Aberdeen Asset Management has completed its acquisition of Parmenion Capital Partners LLP and its sister company, Self Directed Holdings Limited, based in Bristol.
The acquisition is part of Aberdeen’s strategy to capitalise on advancements in financial technology platforms 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, a member of the Fintech 50 2015, provides risk graded portfolios to UK financial advisers that they can utilise through a unique, yet simple, digital platform. The Parmenion platform has the highest rating for usability based on a recent survey of advisors. It has GBP1.9 billion assets under management and delivers services to more than 900 adviser firms.
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. Its multi-manager portfolios will continue to invest in funds of third-party asset managers.
Martin Gilbert (pictured), Chief Executive of Aberdeen Asset Management, says: “We are delighted to have completed the acquisition of Parmenion Capital Partners. Parmenion provides investment solutions and a valuable online service to financial advisers. With Aberdeen’s support and investment I believe we can build on Parmenion’s success to meet the changing needs of financial advisers. 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.”
