The parent of Sipp firm Hornbuckle has taken over stricken platform and Sipp provider Avalon Investment Services.
Embark Group has set up a new firm, Embark Investment Services, to take control of Avalon’s £300m of assets and 50,000 clients – of which 1,200 have Sipps.
Avalon applied to go into special administration this week after losing a High Court case.
The deal is believed to be worth around £125,000 but Embark would not confirm a figure.
Embark says the deal gives it Isa and nominee capability.
Head of propositions Mike Douglas says: “Avalon is a good, solid business it just needs more expertise and capital and better technology to help it grow.
“We get access to the Isa and nominee part, so it’s a great fit.”
Embark administers Nutmeg’s new direct-to-consumer personal pension and plans to use the same technology, provided by FNZ, in the advised market.
Douglas says: “We can power Nutmeg in complete end-to-end processing for the direct market and we want to come back for something for advisers.
“Later this year we have plans to launch an advised platform Sipp product that harnesses technology to help advisers.”