Mazars, a professional services firm, is to acquire chartered financial planning business RCL Consultancy from The Embark Group.
The acquisition, for an undisclosed sum and subject to FCA approval, will result in the transfer of a portfolio of high net worth and affluent clients with assets of approximately £300 million, taking Mazars over £1 billion assets under management.
At the same time, Mazars is to enter into a joint venture partnership with renowned retirement solutions provider, The Embark Group, by combining their current activities in the UK Employee Benefits Consulting (EBC) sector into a single business.
As a result, Mazars Employee Benefits Limited will be renamed Vested Employee Benefits Limited trading as ‘Vested’. Vested will act as a consolidation vehicle for the clients of each business.
The target market will be small and medium sized UK corporates, with 100 to 750 employees, which it feels are poorly serviced by the traditional players and where small EBC’s do not have the breadth of capabilities and resources that Mazars and Embark can jointly deliver.
The newly combined business will be owned 51 percent by Embark and 49 percent by Mazars and will be consolidated into The Embark Group. The joint venture will be led by Lorraine Olley and Phil Smith of Mazars and Embark, respectively.
Phil Verity, senior partner at Mazars UK LLP, said: “The combination of these transactions continues our rapid growth in the UK financial planning market, a core sector for Mazars in the UK and through Vested we will retain our engagement in the EBC market in a collaboration that greatly increases our chance of material success. Embark and Mazars are a natural fit. We both have a strong focus on our clients, our people, and on delivering innovative, high value solutions to the market.”
Both transactions remain subject to regulatory approval prior to formal closure.
Mazars is an international organisation, specialising in audit, accountancy, advisory, tax and legal services. As of 1 January 2017, the group operates throughout the 79 countries that make up its integrated partnership. In the UK, Mazars has approximately 140 partners and over 1,700 employees.