Financial Services: Preservation Capital Partners’ investment in Parmenion
Armstrong has provided CDD support for Preservation Capital Partners (‘Preservation’), as it partners with the management team of Parmenion, an award-winning provider of investment services and technology solutions for financial advice firms in the UK. Preservation specialises in investing in businesses that operate in the asset light financial services sector.
Parmenion offers a differentiated and integrated wealth management solution including platform technology, custody and dealing services, and discretionary fund management, led by an impressive management team. Parmenion services over £8bn of assets held on behalf of more than 68,000 clients and over 2,500 financial advisers. Preservation’s investment will support the management team as it continues to develop the Parmenion platform for its clients and their advisers.
Armstrong provided full buy-side CDD, building on our team’s strategy and industry experience in the UK wealth management sector. Armstrong tested Parmenion’s growth potential by carrying out an in-depth referencing programme with its adviser firm customers, supported by conversations with Armstrong’s network of industry experts. We blended this with our granular analysis of Parmenion’s internal data to evaluate its business plan, and assess its opportunity to win market share in a complex, fragmented, and highly competitive market.
Andrea Secci, Principal, Preservation Capital Partners commented: “We are excited to be supporting Parmenion and its management team, led by Martin Jennings, in its next stage of growth. Armstrong provided us with a thorough referencing of Parmenion’s adviser firms, a deep understanding of the differentiation of its value proposition to its competitors. Armstrong’s support was critical in building confidence in our investment case and value creation plan.”
Simon Hemsley, Head of Financial Services at Armstrong Transaction Services, said; “Parmenion is a great investment opportunity for Preservation, as the business combines an impressive management team, market-leading technology that it developed in-house, and a true commitment to excellent client service. Feedback from its financial advisers was very positive, and Parmenion has built a great platform to support further growth. We enjoyed working with the Preservation & Parmenion teams, and we’re excited to see how successful they can be in the future.”
The engagement was led by Armstrong’s Head of Financial Services, Simon Hemsley. Prior to joining Armstrong, Simon was CFO at Integrafin, which offered a similar wealth platform service to financial advisers and their clients.
To find out Armstrong’s views on opportunities in the wealth management and broader financial services market, please contact;
Simon Hemsley, PartnerEmail Simon