Pension provider Rowanmoor has been bought out by Embark Group, the owner of rival business Hornbuckle.
Embark has taken 100% control of Rowanmoor Trustees, Rowanmoor Consultancy and Rowanmoor Personal Pensions.
Rowanmoor said the group’s acquisition was effective immediately and had been approved by the Financial Conduct Authority.
Rowanmoor is a specialist in self-invested personal pensions (SIPP) and small self-administered schemes (SSAS). It also runs an advice business.
The combined Embark business will administer more than £8.1bn in assets for some than 70,000 pension, investment and consultancy clients and meets capital adequacy requirements.
Rowanmoor Group will be retained as a subsidiary of the Embark Group, operating independently, the business said. It will continue to trade under the Rowanmoor Pensions brand and its independent financial adviser subsidiary Rowanmoor Consultancy.
Managing director Ian Hammond and deputy managing director and finance director David Saer will leave the business.
Embark Group chief executive Phil Smith said: “Ian and his team have built a solid business and we are delighted to have been able to expand Embark Group’s footprint by adding it to our collective group, further strengthening our offering and commitment to the adviser community.”
Hammond added: “I am immensely proud of what we have achieved over the last three decades. With my impending retirement, the opportunity to combine our business with Embark Group came at precisely the right time.”
The acquisition follows Suffolk Life buying insolvent SIPP provider European Pensions Management earlier today (15 July).