Openwork commits to continued use of Zurich platform following acquisition and rebrand
Financial services network Openwork has stated that it welcomes the acquisition of the Zurich platform by Embark Group, and will continue to use it as its primary wealth platform.
The platform has been acquired by Embark as part of its acquisition of part of Zurich’s UK wealth business, and has been rebranded as Advance by Embark.
Mike Morrow, wealth and platform director at Openwork, said: “We welcome the acquisition of the Zurich platform by Embark and are committed to ensuring that as our primary wealth platform it serves the best interests of our clients and advisers by delivering strong and safe client outcomes with minimal disruption.
“Moreover, we need our core wealth platform provider to be fully committed to and focused on the UK wealth marketplace, and are confident that Embark satisfies those needs.
“As the largest user of the platform, we are pleased that Embark is committed to innovation and a willingness to develop the platform collaboratively.
“[Embark is] well funded and well capitalised, with blue chip institutional backers which is very positive for us as we believe that successful platforms require scale, capital, operational efficiency, and most of all profitability.
“This is a highly complex marketplace, however, Embark’s unique relationship with FNZ – a leading platform technology firm – means [it is] well placed to stay at the cutting edge of emerging market requirements.”