The acquisition is set to boost Progeny’s assets under management by £600 million. Regulatory approval from the Financial Conduct Authority is anticipated within the coming months.

With offices in Perth, Edinburgh, Aberdeen and Glasgow, chartered financial planners Carbon has built-up a 45-strong team over the past 12 years.

Managing director Gordon Wilson said the deal had been agreed after a thorough succession planning process and senior members of the Carbon management team remain committed to the business for at least the next five years.

“This decision wasn’t entered into lightly”, stressed Mr Wilson.

He explained: “We took time to research the market and our options thoroughly. Our clients would expect a financial planning firm to look ahead and prepare itself for the future.

“With that in mind, succession planning led by senior members of our team has been ongoing for some time. Progeny was chosen as the closest fit for Carbon in terms of our investment philosophy, culture and values.

“Progeny provides a very secure future for our clients and our team. The current Carbon leadership remains unchanged. It is very much business as usual and our clients will see no significant change.

“It was critical for the team that we found the right fit for our clients and we have achieved that. Combining with Progeny will help us to take our service and advice offering to new levels.”

Progeny is a multi-disciplinary professional services firm with offices throughout the UK and in the Middle East, Far East and Europe, with ambitions to expand into other global territories.

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.”