Aberdeen eyes digital innovation with Parmenion

Aberdeen eyes digital innovation with Parmenion

Aberdeen Asset Management has become the latest fund provider to make moves into the pensions market with its acquisition of Parmenion.

Aberdeen announced the aquisition of Bristol-based Parmenion Capital Partners and its sister company SelfDirected Holdings on Friday.

Parmenion had £1.9bn in assets under management and delivered services to more than 900 adviser firms.

Martin Gilbert, the chief executive of Aberdeen, said: “Parmenion is perfectly placed to respond to the evolving pension environment and the growing demand for investment services that are accessible online.

“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.

“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.”

If Aberdeen were to make serious moves into this market it would be the latest fund provider to do so following asset management firms such as Schroders, JPMorgan Asset Management and Fidelity Worldwide Investment.

Parmenion will retain its own identity and remain located in Bristol, but Mr Gilbert said it will receive additional investment from Aberdeen.

It was a member of the Fintech 50 2015 and its platform was given the highest rating based on a recent survey of advisors by Platforum.

Nicola Robinson, a spokesman for Parmenion, said the company would be ringfenced and would remain independent in its choice of funds, adding that any differences would be positive.

Richard Mein, chief executive of Parmenion, said: “The backing of one of Europe’s largest fund management businesses will enable us to continue to develop our investment and technology solutions for our clients.”

Aberdeen, which is based in the Granite City, has assets under management of £307bn and will not be disclosing the price of the acquisition.

It comes after Aberdeen completed the acquisition of private client markets manager Flag Capital Management.

Aberdeen was asked if it had plans to go direct to consumer but it did not respond.

Adviser view

Susan Hill, of Hertfordshire-based Susan Hill Financial Planning, said: “I would think Aberdeen is planning on entering the D2C market.”