Standard Life Aberdeen and Preservation Capital Partners have successfully completed the sale announced in March this year.
The transaction results in Preservation acquiring Parmenion Capital Partners LLP (Parmenion), an investment and technology solutions business that supports financial advice firms in the creation and operation of a centralised investment proposition.
The rationale for the sale by SLA is the simplification of its Adviser strategy around the business’ core propositions – Wrap and Elevate. The transaction will generate proceeds of up to £102 million.
Stephen Bird CEO commented: “The completion of the sale of Parmenion is a step forward in simplifying our business and delivering on our strategy. Financial adviser technology will be a key engine of growth in the UK wealth and savings market. By focusing on our award-winning Wrap and Elevate platforms, we are best placed to capitalise on this opportunity.
“Parmenion has had great success during its time as part of the SLA group and we wish the team well on the next stage of their journey with Preservation.”