Lloyds Banking Group buys Embark for £390m

Jackie Leiper to run business

Jenna Brown
clock • 3 min read
Lloyds Banking Group buys Embark for £390m

Lloyds Banking Group buys Embark for £390m

Platform business Embark and its subsidiary brands have been sold to Lloyds Banking Group for £390m, it has been announced.

The deal, which is subject to regulatory approval, excludes the Rowanmoor SIPP and SSAS administration business, which is being retained by existing shareholders. The deal announced today (29 July) sees Lloyds acquire about £35bn in assets under administration on behalf of 410,000 consumer clients.  Jackie Leiper, managing director pensions, stockbroking and distribution at Scottish Widows, will become CEO of Embark at completion, subject to regulatory approval. Scottish Widows, Lloyds' pension operation, said it would leverage Embark's platform and product capability to digitise i...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on Industry