Standard Life Aberdeen has traded its financial advisory business Parmenion Capital Partners LLP in a £102 million deal to private equity group Preservation Capital Partners.
The announcement for the deal came after Parmenion Chief Executive Stephen Bird’s statement of making a shift in the investment strategy and refocus through disposals.
In a statement, Bird said that the deal shows the company to simply operations and configure its business and investment around the growth vectors (investment, personal, adviser).
The attempts to gear up with a new strategy will happen later this year to return the business to sustainability in dividends and reassess revenue and earnings growth. The new approach involves prioritizing on its biggest adviser platforms named Elevate and Wrap that administer assets worth £62 billion.
In November 2020, Standard Life Aberdeen had put up Parmenion for sale, which manages £8 billion in assets on the behalf of around 2,500 advisors with over 68,000 clients.
Aberdeen Asset Management made the acquisition for Parmenion for £50 million in November 2017 under CEO Martin Gilbert’s leadership. The sale came after Standard Life Aberdeen’s announcement of full-year results on March 9.