Standard Life Aberdeen continues to look for a buyer for its Parmenion platform, according to its financial results released this morning.

The asset management giant confirmed it was starting to look for a buyer for the platform in November.

In its full 2020 financial results released this morning, the group said it continues to look at “simplifying” the business including the proposed sale of Parmenion.

Currently, Parmenion is one of three adviser platforms operated by the group.

In his statement this morning, chief executive of the group Stephen Bird said rebranding activity is underway to bring the business under one unifying brand and that further details will come later in the year.

He said: “At this reset point for this business, we have rebased to set firm foundations on which we can build something great. I'm excited about what's to come.”

Standard Life Aberdeen announced that it had sold its Standard Life brand to the Phoenix Group in February as part of a branding review of all its businesses. Investment and platform-related products remain with Standard Life Aberdeen.

The asset management giant sold its UK and European insurance business to Phoenix in 2018.

New chief executive of the Standard Life Aberdeen group, Mr Bird who took the helm in September 2020, has previously said that the group is over-burdened with too many brand names following a number of mergers and acquisitions. 

There has been speculation since Standard Life and Aberdeen Asset Management merged in 2017 over whether the combined group would hold onto all three of its platforms: Wrap, Elevate and Parmenion.

The sale price of Parmenion is rumoured to be £150m to £200m.

In January, Parmenion chief executive Martin Jennings, reassured Financial Planners that the sale would not affect service for adviser clients.

He said: “While 2021 will bring a change of ownership for Parmenion, our focus will remain on growing our business by helping you grow yours.”

Standard Life Aberdeen’s 2020 financial results showed that the group has seen profits considerably affected by the Coronavirus pandemic.

Whilst the group was able to cut 10% from operating expenses, including £20m in discretionary costs, operating profit for 2020 dipped to £219m (2019: £301m).

Fee based revenue dipped to £1.43bn from £1.63bn in 2019, largely reflecting the impact of 2019 outflows.

Assets under advice at 1825, Standard Life Aberdeen’s advice arm, also dipped to £5.5bn (2019: £5.7bn). The group attributed the dip to the fall in UK equity markets during the Coronavirus pandemic.