Embark buys Zurich’s UK retail and investment management business
Embark Group, a London-based digital investment savings and retirement solution provider, has acquired the UK retail and investment management business of Zurich, Switzerland’s largest insurer.
The acquisition will see Zurich’s retail platform ‘Sterling ISA Managers’ and its investment platform ‘Zurich Investment Services’ rebranded as ‘Advance’ and ‘Horizon’ by Embark, respectively.
The move comes as part of Embark’s effort to build its presence in the UK retirement and investment savings sector.
The newly acquired business will see roughly £11 billion in platform assets and £600 million in multi-assets transferred to Embark, which claims to have more than £33 billion in assets under management.
They also give Embark more than 130,000 new clients, bringing its total client book to 365,000.
Advance will be led by Embark’s group CEO Phil Smith and its chief operating officer (COO) Phil Bungey, whilst Horizon will be led by newcomer Thomas Rostron who is currently serving as a non-executive director in BNP Paribas’ asset management division, and by former Zurich director Fraser Blain, who will serve as chief commercial officer (CCO).
CEO Smith says Embark is “pleased” to have successfully closed the transaction during the current economic crisis, which he says did present “additional hurdles”.
“Our attention is now firmly on business continuity and servicing our new clients and distribution partners, enhancing the proposition we provide, and continuing to safely grow our competitive presence in this exciting market,” Smith added in a statement.
Read more: Capitalising on the insurance tech trend