Aberdeen this morning confirmed the move, which also includes the acquisition of Parmenion’s sister company, Self Directed Holdings Limited.

The acquisition was described as being “part of Aberdeen’s strategy to capitalise on advancements in financial technology platforms and to become a leader in using technology”.

Parmenion will retain its own identity and remain located in Bristol, but will receive additional investment from Aberdeen to develop and expand its service. Parmenion will also be able to draw on Aberdeen’s knowledge about investments. Its multi-manager portfolios will continue to invest in funds of third-party asset managers.

Martin Gilbert, chief executive of Aberdeen Asset Management, said: “Parmenion provides investment solutions and a valuable online service to financial advisers.

“With Aberdeen’s support and investment I believe we can build on Parmenion’s success to meet the changing needs of financial advisers.

“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.”