Preservation Capital Announces Investment in Parmenion

Founded in 2007, Parmenion is an award-winning provider of investment services and technology solutions for financial advice firms in the UK.

Parmenion offers a differentiated and integrated solution including platform technology, custody and discretionary fund management services. Parmenion is a growth leader in its segment, led by one of the best management teams in the sector, exhibiting a strong client-centric corporate culture, harnessing the potential of its proprietary technology to deliver solutions and customer service that consistently achieve market-leading ratings in terms of customer satisfaction. The quality of the business and its offering has achieved a proven and consistent track-record and market share gains in one of the fastest growing segments of the UK wealth management industry.

Parmenion’s assets under administration quadrupled in the last 5 years, driven by strong organic growth. At the end of 2020, the company serves in excess of £8.0bn of assets on behalf of more than 2.5k advisers and over 68k savers. 

In acquiring Parmenion, Preservation Capital Partners aims to support the business and its management team in creating a national champion. Key priorities of Preservation Capital Partners’ strategy will be the continuous development of Parmenion’s offering, the delivery of excellency in terms of customer satisfaction and the generation of market-leading organic and inorganic growth.

Martin Jennings, CEO, Parmenion commented:

“Parmenion has enjoyed strong growth in recent years, and we are delighted that Preservation Capital has recognised the potential in our business, and share our future vision.  Their belief in us, our teams and what we deliver every day to advisers and their clients means there is total alignment of interests, and we are genuinely excited about our future.”

Andrea Secci, Principal, Preservation Capital Partners commented:

“We are extremely excited to be supporting Parmenion and its management team, led by Martin Jennings, in its next stage of growth. The adviser platform sector is one of the most attractive sub-sectors within the UK wealth management industry, experiencing strong organic growth on the back of increased regulation and strong demand for seamless, customer friendly, integrated digital wealth management services from both financial advisers and savers. Parmenion is a leader in the sector in terms of customer satisfaction and growth track-record. We believe the business has built a sustainable competitive advantage, turbo-charged by a strong management team, cohesive and client-centric corporate culture, powered by proprietary technology, delivering an offering that has consistently been ranked by its clients as one of best in the UK over the last 5 years.”

Preservation Capital Partners is being advised by Hannam & Partners, Kirkland & Ellis, Armstrong and PwC.

Standard Life Aberdeen is being advised by Fenchurch Advisory Partners and Pinsent Masons.