Gilbert’s AssetCo completes Parmenion deal

Campbell Fleming

Martin Gilbert’s investment firm AssetCo plc announced it has completed the acquisition of a 30% equity interest in Parmenion Capital Partners LLP, a discretionary investment manager and advisory platform, from Preservation Capital Partners Limited.

AssetCo chairman Gilbert is the former co-CEO of Standard Life Aberdeen (SLA), now called abrdn.

“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 the performance of Parmenion,” said AssetCo.

“The acquisition of the interest was conditional on approval by the FCA to the change in controller, which has now been received …

On 1 October 2021 the company completed the acquisition and paid Preservation Capital Partners Limited £20.6 million.

“In addition to the consideration, the company paid a further £1.3 million to reflect their 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.

Since the acquisition was announced, Platforum, a research consultancy, has published its latest quarterly analysis of investment platforms in the UK.

“Based on ten criteria, assessed by financial advisers, Parmenion ranked number one for platforms with Assets under administration of less than £20 billion, and second out of all platforms.

“Parmenion’s proprietary technology and strong customer service has consistently seen it rated by Platforum as number one or two of all platforms each quarter since 2016.”

AssetCo CEO Campbell Fleming said: “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.” 

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.