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Birmingham Post
Birmingham Post
Andrew Arthur

Parmenion acquires EBI Portfolios in first deal since Abrdn sale

Bristol-based financial services firm Parmenion has struck its first deal since it was sold by London-listed investment giant Abrdn last year.

The company, which manages more than £8bn for around 1,500 financial advisers with more than 80,000 clients, has acquired EBI Portfolios for an undisclosed sum.

Midlands-based EBI currently administers £1.9bn for more than 150 advisory firms and nearly 7,000 underlying customers.

It comes 18 months after Parmenion was sold by Abrdn - formerly Standard Life Aberdeen (SLA) - into private equity for £102m.

Parmenion, which is based in the Aurora office building in Finzels Reach, said the purchase was part of an “ambitious growth strategy”, which in the last year has seen it broaden its investment offering with the addition of a number of leading wealth managers.

In 2021, the firm reported its revenue had climbed 20% following strong sales growth, with assets under management rising 17% to £9.6bn.

Chief executive Martin Jennings said the addition of EBI to the group would bring “significant opportunities for growth” for both parties.

EBI will continue to operate from its office in Aldridge under the same brand with, the frim adding there would be no changes to its investment offer or its service. As part of the agreement Parmenion’s chief commercial officer Mike Morrow will join its board.

EBi founder Craig Burgess said: “We first looked to align EBI with Parmenion 10 years ago, so I’m delighted to be announcing this acquisition today. It’s a great opportunity for us to accelerate our growth and develop our business with the support of a well-capitalised parent.

“Parmenion understand the way advice, investment and technology fit together in practice and will support the continuous improvement of our online adviser tools, Turnkey and The Vault.”

The deal comes amid reports from Sky News and The Financial Times that Parmenion’s owners are currently looking to sell a “significant stake” in the business at a valuation of between £300m and £400m.

AssetCo - which is led by former Abrdn chief executive Martin Glibert - currently has a 30% stake in Parmenion.

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