Embark buys Charles Stanley pension business for initial £2m

‘Sweetheart deal’ takes group’s AUA to £11bn

Embark Group has today announced the acquisition of Charles Stanley's pension business, EBS Management, in an initial £2m deal that takes the retirement solutions provider's assets under administration (AUA) to £10.96bn.

The acquisition - approved by the UK Takeover Panel but conditional on final approval from the Financial Conduct Authority, which the group expects shortly - leaves Embark as the 100% owner of EBS, including its wholly-owned subsidiaries Alpha Trustees, EBS Pensioneer Trustees and EBS Self-Administered Personal Pension Plan Trustees. "This is the latest step in building the scale of our business," said Embark Group CEO Phil Smith (pictured). "EBS represents one of very few remaining 'scale' transactions in the fast-consolidating SIPP and SSAS sector of UK financial services." Charles ...