Lloyds completes acquisition of Embark | Money Marketing
Lloyds Banking Group has completed the acquisition of investment and retirement platform Embark Group.
The deal was announced in July 2021. It is part of Lloyds’ plan to capitalize on the mass market and wealth segment of self-directed robotic advice.
Embark has assets under administration of approximately £37 billion and approximately 354,000 customers.
The purchase will complement what the company already has in place with Schroders Personal Wealth and Cazenove Capital.
These companies will continue to offer face-to-face advice to affluent and wealthy clients.
Embark’s digital capability and expertise will help Lloyds deliver a “modernised, leading and self-managed investment offering” to its clients.
It will also “improve the way the business works with advisers and intermediaries through its Scottish Widows brand”.
And the deal is expected to transform the brokerage business, to deliver a “refreshed and updated” stock trading experience to its clients.
Lloyds Group is aiming for a top-three position in direct-to-consumer self-advice and robo-advice businesses in the medium term.
It also wants to achieve a top-three position in the market for individual pensions and retirement withdrawals by 2025.
Jackie Leiper has now taken on the role of Managing Director of Embark, alongside her current role as Lloyds Banking Group’s Director of Repo, Exchange and Distribution.
Antonio Lorenzo, CEO of Scottish Widows and Group Director, Insurance and Wealth at Lloyds Banking Group, said: “With Embark, we will be able to give customers more control over their long-term financial planning through better technology, while creating a much smoother experience for intermediaries, recognizing the value of advice.
“This acquisition complements our broader offering in the wealth management market alongside Schroders Personal Wealth and Cazenove Capital.”
Leiper added, “This new chapter is about creating opportunities to expand our distribution reach and put us in the best shape for the future.
“Emark will continue to focus on innovation for the midstream sector, with the broader aim of helping Scottish Widows and Lloyds Banking Group achieve our ambitious goals.
“We will transform our brokerage business, to create a refreshed and updated equity trading experience, as well as to provide a self-managed investment offering to our existing and future clients who are happy to manage their own portfolios.”