Adviser platform Parmenion has been bought by private equity firm Preservation Capital Partners for £102m after being put up for sale by Standard Life Aberdeen (SLA).
It was revealed in November by SLA CEO Stephen Bird that he intended to auction off the platform business, which administrates £8bn for 2,500 advisers and 68,000 clients, and keep its other, larger adviser platform propositions Wrap and Elevate. The sale comes as part of Bird's ongoing plans to simplify SLA's structure, which he has been vocal about since taking over the firm. Bird has previously said Parmenion was a "fantastic and highly regarded business" but that the firm's offering to financial advisers needs to be simplified. SLA said the European private equity firm was a "long-...
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