The investment industry has been shocked by the death of Parmenion founder Richard Mein who they say brought “magic” to running a platform business.
Mein has died aged 52 following a five-month battle with cancer.
He launched the Parmenion business in 2007, having previously worked at Rowan & Co Capital Management as head of operations.
Mein started his career in 1983 as a trainee with NatWest and then spent four years at Old Mill Group as an independent financial adviser.
Parmenion executive chairman Rennie Miller says: “Richard’s fundamental belief was financial services should be bought and not sold and he was mindful that the world over, people are looking for more modern and efficient means of buying products and services.
“Richard was an entrepreneur, establishing a business that did not fall within the usual boxes of either platform, technology or investment management but instead he vertically integrated all three functions. The industry took some time to appreciate the brilliance and foresight of this move.”
Part of the team that launched Parmenion nine years ago still works for the firm. The team now runs to 100 staff.
Sammedia chief executive Mik Cons, one of Parmenion’s original investors, says: “I knew Richard firstly as a client at Rowan & Co while I was at 1st Software and he always commented on how he wanted to build a great team of people with the ‘magic’ as he called it.
“The magic is where everyone in an organisation trusts each other and that helps business move quickly together to achieve great goals. There is no doubt Richard achieved the magic with Parmenion, a small team of great people achieving amazing things.” Parmenion was acquired by Aberdeen Asset Management in September for an undisclosed sum. It administers £2bn assets on behalf of 900 advice firms.
Aberdeen Asset Management chief executive Martin Gilbert says: “Richard was a truly good man.
Aberdeen began discussions with Parmenion in January 2014 and in the months that passed, I gained profound respect and admiration for Richard.
“He had such vision and energy along with an uncompromising determination ‘to do the right thing’.
“Richard’s inspirational integrity motivated everyone at Parmenion and he was rightly so proud of their achievements.
“Richard bore his illness with such great dignity and with his usual straightforward and pragmatic approach.”