Hornbuckle parent Embark is to relaunch its wrap through a partnership with a “very large, very well-known” fund manager.
Embark Group chief executive Phil Smith says the new proposition will be launched after tax year-end and will make the company “loud and proud in the market with a different kind of offering”.
The Embark wrap is currently used only for legacy clients.
Smith says access to the proposition of the fund manager Embark is working with – whose name could not be disclosed at this time – will be exclusive to Embark.
He says: “We are co-marketing. We are not in a proper structural [joint venture] and there is no money changing hands between the two, but we both have similar aims for the UK advice and inter-mediated market.
“[The fund manager] has a lot of credibility and scale and is not active in this particular space, and we come with a leading-edge piece of technology with a deep pension heritage.”
Smith also gave an update on Avalon, which Embark acquired in February last year. The stricken platform and Sipp provider went into special administration after losing a High Court case.
Smith says: “We didn’t lose any of the client base. The business has been very stable and has grown by more than a couple of thousand clients in the period, so it has been reasonably in line with market growth.”
He adds: “It is a good platform for the broader Embark wrap offering that is about to be launched.”