Embark Group has purchased all the trading assets of Liberty SIPP through its subsidiary EBS Pensions, for an undisclosed fee.
The combined business, which will be operationally led by Liberty directors John Fox and Julie Dean, brings together £6.8bn assets under administration (AUA) and a combined book of 32,000 self-invested personal pension (SIPP) clients. In a statement, Embark said it would inject £2m of additional regulatory capital into EBS to support scale and growth for the business, as well as providing financial and operational support to the shareholders of Liberty "to facilitate the orderly wind-up of its business". FCA approves Embark's acquisition of EBSManagement Embark group CEO Phil Smith...
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