Parmenion reaches £500m assets under administration milestone
Investment services Parmenion confirmed today it has reached £500m assets under administration.
New business reached £30m per month in new business and the number of advisers now using Parmenion’s investment services currently exceeds 450.
Parmenion’s average case size increased 50% in the past year, noticeably since July when it introduced a tiered charging structure for its administration and custody charge.
The existing 0.30% charge was replaced with a tiered scale which slides from 0.30% down to 0.15% depending on the size of an individual client’s portfolio, making it far more attractive to larger case sizes.
“As advisers have continued to use our services to underpin their own centralised investment propositions, they are increasingly using us for much larger portfolios and it has become clear that the charging structure needed to change to accommodate this,” said Richard Mein, managing partner at the company.