Russell Investments, a global asset manager with £215bn in assets under management, launched its model portfolios in the UK in 2010.

Prior to working with Aberdeen Asset Management-owned Parmenion, the only way to manage these model portfolios was on an advisory basis which meant increased administrative effort for advisers, said Parmenion.

Parmenion believes it is the first to offer Russell Investments’ risk-rated model portfolios on a discretionary basis. The “Russell Investments Model Portfolios” will be managed by Parmenion and are accessible only through Parmenion’s platform technology.

Richard Goodall, distribution and marketing director at Parmenion, said: “We worked very closely with the team at Russell Investments to ensure that we ended up with a proposition that truly met the needs of the business and its supporting advisers.

“From the beginning, there was a clear synergy in terms of making it easy for advisers to do business.
This exciting partnership opens up huge opportunities for both Parmenion and Russell investments and we are looking forward to building a strong and successful working relationship together.”

Eugene Bibik, head of Russell Investments Wealth Management (RIWM) UK, said: “Partnership with Parmenion, one of the fastest growing platforms in the UK, will help to accelerate growth of our wealth management proposition.”