Aberdeen Asset Management has confirmed the acquisition of Bristol-based Parmenion Capital Partners LLP and its sister company Self Directed Holdings.

Parmenion, a discretionary fund manager and investment platform, will continue to operate independently and its multi-manager portfolios will continue to invest in other asset managers.

However, it will receive additional investment from Aberdeen to develop and expand its services.

Martin Gilbert, chief executive of Aberdeen Asset Management, said: “Parmenion is perfectly placed to respond to the evolving pension environment and the growing demand for investment services that are accessible online.

“This acquisition ensures Aberdeen is at the forefront of the digital revolution within asset management and augments our strategic aim to grow our Investment Solutions business.”

Richard Mein, chief executive of Parmenion, added: “With Aberdeen’s support and investment I believe Parmenion can build on its success to meet the changing needs of financial advisers as an increasing number of people turn to them for pre and post-retirement planning.”

The acquisition is subject to regulatory approval from the Financial Conduct Authority.