Aberdeen and Standard Life merged earlier this week to create a new financial giant called Standard Life Aberdeen. The combined group has £660bn in funds under management and operates a number of platforms including the Standard Life Wrap and Elevate, recently bought from AXA.
Bristol-based Parmenion was bought by Aberdeen Asset Management in early 2016 following the death of Parmenion founder Richard Mein.
In a message to users this week following the Standard Life-Aberdeen merger, Parmenion said it would continue to be “ring-fenced” as a business and there were no plans to merge it with other Standard Life wrap or platform operations.
It said: “The merger between Standard Life and our parent company Aberdeen Asset Management formally completed on Monday. Aberdeen Standard Investments is now one of the largest active fund managers in Europe, offering clients access to a comprehensive range of developed and emerging market equities, multi-asset, fixed income, real estate and alternatives solutions.
“For us here at Parmenion, the message remains the same – business continues as usual as we grow our business and develop our capabilities.
Parmenion said Aberdeen chief executive Martin Gilbert and Aberdeen have been very supportive of Parmenion.
Mr Gilbert said recently: “A key factor in our decision to acquire Parmenion was securing an agile business with the potential to create transformational change in the market. This led us to ring fence the company from the rest of the group and back Martin Jennings, with his senior team, to drive the business forward. I am delighted to say that approach has proved to be the right one, as evidenced by their record breaking growth.
“Following the merger between Aberdeen and Standard Life, there are no plans to change this”.