4 October 2021

AssetCo plc

("AssetCo" or the "Company")

Completion of the acquisition of an interest in Parmenion Capital Partners LLP ("Parmenion")

Parmenion ranked number one in Platforum quarterly report

On 1 July 2021 the Company announced that it had reached agreement to acquire effectively a 30% equity interest in Parmenion (the "Acquisition"), a discretionary investment manager and advisory platform for the wealth and financial planning sector. The agreed consideration was up to £27.8 million, of which £20.6 million was to be paid on completion and up to £3.6 million in each of March 2022 and March 2023, depending upon the performance of Parmenion. The Acquisition of the interest was conditional on approval by the FCA to the change in controller, which has now been received.

On 1 October 2021 the Company completed the Acquisition and paid Preservation Capital Partners Limited ("Preservation Capital Partners") £20.6 million. In addition to the consideration, the Company paid a further £1.3 million to reflect their pro rata share of the costs incurred by Preservation in the acquisition of Parmenion, together with interest costs on the initial consideration from 1 July 2021.

Since the Acquisition was announced, Platforum, a research consultancy, has published its latest quarterly analysis of investment platforms in the UK. Based on ten criteria, assessed by financial advisers, Parmenion ranked number one for platforms with Assets under Administration of less than £20 billion, and second out of all platforms. Parmenion's proprietary technology and strong customer service has consistently seen it rated by Platforum as number one or two of all platforms each quarter since 2016.    

Campbell Fleming, CEO of AssetCo commented: "Parmenion is at the forefront of the digital transformation taking place within the asset and wealth management industry. Its award-winning IT infrastructure and client focused philosophy have established it as a market leading platform. Parmenion has the client support, people and skill sets to grow and to continue to deliver for advisers and customers.

"The acquisition of a 30% equity interest in Parmenion is part of our overall strategy to develop an agile asset and wealth management company that meets the needs of investors in the 21^st century. We are looking forward to working with Preservation Capital Partners and the Parmenion team in continuing to build the business and delivering value to investors and AssetCo shareholders."

Enquiries:

AssetCo plc

Campbell Fleming, CEO

James Thorneley, Head of Communications

Tel: +44 (0) 7958 005 141

Arden Partners plc

Nominated adviser and broker

John Llewellyn-Lloyd / Louisa Waddell

Tel: +44 (0) 20 7614 5900

Maitland/AMO

Neil Bennett

Rachel Cohen

Tel: +44 (207) 379 5151