Advisory arm disposal
Standard Life Aberdeen puts Parmenion on sale
Stephen Bird: ‘intensely focused’
Standard Life Aberdeen’s new chief executive Stephen Bird is to announce the sale of one of its advisory businesses as he continues to restructure the Edinburgh-based company.
Parmenion was acquired for £50 million in 2016 by Aberdeen Asset Management a year ahead of its merger with Standard Life and was producing revenues of about £10 million.
It is thought to have doubled in value since then and has technology that would be attractive to a buyer.
Mr Bird recently succeeded long-serving Keith Skeoch and has set about shifting the focus of Standard Life Aberdeen.
The company has been hit by outflows and was replaced by competitor Schroders as the UK’s biggest listed fund company by assets.
“Since my appointment in September, I have been intensely focused on how we develop our strategy, take out cost and complexity, and reconfigure our business around our key growth vectors — our investments, adviser and direct to customer businesses,” Mr Bird said at the weekend.
The sale of Parmenion, first reported by Sky News, follows comments made by Mr Bird two weeks ago that he is on the hunt for acquisitions and new technology to halt an exodus of investors and ensure it can compete with the industry’s heavyweights.