Embark Group has brokered a deal to purchase two businesses of insurance giant Zurich for an undisclosed fee to bolster its presence in the UK investment savings sector.

Under the deal, Embark will buy Zurich’s investment and retail platform business Sterling ISA Managers as well its investment management business Zurich Investment Services (UK).

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The acquired businesses have approximately £11bn in assets under management and an advised book of more than 130,000 customers.

Embark hopes that the transaction is will enhance its distribution capability and enable it to develop retirement investment pathway solutions.

It is also planning to leverage the acquisitions to bolster its workplace, pensions and savings propositions in 2020.

The acquisitions of Zurich’s businesses follow Embark’s purchase of Alliance Trust Savings’ advised and partnership assets.

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Concurrently, a five-year agreement has also been signed by the companies to develop and deploy digital life and protection products through Embark’s technology and distribution channels.

This acquisition, which is subject to the regulatory nods, will swell Embark’s assets under administration to more than £33bn.

Commenting on the deal, Embark Group CEO Phil Smith said: “The deal brings considerable assets, demonstrable distribution and investment capabilities, and most importantly one of the best teams in the industry to Embark.

“We are also excited by the potential of our new digital partnership with Zurich UK, and the future innovations we will bring to the market through it.”

Zurich UK head of UK Life Jim Sykes said: “Although our Wealth platform is a strong and successful business, we believe the needs of customers and advisers would be better served by an owner that is focused on investing in this specialist area.”