Zurich's plans to sell the business, which has £11bn of assets and 130,000 advised clients, were known in the industry but most bets were on Aegon as the future buyer.
Embark's platform business will have assets of £33bn and 300,000 clients once the deal, which includes Zurich's authorised corporate director and investment services businesses, completes.
5 Claims galore
More than 700 claims have landed at the Financial Services Compensation Scheme since it opened its doors to Berkeley Burke customers, FTAdviser learned this week.
The news came after the administrator of Berkeley Burke's Sipp arm estimated the lifeboat scheme would end up footing a claims bill of £158m.
The FSCS could not say at this point who would be footing the bill for the claims but said it was likely to be the provider class, although £54m has been paid out against financial advisers in relation to Berkeley Burke so far.