Aberdeen Asset Management is set to acquire Parmenion Capital Partners and its sister company, Self Directed Holdings – a move that Aberdeen says will accelerate its digital ambitions across multiple channels.
The Bristol-based Parmenion provides UK financial advisers with risk-graded portfolios utilised through a digital platform.
Parmenion’s platform services more than 900 adviser firms and has £1.9 billion (€2.8 billion) assets under management.
It will retain its own identity but also draw on, and help expand, Aberdeen’s investment solutions business, including the use of Aberdeen’s quantitative investment strategies. However, Parmenion will continue to use multi-manager portfolios that invest in funds of third-party asset managers.
Martin Gilbert, chief executive of Aberdeen Asset Management, says: “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.”
Richard Mein, chief executive of Parmenion Capital Partner, says: “Aberdeen’s strategic interest in Parmenion derives from their recognition that the business of investment management is moving online.”
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