Parmenion Capital Partners recorded a 104% increase in profits during the financial year ended 31st March, the company announced today. Total profits rose from £568,000 to £1.161 million, while operating profit grew by 94% to 1.146 million.
AUM increased by 68% to more than £1 billion, the Bath-based company reported, and turnover was up by 57% from £3.3 million to £5.27 million.
Richard Mein, Chief Executive and Founder commented, “It’s been yet another year of exceptional growth for us,” Chief Executive Richard Mein said today. “Our clear vision of the role technology can play, and how Advisers can continue to grow and thrive, have again driven our success.”
“Two thirds of all Advisers now use some form of centralised investment proposition (CIP), and clearly we’ve benefited from this trend. The opportunities for us remain considerable as more and more Advisers seek to build greater efficiency into their CIPs.”
The feedback on the new SIPP, launched in June had been encouraging. “Firstly on the pricing, as it carries no additional charge – but more importantly, on the speed and ease of advising clients through our systems into the right investments for their particular circumstances. Our in-house development team were able to integrate the entire SIPP functionality into our existing proprietary systems within six months.”
The first quarter of the new financial year has seen Parmenion launch the UK’s first integrated, online simplified advice technology which is currently in pilot with selected Advisory firms.
Richard continued, “The Regulator is supportive of innovation and the current revolution in pensions only expands the online opportunity. Being an innovator through technology to support Advisers, puts Parmenion in an exciting place right now”.