Aberdeen to acquire Parmenion

Aberdeen Asset Management is to acquire Parmenion Capital Partners, the fund manager has announced.

Parmenion will retain its own identity and continue to be based in Bristol, but will receive additional investment from Aberdeen.

The platform has £1.9bn in assets under management and delivers services to 900 adviser firms. 

Aberdeen chief executive Martin Gilbert says: “Parmenion is perfectly placed to respond to the evolving pension environment and the growing demand for investment services that are accessible online.

“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.”

Parmenion chief executive Richard Mein says: “Aberdeen’s strategic interest in Parmenion derives from their recognition that the business of investment management is moving online.

“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.”

Platforum director of research Heather Hopkins says: “Parmenion is growing quickly, with assets under management up 65 per cent in the 12 months to 30 June.

“However, advisers have expressed concerns about its brand awareness among consumers, and an acquisition by a well-known brand like Aberdeen might give Parmenion the boost it needs to get to the next level.”