Embark Group has reported that it has acquired 100% of the share capital of Rowanmoor Group. No fee has been disclosed.

This includes wholly owned subsidiaries Rowanmoor Trustees, Rowanmoor Consultancy and Rowanmoor Personal Pensions.

The acquisition has been fully approved by the Financial Conduct Authority and the UK Takeover Panel, and therefore takes immediate effect, Embark stated.

Rowanmoor Group operate independently as a subsidiary of the Embark Group but will share significant common infrastructure benefits and access capital support over time.

The business will continue to trade under the brand and trading name of Rowanmoor Pensions and its independent financial adviser subsidiary Rowanmoor Consultancy.

Ian Hammond, the managing director, and David Saer, deputy managing director and finance director, both will retire but the majority of the existing executive management team and board of Rowanmoor will remain in place.

Ian Hammond, managing director of Rowanmoor Group, said: “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.

“And given the highly complementary fit between our businesses I have every confidence that Rowanmoor will go from strength-to-strength with the support of the Embark Group. I would like to thank my team and our partners for their continued support over the years.”

Phil Smith, CEO of Embark Group, said: “The acquisition of Rowanmoor by the Embark Group combines true specialist pension and retirement solution capabilities to create an independent, material scale, full service provider that is primed to meet the diverse needs of the UK market.”

A statement from Embark read: “The combined group will administer in excess of £8.1bn assets for more than 70,000 pension, investment and consultancy clients. It will also have one of the sectors strongest regulatory capital coverage ratios at >125%, allowing it continued scope for growth across all lines of business.”