(Alliance News) - Standard Life Aberdeen PLC is preparing to sell Parmenion, its platform that services independent financial advisors, Sky News reported late Sunday.
Sky News said an announcement could be made by the FTSE 100-listed asset manager as early Monday, though no announcement had been made by midday.
Fenchurch Advisory Partners, part of French investment bank Natixis, has been appointed to handle the sale, Sky said, citing City sources.
It said the move to auction off Parmenion, which supports GBP6.5 billion of investments on behalf of IFAs, was part of a plan by Standard Life Aberdeen's new chief executive, Stephen Bird, to simplify the company. The sale could raise GBP150 million to GBP200 million, Sky News said, citing analysts.
https://news.sky.com/story/standard-life-aberdeen-sheds-gilbert-legacy-with-parmenion-sale-12146206
Bird took over the CEO role from Keith Skeoch back in September. Standard Life Aberdeen shares were up 1.9% at 276.20 pence midday Monday in London, giving the company a GBP6.09 billion market capitalisation.
By Tom Waite; thomaslwaite@alliancenews.com
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