Former Standard Life Aberdeen joint chief executive Martin Gilbert’s AssetCo has acquired a 30% stake in Parmenion Capital Partners.

Investment firm and platform provider Parmenion has joined the growing list of investment managers who have removed VAT from their Managed Portfolio Services (MPS).

Parmenion, the platform acquired for £102m last week, is to invest in its own proprietary technology rather than follow other platforms in using third party ‘platform engine’ providers such as FNZ.

Private equity firm Preservation Capital Partners has today acquired the Parmenion platform from owners Standard Life Aberdeen for "up to £102m."