Embark Group has announced today that it has acquired 100% of the share capital of Rowanmoor Group plc including wholly owned subsidiaries Rowanmoor Trustees Limited, Rowanmoor Consultancy Limited and Rowanmoor Personal Pensions Limited. The acquisition has been fully approved by the Financial Conduct Authority (FCA) and the UK Takeover Panel, and therefore takes immediate effect.
The enlarged group combines the specialist capabilities of both Embark Group and Rowanmoor Group plc to create a retirement solutions provider offering the full breadth of services that brings together Rowanmoor’s established SSAS and SIPP specialism and deep actuarial and consulting heritage with the SIPP, ISA and GIA capabilities of the Embark Group. The combined Group will administer in excess of £8.1bn assets for more than 70,000 pension, investment and consultancy clients. It will also have one of the sectors strongest regulatory capital coverage ratios at >125%, allowing it continued scope for growth across all lines of business.
Rowanmoor Group plc will be retained as a subsidiary of the Embark Group, operating independently to that of any other Group operation, but will share significant common infrastructure benefits and access capital support over time. The business will continue to trade under the brand (trading name) of Rowanmoor Pensions and its independent financial adviser subsidiary Rowanmoor Consultancy Limited. The majority of the existing Executive Management team and Board of Rowanmoor will remain in place. The only planned departures being Ian Hammond (Managing Director) and David Saer (Deputy Managing Director and Finance Director), both will retire; Ian with immediate effect and David following a short period of transition.
Phil Smith, CEO of Embark Group commented: “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 plc added: “I am immensely proud of what we have achieved over the last three decades. 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. I would like to thank my team and our partners for their continued support over the years.”
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About Embark Group
Embark Group is committed to acquiring, holding and developing for the long term, a range of financial services’ businesses in the UK and internationally. The company has considerable experience in developing businesses by providing access to the latest online technology and financial capital to help them grow.
The Group looks for businesses that possess the capacity for scaled growth; a proven presence in their chosen market segments; strong people with the right values, and, most importantly, that offer an opportunity for us to add value through digital delivery.
The Group is always seeking new opportunities and considers wholly-owned, minority interest and joint venture investments that can generate value independently or in tandem with other assets in our portfolio.
Businesses in Embark Group have been established in the retirement market for more than 30 years, and have a long history of working closely with intermediary distribution partners and high net worth clients. The Group‘s Board has extensive expertise across the pensions, insurance, banking and investment markets.
The Group is 100% privately owned and currently employs c.450 people across three businesses in seven office locations. It has £8.1bn of assets under administration on behalf of over 70,000 clients.
About Rowanmoor Group plc
Rowanmoor Group plc, trading as Rowanmoor Pensions, is the UK’s largest independent small self-administered scheme (SSAS) provider and a bespoke self-invested personal pension (SIPP) and Family Pension Trust (Family SIPP) operator. The Group also offers professional actuarial, consultancy and scheme accountancy services, and automatic enrolment administration services for NEST accounts.
Rowanmoor Group plc was awarded best SSAS provider in the 2008, 2009, 2010, 2011, 2012, 2013, 2014 and 2015 Investment, Life and Pensions Moneyfacts Awards.