Bosses at fast-growing Bristol fintech innovator Parmenion are looking ahead to further expansion following its £102m sale this week by Standard Life Aberdeen to a private equity firm.
London-based Preservation Capital Partners (PCP) said it would back Parmenion’s management team in their expansion ambitions. 
Parmenion, which has developed market-leading discretionary managed model portfolios as well as a platform service to advisers, is already one of the fintech sector’s star performers, having grown to £8bn of assets since it was founded in Bath in 2007.
It relocated to Bristol around five years ago at roughly the same time it was acquired by Aberdeen Standard Investments, the asset management business of Standard Life.
Last year it accelerated its digital programme through a series of key projects, including Vantage, a reporting tool that puts important client and business management information in the hands of its adviser users.
Parmenion CEO Martin Jennings, pictured, said: “As a business we have a clear vision for our future, which has been a driving force behind our ambitious development. Knowing who our customer is and what our core proposition makes possible for our clients has set us apart in the market meaning we keep the customer at the fore in everything we do.
“As we approach a critical next phase in our evolution as a business, we are delighted to welcome PCP on board as our new owners. Throughout the acquisition process, they demonstrated a real understanding of our long-term goal and share our strategic vision. 
“In PCP we have a partner that is supportive of the management team and its business plan. We are now looking forward to getting on with delivering our plan for our customers.”
Customers and staff have been told there will be no changes to the firm’s operating model and that its growth plans and strategic vision are shared with PCP, which is committed to supporting Parmenion to continue its expansion in the UK long-term savings market.
PCP principal Andrea Secci added: “We are very excited to be supporting Parmenion and its management team, led by Martin Jennings, in its next stage of growth.
“The IFA platform sector is one of the most attractive sub-sectors within the UK wealth management market and Parmenion is a prime example of the type of market-leading businesses we like to support due to its exceptional track record of growth and award-winning service proposition.
“Management’s vision is closely aligned with our own philosophy of long-term investment into scalable organisations to deliver best in class service for its clients and outsized growth.
“We are fully committed to supporting the management team to continue to deliver the market-leading proposition and award-winning customer service to its clients, as well as supporting them with access to significant additional capital for further investment in the platform and accretive acquisitions.”
PCP has assets under management worth £480m. It has investments in insurance managing general agent Optio and BMS, one of the largest independently owned Lloyd’s specialty insurance brokers, managing more than $2bn of gross written premiums.
