Mazars to strengthen financial planning offering via acquisition of RCL Consultancy

- Mazars also enters into a joint venture with The Embark Group to launch ‘Vested’, a new employee benefits joint venture

Mazars, the leading international professional services firm, announces it is to acquire Chartered Financial Planning business RCL Consultancy Limited 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 £300m, taking Mazars over £1 billion assets under management.

Mazars continues to grow its Financial Planning presence and capabilities in the UK and the acquisition of RCL by Mazars Financial Planning (MFP) will strengthen the offering to its private clients.

MFP provides impartial, tailored financial planning advice and wealth management to individuals, business owner-managers and trustees (private and charitable). It has a range of financial planning services from financial health checks to advice about investments, pensions, tax planning and employee benefits, as well as managing client funds on a discretionary basis. MFP currently has £770 million of assets under management and this deal will take it over the £1 billion milestone.

At the same time, Mazars has announced it 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.

Vested offers a full suite of services, tailored to individual client needs. Vested looks beyond traditional flexible benefits and auto-enrolment; our services span workplace savings, flexible benefits, financial wellness and employee engagement. Where possible our solutions are digitally delivered and all are supported by our structured governance process.

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% by Embark and 49% 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, says: “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.”

Phil Smith, Group CEO of Embark, says: “It is tremendous to be taking the covers off the growing partnership we have nurtured with Mazars over the course of 2017. I thank RCL Consultancy for its contribution to our Group, but pass the business to Mazars knowing the investment in their growth will take a much greater priority than we are able to deliver today.”

Both transactions remain subject to regulatory approval prior to formal closure.

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About Mazars

Mazars is an international, integrated and independent organisation, specialising in audit, accountancy, advisory, tax and legal services. As of January 1st, 2017, Mazars operates throughout the 79 countries that make up its integrated partnership. Mazars draws upon the expertise of 18,000 women and men led by 950 partners. We assist clients of all sizes, from SMEs to mid-caps and global players as well as start-ups and public organisations, at every stage of their development. In the UK, Mazars has approximately 140 partners and over 1,700 employees, and is ranked one of the top 10 firms nationally.

Mazars Financial Planning is authorised and regulated by the Financial Conduct Authority and is a wholly owned subsidiary of Mazars UK LLP.

For all national news and expert commentary, visit our website at www.mazars.co.uk

News and our latest announcements are also published via the firm’s page on LinkedIn at www.linkedin.com/company/mazars-UK or you can follow us on Twitter @Mazars_UK 

About Embark Group

Embark Group is a full scale retirement solutions provider, active across the market in the areas of SSAS, SIPP, Investment Wrap, Fund Research, Employee Benefits Consulting and Chartered Financial Planning. Businesses within the Embark Group have been established in the retirement market for more than 30 years, and have a long history of working closely with intermediary distribution partners and high net worth clients. The Group‘s Board has extensive expertise across the pensions, insurance, banking and investment markets.

The Group is 100% privately owned and currently employs c525 people across eight businesses in six office locations (London, Edinburgh, Leicester, Salisbury, Bolton and Tetbury). It has £11.6bn of assets under administration on behalf of over 110,000 consumer clients.

www.embarkgroup.co.uk

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