Hornbuckle-parent Embark Group has signalled a potential initial public offering is in its “medium term agenda”.
Embark is also the parent company for Ssas administrator Rowanmoor and fund researcher The Adviser Centre, and acquired the Avalon platform out of administration last year.
Embark this week announced it appointed KPMG as its auditor and, in that statement, the big-four firm commented on Embark’s appetite to consider an IPO.
KPMG audit partner Richard Gabbertas says: “The medium term agenda of the business, including a potential IPO, is perfectly matched to our core competencies and our deep financial services experience. Hence we are delighted to retain and expand our mandate with the Embark team.”
Speaking to Money Marketing after the publication of its 2016 annual results, Embark chief executive Phil Smith said the group is aiming to be a £12bn assets-under-administration business by the end of next year.
It reports a £3m loss for the year ended 31 December 2016, which Smith said relates to acquisitions and investment in Embark’s new adviser platform.
Embark has partnered with investment giant BlackRock on account fund management for the new platform, which it says is aiming to be a “material disruptor” with its pricing model.