Standard Life Aberdeen (SLA) has sold independent financial adviser (IFA) platform Parmenion to private equity firm Preservation Capital Partners in a £102 million deal.

Parmenion has about £8 billion in assets under management compared to the combined £67 billion of Wrap and Elevate, SLA’s other adviser platforms.

Standard Life Aberdeen CEO Stephen Bird said: “The sale demonstrates our commitment to simplify our operations and reconfigure our business, and investment, around our growth vectors.

“In the adviser vector, we will continue to focus on providing a market-leading proposition to financial advisers through our Wrap and Elevate platforms.”

Parmenion CEO Martin Jennings said: “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.”

Preservation Capital Partners principal Andrea Secci said: “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 is one of the leading platforms within the sector with its own proprietary technology that has consistently been ranked by advisers as one of the best platforms in the UK over the last five years.”