Aberdeen Asset Management to acquire Parmenion

Aberdeen Assets Management has reached an agreement to acquire Parmenion Capital Partners and its sister company, Self Directed Holdings.

The FTSE 100 group said it did not provide any financial details, although it said the acquisition of the provider of risk-graded portfolio was aimed at ensuring it remained ahead of the curve in using financial technology when dealing with investors.

Parmenion, which is based in Bristol, will retain its own identity and location, Aberdeen said, adding the newly-acquired group will be able to allocate funds to to Aberdeen's quantitative investment strategies.

"Parmenion is perfectly placed to respond to the evolving pension environment and the growing demand for investment services that are accessible online,” said group chief executive Martin Gilbert.

“Since being established in 2007 it has provided financial advisers with a valuable service and their clients with investment solutions to meet their individual goals.”

Aberdeen shares were down 1.57% to 307.60p at 1547 BST on Friday.