The two have extended their existing distribution agreement until at least 2021 with a 5 year tie-up being planned.
The deal follows the recent acquisition by Embark of Zurich’s Investment and Retail Platform, which has been relaunched under the Advance by Embark brand. The Advance Platform is built on FNZ technology.
Earlier this month Embark rebranded the Zurich Platform after completing the takeover of the business. The Retail Investment Platform is now known as Advance by Embark and the Investment Services business operates under the Horizon by Embark brand.
Openwork is the largest distribution partner of Advance by Embark, with the majority of Openwork’s wealth advisers on the platform.
Advance by Embark will now be Openwork’s primary wealth platform for additional business, Embark says.
Mike Morrow, wealth & platform director, Openwork, said: “We are committed to establishing a new long-term agreement with Embark as our primary wealth platform for additional business. Its financial strength and commitment to innovation and a willingness to develop the platform collaboratively makes Embark the ideal partner for us.”
Phil Bungey, chief operating officer, Advance by Embark, said: “This agreement is recognition of our commitment to the UK advised market, as well as our relentless focus on innovation. We are excited to work with Openwork over the long-term to continue to meet the ongoing needs of Openwork and their network of advisers.”
Embark Group is a retirement solutions provider, active in investment platform, SIPPs, SSASs, fund research and employee benefits Consulting. Group brands include Embark, Vested, Rowanmoor and The Adviser Centre. The group has more than £33bn in assets under administration and 360,000 consumer clients.
• Horizon by Embark has extended the distribution of its multi-asset Horizon Fund range to Standard Life’s Elevate and Wrap platforms. The five risk-profiled funds will be available on Advance by Embark, Embark Platform, Aegon ARC, Aegon Cofunds, Transact, Standard Life Elevate and Standard Life Wrap platforms.