The Embark Group is to acquire The Adviser Centre, an investment research and consultancy service, from City Financial.
The business and The Adviser Centre team, led by investment director Peter Toogood, move with immediate effect and will operate independently of other subsidiaries of the Embark Group.
The transition has been approved by all governance bodies.
The transition will allow City Financial to focus on its core investment management capabilities across both alternative and multi-asset strategies, whilst retaining full access to the research capabilities of The Adviser Centre team through its collaboration with the Embark Group.
For the Embark Group, the transition accelerates the development of its service capabilities to the UK IFA and wealth management sectors, adding experienced investment research personnel to its existing investment due diligence resources. It also deepens its digital reach into the UK IFA sector.
Embark Group says the deal continues its journey to create one of the UK’s leading digital retirement solutions providers.
The Adviser Centre will be a wholly-owned subsidiary of the Embark Group, operating independently to that of any other group operation, but will share significant common infrastructure benefits and access to capital support over time. The business will continue to trade as The Adviser Centre.
Andrew Williams, chief executive of City Financial, says: “I am immensely proud of what we have built over the last three years with The Adviser Centre team and see a strong future for the proposition. It is crucial that the team is able to fully align itself with an owner that has deep reach into digital services and other forms of IFA service if they are to maximise the opportunities offered in the UK retail space. We believe Embark is the ideal custodian for this next stage of the journey. I am equally pleased that we will strengthen our relationship with Embark and I look forward to increasing collaboration.”
Phil Smith, CEO of the Embark Group, says: “Our collaboration with City Financial over the last 18 months has led progressively to this very positive transition for all concerned. The Adviser Centre’s people and their capabilities add great strength and proven depth to our Group competencies, and we are delighted to welcome them on board at an exciting time in the UK IFA space. We also look forward to collaborating with City Financial in the future, deploying our joint firepower in support of key IFA partners.”
Toogood adds: “We are extremely grateful to City Financial for all the support that has been provided over the past three years, from the planning, to the launch, to the on-going development of The Adviser Centre. We are joining Embark as they start to deploy the breadth of capabilities they have accumulated over the last three years, which is tremendously exciting for all of us as it affords the opportunity to expand our proposition.”