Sale of Zurich’s Wealth business to Embark

Latest updates

1st May 2020 The sale of Sterling ISA Managers Limited (SIML) and Zurich Investment Services (UK) Limited (ZIS (UK)) to Embark Group Limited (Embark) has been successfully completed. More information for clients can be found on our Transfer to Embark page.

What’s happened?

Zurich has agreed to sell Sterling ISA Managers Limited (SIML) and Zurich Investment Services (UK) Limited (ZIS (UK)) to Embark Group Limited (Embark). This includes the Zurich Portfolio, Sterling ISA and Sterling Investment Account, which are all provided by SIML. The Zurich Horizon funds are provided by ZIS(UK). The sale doesn’t impact any other Zurich products.

The Financial Conduct Authority (FCA) has approved Embark as the new owner of the businesses and the sale is expected to complete on 1 May 2020. If this date changes, we’ll update the ‘Latest updates’ section at the top of this page.

Embark will be in contact after the purchase has completed and tell you what happens next. You don’t need to do anything because of this change and Embark have told us that the only changes to the terms and conditions will reflect the change of ownership.

Please find below some further information on what’s happening. If you have any questions about what is happening, please speak to your adviser in the first instance or contact us directly.


Frequently asked questions

General questions

Why are Zurich doing this?

Zurich is simplifying its UK business as part of a long-term strategy to focus on supporting customers in other areas, such as our life insurance business.


Who is Embark?

The Embark group provide a wide range of wealth and retirement solutions in the UK. They have over 300,000 customers and look after £33bn of assets for their customers. You can find out more by visiting embarkgroup.co.uk

Zurich Portfolio customers

What happens when Embark take over?

Embark will take over the operation and provision of your Portfolio. This will be renamed to be the Advance Portfolio. Your existing terms and conditions will be updated to reflect the purchase by Embark and change in ownership. You will be able to see the updated terms and conditions below when they are available. These will be effective from 1 May 2020 or if the date changes, these will be effective from the date of change which we’ll update in the ‘Latest updates’ section at the top of this page.


Will my Portfolio be affected?

No, your Portfolio won’t be impacted by the sale and your accounts will stay invested in the same funds or assets as they are today.

Your accounts continue to be covered by the Financial Services Compensation Scheme (FSCS).


Will this change the day to day running of my account?

No, Embark have confirmed your account options, benefits, rights and obligations won’t change and your Portfolio charge won’t increase.

Any payments you are making or income you are receiving from your Portfolio will stay the same.


Will anything change with my adviser?

No, your relationship with your adviser will not change and they will manage your Portfolio as they do today. We’ve let them know what’s happening and we will continue to support them until we hand over to Embark.


I don’t have an adviser. Does the sale change how I manage my Portfolio?

There are no changes to the way you manage your Portfolio or the team that supports you, who will be working for Embark. If you have online access, you’ll continue to access your account at www.myfinancialportfolio.co.uk


Will my Retirement Account be affected?

The scheme rules relating to your Retirement Account won’t change. On 1 May 2020, your scheme will be renamed the ABE Personal Pension Scheme and the trustee of the scheme will be changed to Embark Trustees Limited.

Sterling ISA and Sterling Investment Account customers

What happens when Embark take over?

Embark will take over the operation and provision of your Sterling ISA or Sterling Investment Account. Your existing terms and conditions will be updated to reflect the purchase by Embark and change in ownership. You will be able to see the updated terms and conditions below when they are available. These will be effective from 1 May 2020 or if this date changes, these will be effective from the date of change which we’ll update in the ‘Latest updates’ section at the top of this page.


Will my Sterling ISA or Sterling Investment Account be affected?

No, your Sterling ISA or Sterling Investment Account won’t be impacted by the sale and your account will stay invested in the same funds as they are today.

Your account will continue to be covered by the Financial Services Compensation Scheme (FSCS).


Will this change the day to day running of my account?

No, Embark have confirmed your account options, benefits, rights and obligations won’t change and your Sterling ISA or Sterling Investment Account charges won’t increase.

Any payments you’re making or income you’re receiving from your Sterling ISA or Sterling Investment Account will stay the same.


Will anything change with my adviser?

No, your relationship with your adviser will not change and they will manage your Sterling ISA or Sterling Investment Account as they do today. We’ve let them know what’s happening and we’ll continue to support them until we hand over to Embark.


I don’t have an adviser. Does the sale change how I manage my Sterling ISA or Sterling Investment Account?

There are no changes to the way you manage your Sterling ISA or Sterling Investment Account or the team that supports you, who will be working for Embark.

Customers who are invested in the Zurich Horizon funds

How does this affect any investment in the Zurich Horizon funds?

Embark has confirmed there will be no increase to the fund charges, nature or investment objectives of the Zurich Horizon funds. Following the sale, the funds will be renamed to the Embark Horizon funds.

New Embark Terms and Conditions – Effective from 1 May 2020

We will share the new Embark Terms and Conditions here when they are ready. These will be effective from 1 May 2020 or if the date changes, these will be effective from the date of change which, we’ll update in the ‘Latest updates’ section at the top of this page.

Contact us

If you have any questions that are not addressed on this page, please speak to your adviser.

Alternatively, you can contact us by:

If you are a Zurich Portfolio customer

Email: zurichportfolioteam@uk.zurich.com

Call: 0345 607 2013

Write to us:

Zurich Portfolio Team
PO Box 1200
Cheltenham
GL50 9UP

If you are a Sterling account holder

Email: info@sterling-assurance.co.uk

Call: 0370 242 5597

Write to us:

Sterling Centre
PO Box 461
Bishops Cleeve
Cheltenham
GL52 8ZN

Due to the current Coronavirus situation our business hours have changed.

Our new opening hours are 8.30AM to 5.30PM Monday to Friday and 09.30AM to 12.30PM Saturday, excluding Bank Holidays.

We may record or monitor calls to improve our service.