Pensions firm unveils 50-strong jobs boost for Dundee

Pensions and savings firm Embark is to take on at least 50 more staff at its Dundee base in the wake of its takeover by Lloyds Banking Group.

The recruitment drive coincides with a revamp of Embark's Dundee base in the former Alliance Trust offices on West Marketgait in the city.

The move will increase the workforce at the site by almost a third to over 200 and is a significant boost for Scotland’s burgeoning fintech – financial technology – sector.

The roles include IT development, customer services, HR and marketing and will be based at Embark’s offices in the city’s former Alliance Trust building on West Marketgait which is also about to undergo a major revamp.

The latest expansion, which cements Dundee’s position as the largest site in the group, follows on from a major recruitment drive last year which saw over 50 staff join the company backed by support and assistance from Scottish Enterprise. Embark said the further growth would strengthen its pull as a “destination employer” in the fintech sector.

Peter Docherty, chief executive of Embark’s Platform arm, said the company was hoping to attract individuals at all stages of their career whether just starting out, semi-retired, those looking for a career change, the unemployed or a parental leave returner.

“There are opportunities available for people at all levels to play their part in driving Embark forward in this exciting new phase of our journey. We are excited by the diverse talent that Dundee has to offer and how it will contribute to our continued development,” he said.

Mark Hallan, director of global investment for Scottish Enterprise, said: “Working with innovative and progressive companies such as Embark in key sectors such as fintech is a priority for Scottish Enterprise.

“We look forward to continuing to support Embark as it continues to grow its presence in Dundee to become a centre of innovation for fintech and further highlights Scotland’s strengths in the sector.”

The deal to buy Embark in a £390m transaction was announced by Lloyds last summer.

The bank said the deal – its biggest since it returned to private ownership – would add about 410,000 customers and some £35 billion of assets under administration.

At the time Antonio Lorenzo, chief executive of Scottish Widows and group director, insurance and wealth for Lloyds Banking Group, said Embark was helping meet an “ever-growing customer demand for clear, simple and affordable financial planning and retirement products and services”.

“Our acquisition of Embark will not only help us serve all of a customer’s financial needs in one place, but also sit alongside our existing partnerships which meet the more complex financial planning and investment requirements of mass-affluent and high net-worth customers through Schroders Personal Wealth and Cazenove Capital,” he said.

Lloyds said access to Embark’s technology meant it would be be able to increase the reach of its investment offerings for customers who are happy to manage their own portfolios.

“We will also be able to enhance our intermediary proposition, strengthen our offering in retirement and modernise the way Scottish Widows works with advisers, recognising the continued value of advice,” added Lorenzo.

Embark moved into Dundee in 2019 following a deal to buy part of the Alliance Trust Savings business from interactive investor.