Embark Group has acquired City Financial’s investment research arm The Adviser Centre for an undisclosed sum.
The deal sees the The Adviser Centre team, including investment director Peter Toogood, move with immediate effect. It will operate independently from the Embark Group and retain its name.
Embark acquired Sipp provider Rowanmoor earlier this year, and also owns rival firm Hornbuckle and the Avalon platform.
Embark Group chief executive Phil Smith says collaboration with City Financial over the last 18 months had led to the deal.
City Financial chief executive Andrew Williams says: “It is crucial the team is able to fully align itself with an owner that has deep reach into digital services and other forms of IFA service if they are to maximise the opportunities offered in the UK retail space.”
City Financial will now focus on investment management in alternative and multi-asset strategies.
However, it will still retain full access to The Adviser Centre’s research capabilities.
The Adviser Centre investment director Peter Toogood says: “We are joining Embark as they start to deploy the breadth of capabilities they have accumulated over the last three years, which is tremendously exciting for all of us as it affords the opportunity to expand our proposition.”