Subsidiary sold...

Standard Life Aberdeen sells Parmenion for £102m

Stephen Bird SLA

Stephen Bird: growing momentum

Standard Life Aberdeen has sold investment management subsidiary Parmenion Capital Partners to private equity group Preservation Capital Partners in a £102m deal.

Parmenion currently manages around £8bn of assets on behalf of more than 2,500 advisers and more than 68,000 underlying clients.

The deal was announced hours after chief executive Stephen Bird said the business was being simplified and refocused through disposals and a shift in its investment strategy.

The company’s “new strategy” will see it rebrand later in the year as Mr Bird seeks to return the business to revenue and earnings growth and a sustainable level of dividends. The board announced its first cut in the dividend since 2006.

Earlier, in a conference call with the media, Mr Bird said there will be a single brand and discussions over the proposal with colleagues had been favourable. The brand was sold to Phoenix in a deal aimed at boosting the trading relationship between them.

He confirmed that the company was continuing to assess its property needs in the light of the work-from-home trend and the desire for a hybrid operation.

“We will require a smaller office footprint,” he said. “I have not fully resolved what size that will be.”

He said offices were being re-configured but office needs would become clearer once staff were released from restrictions.

“Offices are essential as a locus of socialisation and brain storming.”

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