Lloyds Banking Group has announced it will acquire Embark Group, an investment and retirement platform.
In Brief:
The deal is expected to complete in Q4 of this year.
Embark currently has around £35bn assets under administration.
This is part of the Group’s commitment to “meet more of its customers’ broader financial needs”.
What does this mean?
It's hoped the acquisition will enable the Group to deliver an industry leading direct-to-consumer proposition, building on its existing offerings in the advice space – which include Schroders Personal Wealth and Cazenove Capital.
