First announced in September, Aberdeen hopes the acquisition will help boost its presence within the financial technology sector and “become a leader in using technology to provide investors with portfolios appropriate to their needs”.
According to the firm, the key benefits brought about by the deal are: an acceleration of Aberdeen’s digital innovation plans, growth of its investment solutions business and an extension of the reach of its UK distribution.
Aberdeen chief executive, Martin Gilbert, said as part of the announcement: “With Aberdeen’s support and investment I believe we can build on Parmenion’s success to meet the changing needs of financial advisers.
“This acquisition ensures Aberdeen is at the forefront of the digital revolution within asset management and augments our strategic aim to grow our Investment Solutions business,” he added.
Parmenion has £1.9bn (€2.5bn, $2.8bn) in assets under management and provides services to over 900 adviser firms.