Standard Life Aberdeen has agreed to sell its adviser platform Parmenion to private equity business Preservation Capital Partners in a deal worth up to £102m.
This comes hours after Portfolio Adviser sister title International Adviser reported that the business was still up for sale. SLA said the reason for the sale is “the simplification of its adviser strategy around the business’ core propositions – Wrap and Elevate”.
Founded in 2007, Parmenion is an investment and technology solutions business that supports financial advice firms in the creation and operation of a centralised investment proposition. It manages more than £8bn of assets on behalf of over 2,500 advisers and more than 68,000 underlying clients.
Preservation Capital Partners is a European private equity firm which invests in businesses operating within the financial and business services sectors.
The European firm said it has “significant capital to support Parmenion in growth and consolidation within the wealth management sector”.
‘Most attractive sub-sectors’
Preservation Capital Partners principal Andrea Secci said: “We are extremely excited to be supporting Parmenion and its management team led by Martin Jennings in its next stage of growth.
“The IFA platform sector is one of the most attractive sub-sectors within the UK wealth management market and is experiencing strong organic growth driven by increased regulation and digitalisation of the advisory market.”
Parmenion chief executive Martin Jennings added: “Parmenion has enjoyed strong growth in recent years, and we are delighted that Preservation Capital has recognised the potential in our business, and share our future vision.
“Their belief in us, our teams, and what we deliver every day to advisers and their clients means there is total alignment of interests, and we are genuinely excited about our future.”
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