Aberdeen Asset Management has agreed to purchase Parmenion Capital Partners, a provider of risk graded portfolios to UK financial advisors, and its sister company, Self Directed Holdings, in a move to strengthen its financial technology offering.
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As part of the acquisition, Parmenion will continue to operate as an independent business and will be based in Bristol.
Additionally, Parmenion will allocate funds to Aberdeen’s quantitative investment strategies, while its multi-manager portfolios will continue to invest in funds of third-party asset managers.
The deal is part of Aberdeen’s strategy to capitalise on advancements in financial technology systems and to become a leader in using technology to provide investors with portfolios tailored to their needs in addition to augmenting its Investment Solutions business.
The acquisition is aimed at expanding Aberdeen’s provision of innovation and services across its distribution channels, supporting its aim of growing its investment solutions business, and bolstering its distribution presence in the UK.
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By GlobalDataFinancial terms of the transaction, which is subject to regulatory approval from the UK FCA, have not been disclosed.
Parmenion currently manages £1.9bn assets under management and provides services to over 900 advisor firms.
Aberdeen Asset Management CEO Martin Gilbert said: "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."
