Embark raises £39m after investment trio take 40% stake in group

Money for organic growth

Hannah Godfrey
clock • 2 min read

Investment giants BlackRock, Legg Mason and Merian Chrysalis Investment Company have taken a combined stake of nearly 40% in platform and pension provider Embark Group.

The investments have raised some £39.4m for the firm, which will be used to help to grow the business and provide resources if Embark decides to make an acquisition. Blackrock and Legg Mason each took a 9.9% stake in the group, while Merian Chrysalis took 19.99%. Embark group chief executive Phil Smith (pictured) told Professional Adviser the capital raised from the investors will be used for predominantly organic growth. "We will deploy [funds] into accelerating attachment to distribution partners, and that takes time and money and people to complete. So we'll do more than we have...

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