Wealth and asset management consolidator AssetCo has completed its acquisition of 30 percent of Parmenion, a discretionary investment manager and advisory platform for the wealth and financial planning sector.

The agreed consideration was up to £27.8 million, of which £20.6 million was to be paid on completion and up to £3.6 million in each of March 2022 and March 2023, depending upon future performance.

AssetCo has now paid Preservation Capital Partners £20.6 million. The firm paid a further £1.3 million to reflect their pro rata share of the costs incurred by Preservation in the acquisition of Parmenion, together...