Pensions specialist Rowanmoor Group, operator of small self-administered schemes (SSAS), has been acquired by Embark Group as part of its move to create a full-service retirement provider
Embark Group has acquired 100% of the share capital of the group, including wholly owned subsidiaries Rowanmoor Trustees Ltd, Rowanmoor Consultancy Ltd and Rowanmoor Personal Pensions Ltd. The acquisition has been approved by the Financial Conduct Authority (FCA) and the UK Takeover Panel, and takes immediate effect.
The combined group will administer in excess of £8.1bn assets for more than 70,000 pension, investment and consultancy clients. The group is 100% privately owned and currently employs around450 people across three businesses in seven office locations.
Embark said its aim was to bring together specialist capabilities to create a retirement solutions provider offering the full breadth of services that combines Rowanmoor’s established SSAS and self-invested personal pension (SIPP) specialism and actuarial and consulting heritage with the SIPP, ISA and general investment account (GIA) capabilities of the Embark Group.
Rowanmoor Group will be retained as a subsidiary of the Embark Group, operating independently to that of any other group operation and continuing to trade under the brand of Rowanmoor Pensions and its independent financial adviser subsidiary Rowanmoor Consultancy Ltd, but will share significant common infrastructure benefits and access capital support over time, Embark said.
The majority of Rowanmoor’s existing executive management team and board will remain in place, with the only planned departures those of managing director Ian Hammond, who will retire with immediate effect, and David Saer, deputy managing director and finance director, who is set to retire following a short period of transition.
Phil Smith, CEO of Embark Group said: ‘The acquisition of Rowanmoor by the Embark Group combines true specialist pension and retirement solution capabilities to create an independent, material scale, full service provider that is primed to meet the diverse needs of the UK market.
‘Ian and his team have built a solid business and we are delighted to have been able to expand Embark Group’s footprint by adding it to our collective group, further strengthening our offering and commitment to the adviser community.’
Ian Hammond, managing director of Rowanmoor Group, said: ‘With my impending retirement, the opportunity to combine our business with Embark Group came at precisely the right time. And given the highly complementary fit between our businesses I have every confidence that Rowanmoor will go from strength-to-strength with the support of the Embark Group.’