Fintech 50 2015 member Parmenion has been acquired by investment Group Aberdeen Asset Management.
AAM purchased, for an undisclosed sum, the Bristol-based Parmenion Capital Partners LLP and its sister company Self Directed Holdings Limited.
Parmenion provides risk graded portfolios to UK financial advisers through a digital platform. The company has £1.9 billion assets under management and delivers services to more than 900 adviser firms.
AAM stated that the deal was part of its strategy to capitalise on advancements in financial technology systems 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 gets to keep its own identity and offices in Bristol. AAM say it will provide additional investment from Aberdeen to develop and expand its services.
CEO of Parmenion Capital Partners LLP Richard Mein 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 for Aberdeen and the backing of one of Europe’s largest fund management businesses will enable us to continue to develop our investment and technology solutions for our clients.”
Boss of AAM, CEO Martin Gilbert (pictured), said: “Parmenion is perfectly placed to respond to the evolving pension environment and the growing demand for investment services that are accessible online. Since being established in 2007 it has provided financial advisers with a valuable service and their clients with investment solutions to meet their individual goals. With Aberdeen’s support and investment I believe Parmenion can build on its success to meet the changing needs of financial advisers as an increasing number of people turn to them for pre and post-retirement planning. 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.”
Financial advisor to Parmenion was ICON Corporate Finance and Pakenham Partners advised AAM.