Embark Group has brokered a deal to purchase two businesses of insurance giant Zurich for an undisclosed fee to bolster its presence in the UK investment savings sector.

Under the deal, Embark will buy Zurich’s investment and retail platform business Sterling ISA Managers as well its investment management business Zurich Investment Services (UK).

The acquired businesses have approximately £11bn in assets under management and an advised book of more than 130,000 customers.

Embark hopes that the transaction is will enhance its distribution capability and enable it to develop retirement investment pathway solutions.

It is also planning to leverage the acquisitions to bolster its workplace, pensions and savings propositions in 2020.

The acquisitions of Zurich’s businesses follow Embark’s purchase of Alliance Trust Savings’ advised and partnership assets.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Concurrently, a five-year agreement has also been signed by the companies to develop and deploy digital life and protection products through Embark’s technology and distribution channels.

This acquisition, which is subject to the regulatory nods, will swell Embark’s assets under administration to more than £33bn.

Commenting on the deal, Embark Group CEO Phil Smith said: “The deal brings considerable assets, demonstrable distribution and investment capabilities, and most importantly one of the best teams in the industry to Embark.

“We are also excited by the potential of our new digital partnership with Zurich UK, and the future innovations we will bring to the market through it.”

Zurich UK head of UK Life Jim Sykes said: “Although our Wealth platform is a strong and successful business, we believe the needs of customers and advisers would be better served by an owner that is focused on investing in this specialist area.”