Richard Mein, Parmenion managing partner
Parmenion Capital Partners LLP, an IFP Corporate Member, says the move to a post-RDR advisory world has fuelled a dramatic rise in its profits.
The discretionary fund manager and platform provider announced a sharp rise in annual profits for the year to March 2013 with operating profit up by 87 per cent.
Key figures from its annual results include: operating profit up by 87 per cent to £852,000, profit before tax up to £568,000 from £251,000, turnover up by 50 per cent from £2.2m to £3.3m, assets under management doubling to over £700m and staff numbers up by 30 per cent.
The company says advisers shifting to a post-RDR strategy and outsourcing investment management and assets to third parties helped business rise significantly.
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Richard Mein, managing partner, said: "It's been a fantastic year for us. RDR has had a positive effect on our growth, as advisers embrace the benefits and operational efficiencies that an insourced Centralised Investment Proposition (CIP) can bring to their businesses.
"This momentum has accelerated further in the first quarter of our new financial year with almost £200m in new AUM and current total assets of approximately £750m."
Parmenion has over £700m of assets under management with over 1,600 Financial Planners and advisers registered for its range of investment services. It says it has developed a range of investment solutions for Financial Planners and advisers which can be implemented within their businesses to support their Centralised Investment Propositions.
