The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Titan Wealth, Progeny International;
Acquisition-hungry Titan Wealth has bought Progeny International, the international business arm of the Progeny Group, Titan Wealth said this week. The transaction, for an undisclosed sum, is subject to regulatory approval. 

Titan Wealth will acquire about £900 million ($1.2 billion) of assets under advice at its international business, it said in a statement. 

Progeny International (formerly part of The Fry Group) is a tax-led financial advice business with operations in Belgium, Singapore, Hong Kong and Dubai International Financial Centre (DIFC). 

Progeny International specialises in supporting internationally mobile individuals, entrepreneurs and multi-generational families with cross-border financial planning, wealth structuring, succession planning, tax and investment advice. It is a business playing to the needs of cross-border wealthy individuals – a reflection of globalisation. 

Titan Wealth said the deal adds to its footprint in international financial centres in Europe, Asia and the Middle East. A total of 13 financial advisors will be joining the group. Titan Wealth said its offices in Hong Kong and Singapore were established more than 30 years ago.

“The sale of our international business marks a pivotal moment in our journey and a decisive step in sharpening our strategic focus,” Tom Wood, CEO of Progeny Group, said. “Over the past year, we have undertaken a deep strategic review, creating a simpler, stronger and more agile organisation that can scale effectively and deliver consistently strong outcomes for clients.”

In 2022, Progeny announced that it was buying The Fry Group, a deal expanding its reach beyond the UK. The Fry Group consisted of tax, estate and financial planning experts, with a mix of offices in the UK and the United Arab Emirates; Singapore; Hong Kong and Belgium. Therefore, this week’s deal is a partial row-back from the international side for Progeny.

“By concentrating our resources on our core UK market and capabilities, we are reinforcing our commitment to financial resilience, operational excellence and technology-enabled service,” Wood added.

In February, Titan Wealth completed its acquisition of Independent Wealth Planners (IWP). See more here, here and here.