As a rationale for the deal, Aberdeen CEO, Martin Gilbert, said “Parmenion is perfectly placed to respond to the evolving pension environment and the growing demand for investment services that are accessible online.”
Adding: “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.”
According to the firm, while Parmenion will retain its own identity and remain based in Bristol, it 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,” it added.
Since launch in 2007, Parmenion has grown its assets under management to £1.9bn and provides, among other things, risk graded portfolios to UK financial advisers.
The firm also has a highly rated platform which supports portfolios invested through a wide range of portfolio wrappers. Other features include a portfolio builder service, a client risk profiler, and a risk graded suite of investment solutions. The firm delivers services to more than 900 adviser firms.
Richard Mein, Parmenion CEO 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.”
