Parmenion’s assets exceeds £1.7bn

Parmenion’s assets exceeds £1.7bn

Parmenion Capital Partners saw its assets under management reach £1.71bn in the year to end of March this year, according to its financial results.

The company, which uses platform-based technology and investment management expertise to offer services for advisers, saw its profit for the period hit £1.68m, up from £1.16m a year before, while turnover increased from £5.28m to £7.37m.

Parmenion noted its focus on building “innovative technology” helped boost results.

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In the past year it said it had brought on stream several large scale technology projects that had been developed entirely in-house, including automated advice technology, an in-house self invested personal pension and a redesigned adviser website.

Richard Goodall, partner and head of distribution at Parmenion, said: “By owning and controlling the three most important components behind an adviser’s investment proposition - discretionary investment management, custody services and technology - we are able to bring big efficiency gains to advisory businesses.”

Parmenion serves approximately 900 advisory firms, looking after more than 26,000 underlying clients. It has a range of approximately 100 discretionary investment offerings.