Chartered Financial Planner Progeny has acquired Nottingham-based wealth manager and Financial Planner Fiscal Engineers for an undisclosed sum.

The deal takes Progeny’s assets under management to £8bn.

Fiscal Engineers was founded by Shane Mullins in 2000 and is a CISI Accredited Financial Planning firm.

It uses a family office approach to provide bespoke wealth management services for business owners, entrepreneurs and high net worth individuals.

The firm also has offices in Birmingham and London.

Mr Mullins said the deal will enable Fiscal Engineers to grow: “This move will enable us to keep building on everything we’ve achieved over the course of the past 23 years.

“We believe combining our own unique strengths with Progeny’s will help both businesses fulfil our shared ambitions of delivering a world-class wealth management service and continually improving what we offer to clients.

“We’re very excited about this chance to grow the Fiscal Engineers family, broaden our proposition and deliver even more benefits to our clients, team and professional friends.”

The acquisition is one of several for Progeny so far this year.

In April it 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.

Neil Moles, CEO at Progeny, said: “Over nearly a quarter of a century, Fiscal Engineers has built a highly prestigious advice firm that services a select and extremely discerning client base.

“Their well-researched and methodological approach to providing advice is progressive and effective in equal measure and will add a great deal of value to our own proposition.

“It’s great to be able to welcome Fiscal Engineers and their clients into Progeny as we realise the full potential of two great businesses coming together.”

Progeny is a Chartered Financial Planner and professional services firm with 600 employees in 23 offices in the UK, Europe, Middle East and Asia. It holds Corporate Chartered status from the Chartered Insurance Institute.