Embark Group, the diverse and expanding financial group, has restructured its pensions businesses with a new joint chief exec to run them and two senior executives leaving.

Paul Downing will take on the new role of chief executive of the four pensions units while David King, managing director, and Wayne Barlow, Sipp operations director at Rowanmoor Executive Pensions, are both leaving the company.

Embark Group said it was combining the “leadership teams, operating tools and structures” of its four pension units.

Mr Downing will lead the new exec team, subject to regulatory approval. He has extensive experience and ran platform operations at Novia and Skandia.

The former director at EBS Pensions, now oversees Rowanmoor SIPP, Rowanmoor SSAS, EBS Pensions and Hornbuckle, joining the boards of both Rowanmoor firms.

Embark says he will aim to provide a “common agenda” for all of Embark’s pension interests but they will legally remain separate firms.

Embark has expanded rapidly in the pensions and platform areas in recent years. Last November it acquired Zurich’s platform arm for an undisclosed sum, pushing its assets under advice to £33bn. It also bought the advised and partnership assets of Alliance Trusts Savings.

Embark owns a number of financial businesses including Embark Pensions, the Embark Platform and Rowanmoor.

Phil Smith, Embark Group chief executive, said: “The group is experiencing rapid growth, particularly in relation to the volume of bespoke pensions, and this new structure will enable us to best deliver value to customers.”

Paul Downing, Embark Pensions chief executive, said: “This is an exciting moment to be leading the Embark pension businesses, as we gear up for the next phase in our development. I look forward to working with the team to continue to offer our clients exceptional services across the SIPP and SSAS spectrum."