M and A
Deals Of The Day: The Latest In Wealth Management M&A – Progeny, The Fry Group
The latest mergers, acquisitions and other corporate actions in the wealth management sector.
Progeny, The Fry Group
UK professional services firm Progeny announced yesterday
that it plans to acquire The Fry Group, a
business covering tax, estate and financial planning around the
world, which was established in 1898 by Thomas Fry
Subject to regulatory approval, the deal will allow Progeny to
extend its boundaries beyond the UK and increase its total assets
under management to more than £5.5 billion ($6.73 billion),
Progeny said in a statement. The Fry Group and all its associated
subsidiary companies will become part of Progeny.
The financial terms were not disclosed.
Progeny, which operates from offices in London, Leeds, and
Edinburgh, will be acquiring a firm with 191 employees
across four offices in the
UK (London, Worthing, Cheltenham, and Exeter)
and four international offices (the United Arab
Emirates, Singapore, Hong Kong, and Belgium).
A team from Progeny’s corporate legal department acted as legal
advisor to Progeny on the transaction.
The FCA and all the other relevant regulators in the
jurisdictions in which The Fry Group operates are reviewing
details to grant approval for the acquisition.
