Progeny intends to acquire financial preparation firm RU Team. The deal goes through Financial Conduct Authority authorization.
It will enhance Kids’ complete possessions under administration (AUM) to around ₤ three bn.
Likewise, it will enable the business to broaden its existence in south Yorkshire and the East Midlands.
RU Group is a comprehensive range monitoring and retired life company with a group of 48 employees based throughout three workplaces, in Nottingham, Derby, and Sheffield.
Children said entering into its service will undoubtedly give RU Group’s clients access to various lawful, monetary, and specialist solutions employing Kids’ multi-disciplinary offering.
The RU Group was developed in its present form in 2003. However, the beginnings of the business go back more than 100 years.
RU Team chair Andy Dyke stated: “This is a momentous landmark in the RU Group’s history, protecting the future for our customers, as well as we’re delighted to enter into the Kids company.
” We have developed a well-established firm that is additionally well placed for continued future development, with the legal condition, a solid client-first ethos, and a belief in the significance of embracing technology in the future of financial advice.
” What’s more, we are devoted to developing long-lasting prosperity for our clients, placing them at the center of our decision-making. Children and RU Team are a noticeable fit.”
Progeny president Neil Moles included: “We’re incredibly pleased to invite a company with the stature and heritage of RU Group right into the Progeny fold.
” As a locally had and managed company, RU Group are installed in the neighborhoods they run. They have shown constant natural development in AUM and productivity, supported by a highly qualified and strong group with incredible potential for the future.”
Moles defined the bargain as an “extremely substantial procurement” in “size and condition.”
Ian Browne, head of suggestions at RU Team, will undoubtedly become principal of consultatory solutions at Kids.
On Browne’s consultation, Moles added: “Ian includes a breadth of experience having taken care of big groups and operated in the market for several years, both at Standard Life and most recently in his role at RU Team. The chief of advising solutions position will be basic to the following stage of our development. We are looking forward to welcoming the experience and power that Ian will offer business.”
A Children’s business legal division team functioned as legal advisers to Progeny on the deal.
RU Group was sustained by its legal adviser, Ed Foulkes of Clarke Willmott, Roderic Rennison, and John Chapman of Driver Partners.