Parmenion has announced that its Sipp has broken through £1bn assets under management barrier as it marks its 10 year anniversary.

The company has reported record growth for the first quarter of 2017, with £326m net asset inflows. This equated to an 85% increase from the first quarter of 2016 year on year, according to the report.

Bosses said the firm has “stood the test of time” thanks to “10 years of innovation”.

Martin Jennings, CEO of Parmenion, said: “This year we have already seen records achieved across the business, with momentum continuing to build. These results are down to the combined efforts of everyone in the business including our expert investment management, agile technology development teams, and award winning service personnel. Our parent group Aberdeen Asset Management have also been very supportive and their backing has been a significant factor in our growth."

He said: "We continue to see new accounts and opportunities come in to the business, but it is especially exciting to see our existing adviser base growing their businesses with our help. This is superb to be a part of, and I really look forward to seeing more records being broken as the year continues.”

Richard Goodall, marketing and distribution director at Parmenion, said: “It is also clear that there is great potential to capitalize on innovative technology as a way of opening up new markets and methods of distribution for advisers in the UK. We have an exciting future ahead of us.”