Aberdeen Asset Management has completed the acquisition of Parmenion Capital Partners, a provider of risk graded portfolios to UK financial advisors, and its sister company, Self Directed Holdings, based in Bristol.
This deal is part of Aberdeen’s strategy to capitalise on advancements in financial technology platforms and to use technology to provide its investors with portfolios most appropriate to their needs.
Following the deal, Parmenion with retain its identity and remain in Bristol, but will receive investment from Aberdeen to develop and expand its service.
Aberdeen said that Parmenion’s multi-manager portfolios will continue to invest in funds of third-party asset managers.
Also, through acquisition Aberdeen is looking to strengthen its distribution network across the UK.
Aberdeen Asset Management CEO Martin Gilbert said: "We are delighted to have completed the acquisition of Parmenion Capital Partners. 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."