Embark Group’s new wrap platform will officially launch by the end of the month, partnering with investment giant BlackRock on account fund management and aiming to be a “material disruptor” with its pricing model.
Embark, which is the parent company of Sipp provider Hornbuckle, SSAS provider Rowanmoor and fund researcher The Adviser Centre, says the wrap platform is live already and has several clients on it.
It has been focusing on moving its back book of business onto the platform, which runs on FNZ technology, as well as a number of white label partners.
Embark chief executive Phil Smith says BlackRock is not an equity participant in the platform, nor was there an “economic exchange” between the two parties.
Smith says: “BlackRock is delivering model portfolios using a combination of active and passive ETFs and we are providing the vehicle by which that can come to market. We are doing that jointly because of the combined pricing value that will be very advantageous for customers that find it hard to get economically sensible advice through the IFA channel.”
Further detail on the platform’s pricing model will be revealed once it has fully launched but Smith says it will be a “material disruptor”.
The Embark Wrap already has £1.5bn assets under administration.
Clients from the collapsed Avalon platform, which Embark acquired out of administration in February 2016, will also be transferred to the Embark platform.