Mazars acquires RCL Consultancy, launches partnership with prior owner Embark
International consulting firm Mazars has acquired the chartered financial planning business RCL Consultancy for an undisclosed fee. The purchase wrests control of the firm from The Embark Group, though the two groups also announced a new joint venture in the employee benefits market.
As independent financial advisers, RCL offer a wide range of advisory and consultancy services to individuals, private business, charities and other professionals. These services include pension and retirement planning, personal financial planning and investment advisory offerings.
Mazars Financial Planning (MFP) is said to have added £300 million to its assets under advice, through the deal for Salisbury-based RCL Consultancy, which reportedly has a £3 million portfolio of high net worth individuals, alone. The entity responsible for the acquisition, MFP, previously boasted £770 million in assets under management, meaning that following approval from the Financial Conduct Authority, Mazars will have over £1 billion under advice.
Mazars did not release financial details pertaining to the acquisition from retirement solutions provider Embark. However, following the deal, the two groups have also agreed to enter into a joint venture. The new partnership between Mazars and Embark will involve combining all of their activities in the UK employees benefits consulting sector, which will also see Mazars Employee Benefits renamed as Vested Employee Benefits. Vested will be part of The Embark Group and owned 51% by Embark and 49% by Mazars.
The new company will be aimed at small to medium sized businesses with between 100 and 750 employees, which Mazars feel are “poorly serviced” at present. Mazars said Vested would go 'beyond traditional flexible benefits and auto-enrolment' to consider workplace saving schemes, flexible benefits, financial wellness, and other such initiatives.
Speaking on the two developments, 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 employee benefits consulting market, in a collaboration that greatly increases our chance of material success.”
In early 2017, Mazars reported their UK revenues had grown by 7% to reach £160 million. The firm has since undergone a continuing period of change to maintain that rate of expansion. The consultancy added a team of 195 new trainees in the early Autumn, while announcing a new executive and non-executive team over the course of the year.
