Embark Group has acquired 100 per cent of the share capital of Rowanmoor Group, including wholly owned subsidiaries Rowanmoor Trustees, Rowanmoor Consultancy and Rowanmoor Personal Pensions.
The acquisition has been fully approved by the Financial Conduct Authority (FCA) and the UK Takeover Panel, and takes immediate effect.
The enlarged group combines the specialist capabilities of both Embark Group and Rowanmoor Group to create a retirement solutions provider that brings together Rowanmoor’s established SSAS and SIPP specialism and deep actuarial and consulting heritage with the SIPP, ISA and GIA capabilities of the Embark Group.
The combined group will administer in excess of GBP8.1 billion assets for more than 70,000 pension, investment and consultancy clients. It will also have one of the sectors strongest regulatory capital coverage ratios at less than 125 per cent, allowing continued scope for growth across all lines of business.
Rowanmoor Group will be retained as a subsidiary of the Embark Group, operating independently to that of any other group operation, but will share significant common infrastructure benefits and access capital support over time. The business will continue to trade under the brand (trading name) of Rowanmoor Pensions and its independent financial adviser subsidiary Rowanmoor Consultancy.
The majority of the existing executive management team and board of Rowanmoor will remain in place. The only planned departures are Ian Hammond (managing director) and David Saer (deputy managing director and finance director), who will both retire.
Phil Smith, CEO of Embark Group, says: “The acquisition of Rowanmoor by the Embark Group combines true specialist pension and retirement solution capabilities to create an independent, material scale, full service provider that is primed to meet the diverse needs of the UK market. Ian and his team have built a solid business and we are delighted to have been able to expand Embark Group’s footprint by adding it to our collective group, further strengthening our offering and commitment to the adviser community.”
Ian Hammond, managing director of Rowanmoor Group, adds: “I am immensely proud of what we have achieved over the last three decades. With my impending retirement, the opportunity to combine our business with Embark Group came at precisely the right time. And given the highly complementary fit between our businesses I have every confidence that Rowanmoor will go from strength-to-strength with the support of the Embark Group. I would like to thank my team and our partners for their continued support over the years.”
