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Preservation Capital Partners snaps up Parmenion
By Katey Pigden 9
th March 2021 3:20 pm
European private equity firm Preservation Capital Partners has acquired Parmenion from Standard Life Aberdeen in a deal worth £102m.
The future of the platform still remained uncertain this morning when SLA published its financial results and indicated it was still on the hunt for a buyer.
News emerged that Parmenion was up for sale in November last year.
Stephen Bird, who took over as chief executive of SLA in September 2020, has wasted no time in reviewing the various parts of the business.
Bird previously described Parmenion as a “fantastic and highly regarded business” but said it was put up for sale to allow the parent company to simplify its offering for advisers.
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th February 2021 5:08 pm
Standard Life Aberdeen’s branding review across the group will see the name of its adviser platforms change but the “expertise and dedication” of the teams will remain.
After a wide-ranging deal with Phoenix, Standard Life Aberdeen agreed to sell the Standard Life brand for an undisclosed sum.
Updating advisers about the changes, Standard Life Savings chief executive Noel Butwell (pictured), who is responsible for the Wrap and Elevate platforms, said: “The brand name of our platforms will change in time. The expertise and dedication of the teams that work every day to meet your expectations does not.”