Martin Gilbert's AssetCo acquires 30% stake in Parmenion

The deal is worth up to £27.8m, which will be paid in cash, with a payment of £20.6m due on completion and up to £3.6m due in March 2022 and March 2023. The acquisition is subject to Financial Conduct Authority approval. Adviser platform Parmenion was bought by private equity firm Preservation Capital Partners for £102m in March after being put up for sale by Standard Life Aberdeen, now known as Abrdn. The deal officially completed on 30 June. Gilbert, chair of AssetCo since March this year, was chief executive of Aberdeen Asset Management when it bought the adviser platform in Januar...