Charles Stanley sells Sipp business

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Hornbuckle parent Embark Group has acquired the Sipp and SSAS arm of Charles Stanley for an undisclosed sum.

EBS Management will be kept as a subsidiary of Embark and will operate independently. It will continue to operate and administer Sipp products under the Charles Stanley bran through advised and execution-only channels.

The existing team will continue at EBS as part of the deal, with director Kate Ragnauth joining the Embark executive team.

Embark chief executive Phil Smith says: “The nature of the EBS business fits perfectly with our long-term plans. It has excellent people, one of the best-managed books of business in the Sipp industry, and high quality anchor distribution clients. It offers excellent value to us, and with our digital and technical capabilities, EBS will trade profitably going forward.”

Charles Stanley chief executive Paul Abberley says: “We are delighted with this transaction. It is simultaneously right for all stakeholders of the EBS business, present and future, and most importantly the underlying consumers. We look forward to a long commercial partnership with the team at Embark.”

Embark has completed a number of acquisitions over recent months including discretionary research business Discus and investment consultancy The Adviser Centre.