Embark has completed the transfer of £7bn of advised assets to its platform following its acquisition of the client books of Alliance Trust Savings more than a year ago.
The migration brings 41,000 additional clients and 30,000 accounts to the Embark platform, while 100 ATS employees have joined the Embark team.
Peter Docherty, chief executive of the Embark platform, said: “This latest successful migration is a testament to the digital capabilities, infrastructure and experience of our team.
“We believe that this is a really positive development for ATS customers who have come onto our platform, as our ongoing investment in our digital capabilities will ensure that our solution remains at the forefront of the industry.”
Customers who formerly used ATS services will now use Embark’s version, provided by platform tech firm FNZ.
According to Embark, those customers will see “improved user interfaces” as it continues to develop its digital-first customer experience.
Embark announced it had agreed to buy the adviser platform business of ATS from Interactive Investor in October 2019, carving the adviser platform out of ATS but leaving the direct to consumer element owned by Interactive Investor.
Interactive Investor had only acquired ATS from Alliance Trust earlier that year but the future of the ATS adviser clients had remained unclear until Embark’s buyout.
Embark has since ditched the flat fee model previously used on the ATS platform, claiming the model was regressive and “only advantageous to high net worth investors”.
The company’s expansion into the platform space then continued with the acquisition of the Zurich platform, now renamed Advance by Embark.
The Embark platform now has assets under administration of £38.5bn and around 415,000 consumer clients.
imogen.tew@ft.com
What do you think about the issues raised by this story? Email us on FTAletters@ft.com to let us know
