oldest wealth management firms in the world. It is a Financial Planning, tax and estate firm with 191 employees across the UK (London, Worthing, Cheltenham and Exeter), as well as four international offices in the United Arab Emirates, Singapore, Hong Kong and Belgium. Eventually The Fry Group offices will be rebranded under the Progeny name.
David Pugh, CEO of The Fry Group said: “The Fry Group and Progeny are a great fit and we’re excited about this next stage in our journey. We are both values-based businesses with a sharp focus on clients, building trust and long-lasting relationships with them and aiming to always exceed their expectations. I’m looking forward to the new possibilities, the additional services we can offer our clients and the scope for scaling up that joining Progeny will bring.”
Progeny CEO Neil Moles added: “We’re proud to announce the international expansion of the Progeny brand and what better way to do it than with a business as prestigious and long-established as The Fry Group. This is a thrilling new front for us, which will bring fresh new opportunities for our clients, our team members and for Progeny as a growing and ambitious firm.”
This is the third acquisition for Progeny so far this year.
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What this acquisition means for the buyer
The acquisition of The Fry Group represents a major strategic milestone for Progeny, significantly expanding the firm’s geographic reach and international capabilities. By integrating one of the world’s longest-established wealth management businesses, Progeny gains access to a broader client base across both the UK and key overseas markets, including the UAE, Singapore, Hong Kong, and Belgium. The transaction also strengthens Progeny’s position as a fully integrated professional services and financial planning group, combining wealth management, tax, and estate planning expertise under a single platform. With assets under management exceeding £5.5bn following the acquisition, the deal reinforces Progeny’s ambition to scale nationally and internationally while enhancing the breadth of services available to clients across multiple jurisdictions.
What this means for sellers in the sector
This acquisition highlights continued buyer appetite for established financial planning firms with strong brand heritage, international reach, and diversified service offerings. Firms that can demonstrate long-standing client relationships, recurring revenue, and cross-border capabilities are attracting particular interest from acquisitive wealth management groups. For owners considering succession or growth opportunities, larger consolidators are increasingly seeking businesses that can strengthen both geographic coverage and specialist expertise.
Market trend context
The UK wealth management and financial planning market continues to experience strong consolidation activity, with larger firms expanding beyond domestic markets through strategic acquisitions. International diversification has become an increasing priority for acquisitive groups looking to serve globally mobile clients and broaden their service proposition. Transactions involving integrated financial planning, tax, and estate planning businesses are also becoming more common as firms seek to offer more comprehensive client solutions.
How Capital & Trust typically supports transactions like this
Capital & Trust works with acquisitive wealth management and financial planning groups seeking strategic expansion opportunities both within the UK and internationally. We work with clients to identify suitable acquisition targets, facilitating introductions between parties, and helping progress early-stage commercial discussions. Our role focuses on originating opportunities and supporting transaction coordination throughout the initial phases of the deal process.
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