Carbon has a significant presence north of the border with 45 staff and offices in Edinburgh, Glasgow, Aberdeen and Perth.

Carbon advises clients with complex financial needs, business leaders and those near key life milestones.

Gordon Wilson, managing director of Carbon Financial Partners, said: “Progeny share our investment philosophy and our values. It was critical for the team that we found the right fit for our clients and we have achieved that."

Leeds-based Progeny has acquired several financial advice firms this year, including in August Nottingham-based Fiscal Engineers for an undisclosed sum. Progeny now has over £8bn in AUM.

In April Progeny acquired the Fry Group which saw the firm move into international territories for the first time, adding offices in the Middle East, Asia and Europe.

Talking about the Carbon deal, Progeny CEO Neil Moles, said: “We are highly purposeful in our approach to selecting the businesses we bring into Progeny. We apply a set of strict criteria, with a laser focus on high quality firms that add a great deal of value.

“Welcoming Carbon Financial Partners to Progeny will enable us to consolidate and strengthen our existing presence in Scotland and I look forward to what we can achieve together for our clients.”