Embark raises £39m after investment trio take 40% stake in group

The investments have raised some £39.4m for the firm, which will be used to help to grow the business and provide resources if Embark decides to make an acquisition. Blackrock and Legg Mason each took a 9.9% stake in the group, while Merian Chrysalis took 19.99%. Embark group chief executive Phil Smith (pictured) told Professional Adviser the capital raised from the investors will be used for predominantly organic growth. "We will deploy [funds] into accelerating attachment to distribution partners, and that takes time and money and people to complete. So we'll do more than we have...