Following approval by the Financial Conduct Authority (FCA), Openwork today welcomes Embark Group’s acquisition of part of Zurich’s UK wealth business, including the Zurich platform which is used by the majority of Openwork’s advisers.
The new name of the investment platform will be Advance by Embark, with the day-to-day running of the portfolio offering the same features and benefits for all of Openwork’s clients.
Mike Morrow, Wealth & Platform Director, said: “We welcome the acquisition of the Zurich platform by Embark and are committed to ensuring that as our primary wealth platform it serves the best interests of our clients & advisers by delivering strong and safe client outcomes with minimal disruption. Moreover, we need our core wealth platform provider to be fully committed to and focussed on the UK Wealth Marketplace and are confident that Embark satisfies those needs.
“As the largest user of the platform, we are pleased that Embark is committed to innovation and a willingness to develop the platform collaboratively. They are well funded and well capitalised, with blue chip institutional backers which is very positive for us as we believe that successful platforms require scale, capital, operational efficiency, and most of all profitability.
“This is a highly complex marketplace, however, Embark’s unique relationship with FNZ - a leading platform technology firm - means they are well placed to stay at the cutting edge of emerging market requirements.”