Aberdeen Asset Management has completed its acquisition of Bristol-based financial technology firm Parmenion, including both Parmenion Capital Partners and its sister company, Self Directed Holdings.
The acquisition is part of Aberdeen’s strategy to be at the forefront of technology advancements in the industry, and to use technology to provide its investors with portfolios most appropriate to their needs.
It is also intended to help grow Aberdeen’s investment solutions business.
Parmenion offers financial advisors risk-graded portfolios that they can access through a simple digital platform.
The company with retain its identity and remain in Bristol, but will receive investment from Aberdeen to develop and expand its service, with the benefit of Aberdeen’s experience in investment solutions. Parmenion portfolios will also continue to invest in funds of third-party asset managers.
Parmenion has about £1.9 billion in assets under management and provides services for more than 900 UK advisory firms.
Martin Gilbert, CEO of Aberdeen Asset Management, said: “Parmenion provides investment solutions and a valuable online service to financial advisers. With Aberdeen’s support and investment I believe we can build on Parmenion’s success to meet the changing needs of financial advisers.”
“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.”
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