ABS buys third wealth firm and launches legal club

Hussain: National approach

Fast-growing alternative business structure Progeny Group has acquired its third wealth management firm in little more than a year, taking its assets under advice to over £1bn for the first time.

The legal services and wealth management firm has also launched a wide-ranging legal subscription service for corporate clients, called Club Legal.

Progeny, based in Leeds and London, is made up of Progeny Private Law and Progeny Corporate Law, alternative business structures licensed in 2016, with Progeny Wealth, a wealth management firm, and Progeny Asset Management, both regulated by the Financial Conduct Authority.

It announced this week that it had purchased Evolve Financial Planning, founded in 2004, with offices in London and Croydon.

The purchase of Evolve follows that of Chestergate Financial Planning, based in Salisbury, in October last year, and Quadrant, a wealth management service based in north London, in March.

Zee Hussain, director at Progeny Corporate Law, said expansion in the last 18 months had taken staff numbers at Progeny from 70 to over 100.

“The idea is that we are national in our approach. It’s not about adding locations, but getting the right fit in terms of organisations.

“Wealth management is where our roots are and we’re looking to provide as much support to our new clients as possible in terms of legal services.”

Evolve provides financial and investment planning advice across the country with a concentration of clients in the Home Counties. Founder and managing director Antony Williams will join Progeny along with all of its directors and advisers.

Mr Hussain said the aim of Club Legal was to provide a “more proactive” service to companies, which was “not about firefighting” and would help create longer relationships. He said it was particularly aimed at mid-tier corporates and larger SMEs.

“We want to tear down the barriers on cost and the way clients relate to us. The service is extremely flexible and the client can dictate what they want from the package.

“It’s about providing clients with the right level of support so they pay for the services they actually require. It is truly a fixed price service – once you’re plugged in, there’s no question of clock watching.”

Mr Hussain said the service covered the “whole business life cycle”, from company formation to commercial agreements, employment, directors’ contracts, data protection and intellectual property.

Other areas covered by Club Legal are mergers and acquisitions, restructuring, real estate and property.

“It’s a completely unrestricted service,” Mr Hussain said. “A lot of law firms might talk the talk, but not deliver to the client.”

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