Revenue for core business at Parmenion rose 20% to £36m in 2021 as the platform swung from loss to profit following its sale by Standard Life Aberdeen in July.

The platform and wealth manager saw a £4.5m profit in 2021, in comparison to a £4.6m loss in 2020.

Assets under management rose 17% to £9.6bn.

Net inflows were down 24% to £764.6m. Parmenion said this was due to the loss of two clients.

Non-core revenue also dropped by £9.8m due to Standard Life Aberdeen ending Parmenion’s contract with Virgin Money as part of the sale of the business.

Martin Jennings, CEO at Parmenion, said: “Demand for financial advice has never been higher, and we believe that demand will continue to grow throughout the next decade. Our intention to broaden our investment proposition, deliver a market leading retirement offering and innovate through digital services and data has been well received by our adviser partners. 

“As public mood and international coordinated government policy drives an increased need for ESG solutions, we are also delighted to be this year celebrating the tenth anniversary of our pioneering ethical solutions whose assets under management reached over £630m assets with inflows of more than £87m in the last twelve months alone. “

“With our new ownership sparking a change of pace and a company-wide focus on helping our customers thrive, we are in no doubt that we are in an excellent position to support advisers with a full range of industry leading products and services as they deliver their advice to their clients.”

Private equity firm Preservation Capital Partners acquired the platform for £102m, following Standard Life Aberdeen’s decision to sell the business in November 2020.

Martin Gilbert’s AssetCo also holds a 30% stake in Parmenion Capital Partners.