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Adviser platform Parmenion doubles profits to £568,000

Marlborough UK Income and Growth 250713

Adviser platform Parmenion has reported pre-tax profits of £568,000 for the year ending 31 March 2013, up from £251,000 in the previous year.

The firm, which runs an in-house discretionary fund management service through the platform, increased turnover by 50 per cent to £3.3m from £2.2m in the previous twelve months.

Parmenion also saw staff numbers increase by 30 per cent to 40.

The business currently has assets under administration of around £750m and around 1,600 advisers using the service. 

Parmenion managing partner Richard Mein says: “The RDR has had a positive effect on our growth, as advisers embrace the benefits and operational efficiencies that an insourced Centralised Investment Proposition can bring to their businesses.”

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