The lender is close to finalising a deal and an announcement could come as early as this month,
Read more: City fund managers discuss post-pandemic opportunities, with
Embark, which was founded in 2012 by former Barclays executive
It has more than £38bn under administration and close to 500,000 customers across the country.
It has grown through a string of major acquisitions, including a deal to snap up Zurich’s investment and retail platform last year.
If confirmed, the deal will be one of Lloyds’ most significant deals since it was bailed out by
It would also mark a major payday for Embark’s shareholders, including some of the world’s largest asset managers such as Blackrock,
Embark operates under brands including The Adviser Centre, Rowanmoor and Vested. It also provides white-label services for companies such as
The company employs more than 600 people across the
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The deal would continue Lloyds’ efforts to diversify its income by moving into areas such as wealth management and insurance.
It comes just days after
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