Embark Group has completed its acquisition of part of Zurich’s wealth business, including the Zurich platform.
The investment platform will now go under the name Advance by Embark.
Commenting on the acquisition, Mike Morrow, Wealth & Platform director of the Openwork network, said it was retaining Advance by Embark as its primary wealth platform, and was committed to ensuring “the best interests of our clients & advisers by delivering strong and safe client outcomes with minimal disruption.
“Moreover, we need our core wealth platform provider to be fully committed to and focussed on the UK Wealth Marketplace and are confident that Embark satisfies those needs.
Morrow said Openwork, which operates as a directly authorised, multi-panel distribution network and has 3,900 financial advisers across the UK, is the largest user of the platform.
He added: “We are pleased that Embark is committed to innovation and a willingness to develop the platform collaboratively. They are well funded and well capitalised, with blue chip institutional backers which is very positive for us as we believe that successful platforms require scale, capital, operational efficiency, and most of all profitability.
“This is a highly complex marketplace, however, Embark’s unique relationship with FNZ… means they are well placed to stay at the cutting edge of emerging market requirements.”
