Aberdeen Asset Management is buying investment software platform provider and fund manager Parmenion Capital Partners for an undisclosed sum.

Aberdeen chief executive Martin Gilbert said the deal, which also includes Parmenion’s sister company Self Directed Holdings, would ensure the business is at the “forefront of the digital revolution within asset management”.

Parmenion provides portfolios to UK financial advisers which can be accessed through its digital platform.

It is said to have £1.9 billion of assets under management and works with in excess of 900 firms.

Parmenion, founded in 2007, will retain its own identity and continue to be based in Bristol.

However Aberdeen confirmed it would be providing additional investment to develop and expand the services of its newest addition.

Mr Gilbert said: “Parmenion is perfectly placed to respond to the evolving pension environment and the growing demand for investment services that are accessible online.”