Progeny Asset Management has announced that it passed the £1bn assets under management mark in April.
Established in 2016 as part of the multi-disciplinary advice firm, Progeny, the asset management business has seen exponential growth in AUM, up from £1m at the start of 2017.
The progress has been underpinned by Progeny’s Centralised Investment Proposition (CIP), developed in 2020 to deliver a unified investment philosophy across all portfolios.
This offers the ability to scale up the investment proposition and provides a consistent and repeatable process and clear messaging, all under one investment committee.
The transfer from advised business to discretionary management for a number of Progeny’s financial advice clients has also contributed to the increase in the assets managed to date.
Chief Investment Officer, Ian Hooper, said:
“We’re delighted with the progress we have made since our launch in 2016. It’s the result of hard work, innovative thinking and shows the benefits of being part of a forward-looking and uniquely structured business.
“Hitting this milestone demonstrates how a robust investment proposition and Progeny’s business model of bringing all a client’s advisers under one roof can deliver exceptional results. The growth in AUM has come irrespective of investment strategy, be it systematic or unconstrained.
“The Centralised Investment Proposition has been a game-changer. All available CIP portfolios outperformed in 2020, beating the relevant composite benchmarks. Additionally, a consistent investment process and clear messaging combine to deliver a smoother financial and emotional journey for investors.”
On the performance of the Progeny portfolios, Head of Investment, Craig Melling, said:
“Over the past year our unconstrained Dynamic portfolios performed well despite challenging financial markets, and we continued to develop our evidence-based, total return Tempo portfolio range.
“We have also recently launched our Bravo ESG range to meet growing client demand in this space as the pandemic has brought to the fore the inextricable links between sustainability, the economy and financial markets.”
Looking ahead, Ian Hooper added:
“Technology will play a key role in helping us create a better proposition for clients and in allowing us to bring costs down and we will be seeking to work with companies that use technology intelligently and in a way that allows us to be nimble and agile in our operations.
“We look forward to continuing to build a compelling, robust and cost-effective investment proposition for clients, constructing portfolios with a focus on performance.”