Lloyds Banking Group is to acquire self-directed wealth platform Embark Group for £390 million.
The sale will see the UK bank acquire £35bn of assets under administration on behalf of 410,000 consumer clients within Embark Group Limited.
The sale excludes Embark's Rowanmoor SIPP and SSAS administration business, which is being retained by existing shareholders.
The acquired business complements Lloyds' existing partnerships which meet the more complex financial planning and investment requirements of mass-affluent and high net-worth customers through Schroders Personal Wealth and Cazenove.
Antonio Lorenzo, chief executive, Scottish Widows and group director, insurance & wealth, Lloyds Banking Group says there’s an ever-growing customer demand for clear, simple and affordable financial planning and retirement products and services.
"Through Embark’s technology, we will be able to increase the reach of our investment offerings for customers who are happy to manage their own portfolios, through modern, easy to use technology," he says. "We’ll also be able to enhance our intermediary proposition, strengthen our offering in Retirement and modernise the way Scottish Widows works with advisers, recognising the continued value of advice.”