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SLA offloads Parmenion to European private equity firm in £102m deal


SLA offloads Parmenion to European private equity firm in £102m deal
Sale is to simplify SLA’s adviser strategy around its Wrap and Elevate platforms
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. ....

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SLA confirms Parmenion sale


SLA confirms Parmenion sale
Standard Life Aberdeen (SLA) has confirmed the sale of digital platform Parmenion as it looks to consolidate its online offerings.
The platform service, which is targeted at UK advisers, has been bought by private equity firm Preservation Capital Partners in a £102 million (€119.2 million) deal.
The sale is part of SLA’s strategy to focus its adviser business around its core platforms Wrap and Elevate – a more mainstream offering which has a combined £67 billion in assets compared to the £8.1 billion of assets on Parmenion.
It is one of the first major moves from SLA chief executive Stephen Bird since he took over the running of the asset manager from its founder Martin Gilbert who bought Parmenion back in 2015. ....

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