Lloyds Banking Group has completed the acquisition of investment and retirement platform business Embark Group, boosting assets under administration by around £37bn and adding 354,000 customers.
Lloyds says the addition of Embark, which will operate through the Scottish Widows brand, is part of its ambition to address the mass market and self-directed ‘robo-advice’ wealth segment and will complement its Schroders Personal Wealth and Cazenove Capital face to face advice offering for affluent and high net worth customers.
LBG is targeting a top-three position in direct-to-consumer self-directed and robo-advice business in the medium term as well as a top-three position in the individual pensions and retirement drawdown market by 2025.
Jackie Leiper has now taken on the role of Chief Executive Officer of Embark, alongside her current role as Lloyds Banking Group pensions, stockbroking and distribution director.
Antonio Lorenzo, chief executive of Scottish Widows and group director, insurance and wealth, Lloyds Banking Group says: “Through Embark we will be able to give more control to customers when it comes to their long-term financial planning through better technology, while creating a much slicker experience for intermediaries, recognising the value of advice.
“This acquisition completes our broader wealth market offering alongside Schroders Personal Wealth and Cazenove Capital.”
Jackie Leiper, chief executive, Embark Group and Lloyds Banking group pensions, stockbroking and distribution director says: “This new chapter is all about creating opportunities to grow our distribution reach and get into the best shape for the future. Embark will continue to be focused on innovating for the intermediary sector, with the wider aim of helping Scottish Widows and Lloyds Banking Group achieve our ambitious targets.
“We will transform our stockbroking business, to create a refreshed and updated share dealing experience as well as delivering a self-managed investment offering to our existing and future customers who are happy to manage their own portfolios.”
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