Parmenion has become the latest platform to be snapped up by a private equity house, with Standard Life Aberdeen announcing its £102m sale to Preservation Capital Partners.

The deal is part of SLA’s plan to simplify its business and focus on its core platforms – Wrap and Elevate.

According to Parmenion, Preservation Capital Partners is a “long-term investor” and so has access to “significant capital to support Parmenion in growth and consolidation within the wealth management sector”.

As well as its platform service, Parmenion offers model portfolios for advisers as a discretionary service and technology to help advisers run their own portfolios.

Read more/Source: FT Advisor