4th Sep 2015 13:36
LONDON (Alliance News) - Aberdeen Assets Management PLC on Friday said it will acquire Parmenion Capital Partners LLP and its sister company, Self Directed Holdings Ltd, in a move designed to ensure the asset manager is ahead of the curve in using financial technology to provide investors with portfolios tailored to their requirements.
Aberdeen did not say what it will pay for the acquisition, nor provide other financial details of the transaction.
Parmenion, which provides risk-graded portfolios to UK financial advisers that they can utilise through a digital platform, has GBP1.9 billion in assets under management and provides services to more than 900 adviser firms, according to Aberdeen's statement.
Aberdeen said that Bristol-based Parmenion will retain its own identity and location, though it will be the subject of investment from the FTSE 100 asset manager to develop and expand its service. Parmenion also will be able to 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 acquisition is aimed at growing Aberdeen's provision of digital services across its distribution channels, supporting its aim of growing its investment solutions business, and bolstering its distribution reach in the UK.
"Parmenion is perfectly placed to respond to the evolving pension environment and the growing demand for investment services that are accessible online. Since being established in 2007 it has provided financial advisers with a valuable service and their clients with investment solutions to meet their individual goals," Aberdeen Chief Executive Martin Gilbert said in a statement.
"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," Gilbert said.
Richard Mein, chief executive of Parmenion Capital Partners LLP, said: "Aberdeen's strategic interest in Parmenion derives from their recognition that the business of investment management is moving online."
Aberdeen Asset Management shares were down 0.9% at 309.8 pence.
By Samuel Agini; [email protected]; @samuelagini
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