Aberdeen Asset Management is to buy Bristol based Parmenion Capital Partners LLP and its sister company Self Directed Holdings Limited.
IFA Magazine earlier reported rumours that AAM was likely to purchase the platform which provides risk graded portfolios to UK financial advisers.
No price was given. AAM said in a statement that the acquisition of Parmenion would accelerate its digital ambitions and to augment its investment solutions business.
The statement said: “The acquisition is part of Aberdeen’s strategy to capitalise on advancements in financial technology systems and to become a leader in using technology to provide investors with portfolios appropriate to their needs, whilst also growing its Investment Solutions business.
Parmenion has £1.9bn assets under management and delivers services to more than 900 adviser firms. It is a member of the Fintech 50 and according to AAM, the platform has the highest rating based on a recent survey of advisors.
The AAM statement added: “Parmenion will retain its own identity and remain located in Bristol, but will receive additional investment from Aberdeen to develop and expand its service. Parmenion will also be able to draw on Aberdeen’s investment solutions expertise, including the ability to allocate to the Company’s quantitative investment strategies. Its multi-manager portfolios will continue to invest in funds of third-party asset managers.”
Chief Executive of Aberdeen Asset Management PLC Martin Gilbert (pictured) said: “Parmenion is perfectly placed to respond to the evolving pension environment and the growing demand for investment services that are accessible online. Since being established in 2007 it has provided financial advisers with a valuable service and their clients with investment solutions to meet their individual goals.
“With Aberdeen’s support and investment I believe Parmenion can build on its success to meet the changing needs of financial advisers as an increasing number of people turn to them for pre and post-retirement planning. This acquisition ensures Aberdeen is at the forefront of the digital revolution within asset management and augments our strategic aim to grow our Investment Solutions business.”
Chief Executive of Parmenion Capital Partners LLP Richard Mein said: “Aberdeen’s strategic interest in Parmenion derives from their recognition that the business of investment management is moving online. Parmenion is at the very cutting edge in developing online capabilities for advisers and their clients, and the integrated investment, operational and technology services we have created in recent years, makes us an attractive partner for Aberdeen and the backing of one of Europe’s largest fund management businesses will enable us to continue to develop our investment and technology solutions for our clients.”
