The London-listed asset manager is looking to enhance its digital capabilities through its latest acquisition.

The UK's Aberdeen Asset Management is to acquire Parmenion, a Bristol-based fund manager and platform, as part of its strategy to move forward in the financial technology space and boost its investment solutions business.

The company will acquire Parmenion Capital Partners and its sister company, Self Directed Holdings, for an undisclosed sum. Parmenion provides risk-graded portfolios to UK financial advisors through a digital platform, which has £1.9 billion ($2.9 billion) assets under management.

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

Following the acquisition, which is subject to regulatory approval, Parmenion will retain its identity and remain based in Bristol. Its multi-manager portfolios will continue to invest in funds of third-party asset managers.

The latest buy follows on swiftly from Aberdeen's acquisition of Flag Capital Management, a US-based private equity and real estate-focused firm.