Lloyds Banking Group has completed its acquisition of retirement and wealth management firm Embark Group and shared plans for the launch of an Embark direct-to-consumer investment service.

Jackie Leiper, pensions stockbroking and distribution director at Lloyds Banking Group, has now been appointed as CEO of Embark.

In a message to shareholders she shared plans for the launch of a direct-to-consumer investment offering for self-directed investors.

It will launch with a “ready made investments proposition.”

Embark and the new direct-to-consumer proposition will operate alongside Schroders Personal Wealth and Cazenove Capital which will continue to offer face to face advice for affluent and high net worth customers.

Ms Leiper said the acquisition of Embark will also allow Lloyds to, “reinvigorate and enhance our intermediary proposition” under Scottish Widows as well as transforming it stockbroking business.

Lloyds has acquired the entire share capital of Embark for £390m paid on completion. The deal adds £37bn of assets under administration and 354,000 clients.

The sale excluded the Rowanmoor SIPP and SSAS administration business, which has been retained by existing shareholders.

Embark specialises mainly in retirement solutions and operates a range of brands including Embark, Vested and The Adviser Centre. It has its own investment platform and also provides SIPP, SSAS, Multi-Asset Funds, fund research and employee benefits consulting.

The takeover of Embark is also likely to provide a return for a number of asset managers which held stakes in the Embark business, including BlackRock and Franklin Templeton who were the largest shareholders in Embark with 26% of the equity.

Embark was established in 2013 by Phil Smith, who was a major shareholder in the business before the sale.

Embark has grown rapidly in recent years through a combination of takeovers and organic growth. Its acquisitions included the advised and partnership books of Alliance Trust Savings, Zurich’s retail wealth platform and its five risk-rated Horizon multi-asset funds.

Speculation about the acquisition first started in May 2021 when rumours began to emerge about talks between the two firms.