Saturday, May 21, 2022
HomeFinancial PlanningRevenues rise 20% for Parmenion as platform swings to revenue

Revenues rise 20% for Parmenion as platform swings to revenue

Income for core enterprise at Parmenion rose 20% to £36m in 2021, because the platform swung from loss to revenue following its sale by Customary Life Aberdeen in July.

The platform and wealth supervisor noticed a £4.5m revenue in 2021, compared to a £4.6m loss in 2020.

Belongings below administration rose 17% to £9.6bn.

Internet inflows have been down 24% to £764.6m. Parmenion stated this was as a result of lack of two purchasers.

Non-core income additionally dropped by £9.8m because of Customary Life Aberdeen ending Parmenion’s contract with Virgin Cash as a part of the sale of the enterprise.

Martin Jennings, CEO at Parmenion, stated: “Demand for monetary recommendation has by no means been greater, and we consider that demand will proceed to develop all through the subsequent decade. Our intention to broaden our funding proposition, ship a market main retirement providing and innovate via digital providers and knowledge has been effectively acquired by our adviser companions. 

“As public temper and worldwide coordinated authorities coverage drives an elevated want for ESG options, we’re additionally delighted to be this 12 months celebrating the tenth anniversary of our pioneering moral options whose belongings below administration reached over £630m belongings with inflows of greater than £87million within the final twelve months alone. “

“With our new possession sparking a change of tempo and a company-wide deal with serving to our prospects thrive, we’re in little doubt that we’re in a superb place to help advisers with a full vary of trade main services and products as they ship their recommendation to their purchasers.”

Non-public fairness agency Preservation Capital Companions acquired the platform for £102m, following Customary Life Aberdeen’s determination to promote the enterprise in November 2020.

Martin Gilbert’s AssetCo additionally holds a 30% stake in Parmenion Capital Companions.  



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