Martin Gilbert's AssetCo acquires 30% stake in Parmenion

£27.8m deal

Jenna Brown
clock • 3 min read

AssetCo, chaired by former Standard Life Aberdeen joint chief executive Martin Gilbert, has acquired a 30% equity interest in Parmenion Capital for £27.8m.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

How adviser platforms bridge Consumer Duty and vulnerable client care

How adviser platforms bridge Consumer Duty and vulnerable client care

'For vulnerable clients, the concept of value for money takes on heightened importance'

Darren Winfield
clock 16 December 2024 • 5 min read
Platform due diligence: A comprehensive approach

Platform due diligence: A comprehensive approach

Due diligence is more than best practice it is ‘fundamental'

Stephen Ford
clock 18 November 2024 • 4 min read
Adviser platform net sales hit £3.1bn despite spike in lump sum withdrawals

Adviser platform net sales hit £3.1bn despite spike in lump sum withdrawals

Assets rose to £683bn in best third quarter in three years

Isabel Baxter
clock 15 November 2024 • 4 min read