Platform business Embark and its subsidiary brands have been sold to Lloyds Banking Group for £390m, it has been announced.
The deal, which is subject to regulatory approval, excludes the Rowanmoor SIPP and SSAS administration business, which is being retained by existing shareholders. The deal announced today (29 July) sees Lloyds acquire about £35bn in assets under administration on behalf of 410,000 consumer clients. Jackie Leiper, managing director pensions, stockbroking and distribution at Scottish Widows, will become CEO of Embark at completion, subject to regulatory approval. Scottish Widows, Lloyds' pension operation, said it would leverage Embark's platform and product capability to digitise i...
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