Parmenion has purchased Midlands-based investment firm EBI Portfolios for an undisclosed sum.
The £9.6bn ($11bn, €11.1bn) adviser platform, which is owned by Martin Gilbert’s consolidator company Assetco and private equity firm Preservation Capital, said the acquisition forms a key part of its “ambitious growth strategy”.
EBI specialises in ‘evidence based’, factor tilted and ESG portfolios. It currently manages £1.9bn for 150 advice firms and 7,000 underlying customers.
The DFM firm will retain its branding post-acquisition and continue to operate from its office in Aldridge. Parmenion chief commercial officer Mike Morrow will join EBI’s board.
Morrow said both companies share in their focus on reducing cost and risk to adviser firms “by doing the heavy lifting in investments”.
“We have long admired EBI’s approach to investment solutions, harnessing leading-edge technology that aims to support advisers in achieving excellent outcomes for clients,” he said. “EBI is a strong and profitable business, with AuM growing at 37% a year for the last five years. I am thrilled to be part the development of this exciting business, and I look forward to a bright future for EBI alongside Parmenion.”
Parmenion was sold by Standard Life Aberdeen to Preservation Capital Partners for £102m in March 2021. Shortly after, Assetco snapped up a 30% stake in the business.
