Parmenion sees profits double as AUM breaks through £1bn

Platform Parmenion has reported a surge in profits of more than 100% in the last year, after its assets under management rose above £1bn.

The platform said profits had climbed 104% to £1.2m in the year to end of March 2014, after AUM climbed 68% to £1.2bn. Its turnover also increased by 57% to £5.27m, while operating profit was up 93% to £1.65m. Richard Mein (pictured), chief executive and founder of the platform, said Parmenion's focus on providing centralised investment propositions for users - it offers access to a wide range of discretionary investment managers - had helped boost growth. "It's been yet another year of exceptional growth for us. Our clear vision of the role technology can play and how advisers can...