British investment solutions provider Parmenion has reached a deal to purchase Midlands-based discretionary fund manager EBI Portfolios (ebi).

With £1.9bn of assets throughout 19 platforms, ebi is involved in handling of evidence focused, factor tilted, and ESG portfolios.

The company serves more than 150 advisory firms and approximately 7,000 underlying clients. It primarily helps advisory firms in reducing expenses and risks.

The latest deal, value of which has not been divulged, is yet to receive regulatory approval.

Following the completion of the deal, Parmenion chief commercial officer Mike Morrow will become a board member at ebi.

ebi will continue to function from its current location in Aldridge under the brand name of ebi. There will be no changes to the company’s investment offerings or services, stated Parmenion.

The deal forms a part of Parmenion’s growth approach, which saw the inclusion several wealth managers into the company’s portfolio last year. 

Morrow said: “We have long admired ebi’s approach to investment solutions, harnessing leading-edge technology that aims to support advisers in achieving excellent outcomes for clients.

“ebi is a strong and profitable business, with AUM growing at 37% a year for the last five years.”

Last year, Parmenion’s revenue rose 20% after a good sales growth. The firm’s AUM grew 17% to £9.6bn and posted significant profit amid a challenging economic scenario.