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Leicester IFA picks Parmenion and passives for portfolios

Aitkenhead

Hunter Aitkenhead & Walker is shifting all client assets to Parmenion, as its managing director believes the DFM can offer greater consistency with less risk than in-house options.

Leicester-based Hunter Aitkenhead & Walker (HAW) has around half its assets with discretionary fund manager Parmenion and plans to move the other half to it too. The other half is currently spread across the firm’s panel of model portfolios.

HAW managing director Jim Aitkenhead says he started using Parmenion a decade ago as he wanted to use its quasi-discretionary model. HAW can change asset allocations and fund selections in the manager’s portfolios, providing Parmenion signs them off.

‘I have found them to be honest and open,’ says Aitkenhead. ‘A Parmenion representative attends our quarterly investment meetings, providing valuable input. Their research and fund selection are exceptional, with detail no IFA could replicate unless they hire multiple investment staff.’

He adds Parmenion’s web service is easy to use, and its charges are ‘keen’.

Parmenion has expanded rapidly over the decade, which caused teething problems, but things have settled down recently, says Aitkenhead. Also, the takeovers of Parmenion by Aberdeen Asset Management, and then by Standard Life, have not affected the service.

‘It’s a marginal positive because they are now part of a much larger group,’ says Aitkenhead. ‘I was worried about conflicts of interest, but there appears to be no interference. I was concerned they might marginalise us because we’re relatively small. But they have not.’

He says another reason for moving assets to Parmenion was to make HAW’s investment solution more consistent and robust; and to avoid in-house fund switches, which create risk if there is an administrative error in switching.

Assets not with Parmenion are in multi-asset funds, in-house model portfolios, and bespoke portfolios using funds from HAW’s panel.

Article first featured in New Model Adviser on 05 December 2018, written by 

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