Asset Allocator recently found itself at an event in the City of London, and, in the interests of our readers, took advantage of the free booze and food, while looking under the bonnet of some recent industry events.
One of the topics to come up was Parmenion's recent acquisition of the Midlands-based EBI Portfolios.
EBI is a DFM which specialises in ESG investing and which had, at the time of the acquisition in September, about £1.9bn in assets under management from 150 advice firms.
This was Parmenion's first acquisition since Abrdn sold the company to private equity in 2021.
One insider in the know mentioned to us that this acquisition is likely to be typical of the sort of deals Parmenion will seek to strike as it grows: a regional DFM which has a strong presence among the advice firms in its area but not a massive profile further afield.
There are certainly plenty of DFMs which fall into that category so Parmenion is unlikely to be short of options.
As we have mentioned before, the DFM market is increasingly competitive which could leave some regional players pondering if and how they level up (to coin a phrase).
And since EBI has continued to operate the same service under its own branding from its existing base in the Midlands, there may well be takers if Parmenion knocks on the door with some financial firepower.