The challenging times that some platforms are facing represent a good opportunity to focus on doing the basics well. A platform that offers a range of outsourced investment solutions, delivers reliable custody, and is well integrated with external tools, will find its future bright. We fear for the rest.
Mike Barrett is consulting director at independent consultancy the Lang Cat
PLATFORM ACTIVITY: KEY EVENTS THIS YEAR
Aberdeen acquires Parmenion
In September the fund management house agreed a deal to acquire platform and discretionary manager Parmenion for an undisclosed sum. At the time, Aberdeen said the deal formed part of a strategy to “capitalise on financial technology advancements”, as well as the pension freedoms reforms. Under the deal Parmenion will retain its identity and stay in Bristol but will receive additional investment from Aberdeen to expand its service.
Caledonia buys majority stake in 7IM
In June the Caledonia investment trust acquired a 94 per cent stake in Seven Investment Management (7IM). Under the deal, it invested £77m in cash to secure a majority stake in the company from Zurich Holding and Aegon UK. 7IM now accounts for roughly 4.7 per cent of Caledonia’s portfolio.
