Mazars Financial Planning (MFP), a global accountancy and advisory firm, has agreed to acquire Salisbury-based financial planning business RCL Consultancy from The Embark Group.
The transaction will result in the transfer of a portfolio of HNWs and affluent clients with assets of approximately £300m.
At present, MFP has £770m in assets under management. After completion of the deal, Mazars will have more than £1bn of assets under management.
Mazars has also teamed up with Embark to set up a joint venture that will focus on employee benefits market. The new firm, known as Vested Employee Benefits, will combine both firms’ current activities in the UK employee benefits consulting sector into a single entity.
Embark will hold 51% stake in the new venture, while the reaming 49% stake will be owned by Mazars.
The new firm will be managed by Lorraine Olley and Phil Smith of Mazars and Embark, respectively.
Mazars UK senior partner Phil Verity said: “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.”