Embark Group (Embark) announced today that its sale to Lloyds Banking Group (Lloyds) has been completed. Lloyds has acquired Embark Group Limited and its subsidiary brands, excluding the Rowanmoor SIPP and SSAS administration business, for a consideration of £390m for the whole share capital of the Embark business.
Jackie Leiper has become the new CEO of Embark, alongside her role as Managing Director Pensions, Stockbroking & Distribution at Scottish Widows, replacing Phil Smith who has now left the business.
This marks the start of a significant new chapter for Embark, as it continues to accelerate its proposition and service innovations for the intermediary sector, with further investment and support from Lloyds. Embark will also work closely with Lloyds to deliver its strategic objective of simplifying and modernising its proposition for mass market customers.
The business continues to grow rapidly, and Lloyds will acquire c£37bn of assets under administration on behalf of c354,000 consumer clients within Embark.
Jackie Leiper, CEO, Embark Group, commented:
“It is an exciting moment to be joining Embark at this critical juncture in the organisation’s journey. There is an incredible amount of capability, both in terms of the talent at Embark and the market-leading propositions. I look forward to working with the team to continue to innovate for the intermediary sector and develop Embark’s capabilities for our clients over the coming years, as well as helping Lloyds Banking Group achieve our ambitious targets.”
Outgoing Chairman, David Barral, added:
“On behalf of the Embark Board I would like to congratulate Jackie Leiper on her appointment who I’m sure will bring energy and passion to her leadership of the business. I’d also like to recognise Phil Smith on what he and his team achieved with Embark in such a short period of time and wish him all the best for the future.”
For further information, please contact:
The Agency Partnership (Embark Media Relations)
Tel: 07880 602902
About Embark Group
Embark Group is a fast growing, diversified, financial services business and one of the leading retirement solutions providers in the UK. The Group trades under the brands Embark, Advance, Horizon, Stocktrade, Vested and The Adviser Centre and operates a wide portfolio of white label services to the Wealth Management, D2C, Robo-Advice, Retail Banking and Workplace markets.
Providing a combination of deep pension expertise and leading technology integration that cover the areas of Investment Platform, Brokerage, SIPP, Multi-Asset Funds, Fund Research and Employee Benefit Consulting, Embark works closely with financial advisers and its intermediary distribution partners to deliver their retail savings and investment propositions to consumers of all levels of affluence.
The Group has more than £37bn in assets under administration on behalf of c354,000 consumer clients, operating across seven UK locations (London, Bolton, Dundee, Edinburgh, Leeds, Leicester and Swindon). Embark has been recognised as one of the most innovative Wealth Tech companies for the past three years.
In January 2022 Embark became part of Lloyds Banking Group, a leading UK based financial services group providing a wide range of banking and financial services.
About Lloyds Banking Group
Lloyds Banking Group is a leading UK based financial services group providing a wide range of banking and financial services, focused on personal and commercial customers with a clear purpose; to help Britain prosper. The Group has a unique customer proposition enabling them to serve the financial needs of their customers in one place and operates through household names including Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows.
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