Clarke Willmott acts on sale of Balmoral Asset Management

Lawyers at national law firm Clarke Willmott LLP have advised on the sale of Balmoral Asset Management to multi-disciplinary professional services firm Progeny.

Corporate partner Ed Foulkes, who is based in Clarke Willmott’s Manchester office, led on the deal for Edinburgh-based Balmoral, renowned for its expertise in providing growth for clients while meeting their complex financial needs.

Ed was assisted by senior associate Matt Dootson and trainee solicitor Chloe Santiago. Corporate partner Mae Salem from Squire Patton Boggs acted for the buyer.

“We are immensely proud to have supported Balmoral through the sale of this hugely respected company who have become a byword for excellence.

“This high-profile deal was a strategic acquisition that will bolster Progeny’s footprint in Scotland to drive growth and increase the range of services offered to clients.

“Balmoral is very pleased to have found the right buyer who will continue to maintain the high standards the company is built on and take the business on to the next level.”

Stuart MacDonald, managing director of Balmoral Asset Management, said the company would benefit from Progeny’s multi-disciplinary professional services expertise.

“We’re immensely proud of what we have created at Balmoral Asset Management: a prestigious advice firm that’s built a reputation on getting results for our clients.”

Neil Moles, CEO of Progeny, said: “Balmoral Asset Management are a highly respected firm who have become a byword for impeccable standards and exceptional client service.

“There are so many areas of overlap and common ground between us, in our services, our business ethos and in wanting to make a meaningful commitment to the next generation of our industry.”

Launched in 1999, Balmoral is acclaimed for its expert and detailed knowledge of investments, tax planning and pensions.

Progeny first 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.

Ed Foulkes is a corporate solicitor at Clarke Willmott in Manchester and has specialisms in the financial services, fintech and technology sectors. The corporate team at Clarke Willmott have acted on over 100 transactions in the financial advisory space over the last five years.