AIM-listed AssetCo, city legend Martin Gilbert’s most recent venture, today completed is acquisition of a 30 percent interest in Parmenion.
The discretionary investment manager and advisor platform for the wealth and financial planning sector, Parmenion, was ranked number one by research consultancy Platforum for businesses with assets under administration of less than £20 billion.
Today also marks the start of Fleming Campbell’s stint as CEO of the business which was announced to the market last month. He takes over from Peter McKellar, who retains his position as deputy chairman. Both Mr Campbell and Mr McKellar are former Aberdeen Asset Management colleagues, with the role of global head of distribution and head of private markets respectively.
Regarding the Parmenion deal, AssetCo paid £20.6 million for the equity stake. In addition the company paid a further £1.3 million to reflect its pro rata share of the costs incurred by preservation in the acquisition of Parmenion, together with interest costs on the initial consideration from 1 July 2021.
New CEO Mr Fleming said in a statement to the market: “Parmenion is at the forefront of the digital transformation taking place within the asset and wealth management industry. Its award-winning IT infrastructure and client focused philosophy have established it as a market leading platform. Parmenion has the client support, people and skill sets to grow and to continue to deliver for advisers and customers.
"The acquisition of a 30% equity interest in Parmenion is part of our overall strategy to develop an agile asset and wealth management company that meets the needs of investors in the 21st century. We are looking forward to working with Preservation Capital Partners and the Parmenion team in continuing to build the business and delivering value to investors and AssetCo shareholders."
