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Parmenion remains ‘Strong’ in the face of COVID

Parmenion today announces that it has retained its AKG ‘B’ financial strength rating for both Platform and DFM services, following another year of growth for the technology-led DFM.  

The ‘B’ rating indicates a strong financial position in the market, and takes into account: capital and asset position, expense position and profitability, structure and size of funds within the company, operational capability, management strength, strategic position and rationale, brand and image, product / service features, operating environment and ability to withstand external forces. 

The fast-growing company also achieved a five-star excellence rating from AKG for its service in 2020 – the highest available – and four stars ratings for its image and strategy and overall business performance. 

Until the sale of Parmenion concludes*, it remains part of the Standard Life Aberdeen Group. However, the company has always been assessed individually on its financial strength, with appropriate focus on access to capital amongst a wide range of factors. 

It will continue to be run independently under new owners, private equity firm Preservation Capital Partners, which has committed to backing the company’s current strategic vision, following its equity-backed buy-out. 

Emma Thomas, Chief Financial Officer, commented:

Without a doubt, 2020 will be remembered by everyone as a challenging year. No one could have predicted a global pandemic or been entirely prepared for it.

Despite COVID, under robust leadership and driven by dedicated staff, Parmenion has continued to deliver strong propositional development and award-winning customer service throughout. Our AKG ‘B’ rating, as well as our growth figures, are testament to this. I am extremely proud of everyone here, who helped to achieve another growth year for Parmenion. We’re now looking forward to a great 2021.

Parmenion ended 2020 on a positive note, having driven assets under management to £8.1 billion, and increasing its customer numbers by 11%. 

*Subject to regulatory approval

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AKG Financial Strength Assessment – Platform sector

AKG Financial Strength Assessment – DFM sector