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Liberty SIPP assets purchased by EBS Pensions, part of the Embark Group

Source: Press Release | 15th October 2018

We are pleased to announce the completion of the sale of all trading assets of Liberty SIPP Limited (‘Liberty’) to EBS Pensions Limited (‘EBS’), a subsidiary of Embark Group.

The combined business will be operationally led by Liberty Directors John Fox and Julie Dean; bringing together £6.8bn AuA, a combined book of 32k SIPP clients, a large and competent FTE base, with a solid infrastructure on which to continue its strong growth trajectory. The combined business is profitable day one and will result in additional synergies downstream. The new business will be headquartered within the Embark Group estate in Greater Manchester - just a short distance from Liberty’s existing offices - with a significant satellite operation in London.

The consideration is not disclosed, however Embark has confirmed that it will inject £2m of additional regulatory capital into EBS to support scale and growth for the business. Embark will also provide financial and operational support to Liberty shareholders to facilitate the orderly wind-up of the business.

Going forward, the transferring Liberty SIPP products will be re-branded although will be maintained on the current terms and conditions, operated by EBS. Downstream the clients of these products will gain access to the broader services of the Embark Group.

This transaction brings the total SIPP scale of the Embark Group in line with its key competitor James Hay at c56k schemes and c140k consumer clients with c£15bn AuA, following five full years of activity since the Group’s inception in 2013.

John Fox, Managing Director of Liberty SIPP, commented “The timing and cultural fit of this transaction is excellent for all of us at Liberty. We are moving from being one of the fastest growing small players in the SIPP market, to driving the continued growth of one of the largest sector players. We have many complementary strengths and capabilities but share a clear passion for consumer outcomes and service. We look forward with excitement, in what has been a challenging period for the SIPP market.

Phil Smith, CEO of the Embark Group, commented “This transaction, at this time, is exceptional for the consumer clients of Liberty. It is also highly positive for the employees of both businesses and will further improve the growth trajectory for wider stakeholders of the Embark Group. Fundamentally, the ex-Liberty team, their clients and distribution partners will thrive with the supportive financial strength, scale, and technology resources of the Embark Group.

Please note the value of investments, and any income from them can go down as well as up and you may not get back your original investment. We do not offer advice about the suitability of our products or any investments held within them. Should you require financial advice you should consult a suitably qualified financial adviser.

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