8th Sep 2022 10:07
(Alliance News) - AssetCo PLC shares jumped on Thursday morning after it confirmed it is in talks to sell some or all of its stake in Parmenion Capital Partners LLP.
Shares in AssetCo were up 16% in London at 72.20 pence each.
On Wednesday, Sky News reported the one-time abrdn PLC unit Parmenion may be sold in a deal which values it a significant premium to what the asset manager sold it for last year. Sky News said Parmenion shareholders are mulling selling a "significant" stake in a deal which values the investment manager at up to GBP400 million, so roughly four times what abrdn sold it for.
On Thursday, AssetCo noted the press speculation and confirmed discussions may be taking place.
"Parmenion's board regularly explores options to accelerate the development of the business and maximise its growth potential and value to shareholders," it said. "AssetCo is supportive of such discussions and we remain delighted with Parmenion's progress to date."
AssetCo holds about a 30% stake in Parmenion.
It would be a slight ignominy for abrdn, made worse by the fact AssetCo is chaired by Martin Gilbert, a former chief executive of abrdn, back when it was named Standard Life Aberdeen PLC.
Last year, it agreed to sell the 'Standard Life' brand to Phoenix Group Holdings PLC. abrdn's rebrand was completed in July of last year.
It has not been an easy year for the firm since then. Earlier this month, it reported a swing to interim loss and lowered its outlook, amid market volatility.
abrdn was last month booted out of the FTSE 100, in a series of index changes which take effect on Monday.
By Paul McGowan; [email protected]
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