Former Seven Investment Management chief operating officer Phillip Bungey is joining Embark to head up the platform business it has acquired from Zurich.
Bungey (pictured) is among a recent slew of departures from 7IM following its acquisition of Scottish wealth manager Tcam. In October, Charles Sparrow became the third founding partner to exit the firm in the space of a year.
7IM had previously told Portfolio Adviser Bungey was retiring in February. He will actually be joining Embark on 1 December.
At Embark, he will join the future leadership team for the Advance platform, currently known as Zurich Sterling Isa Managers. Embark announced this month it was acquiring the insurance giant’s retail wealth business bringing in around £11bn assets under administration and an advised book of 130,000 clients.
Embark also acquired Zurich’s authorised corporate director and its investment management business, Zurich Investment Services.
Before 7IM, Bungey was COO at Nutmeg, where he created the first paperless online pension. He was also involved in the first ever real time online share trade in the UK during his time at Barclays Stockbrokers.
He founded Winterflood Business Services and has also worked for UBS and Lloyd’s of London.
Embark CEO Phil Smith highlighted Bungey’s experience in technology, process and operational change. “He also has an outstanding track record in delivering business solutions for complex organisations encompassing e-commerce, product development and change management. We’re looking forward to the positive impact he will have in helping to manage the Advance platform as part of our growing business.”
Bungey said he looked forward to integrating and growing Embark’s recent acquisitions and shaping future investments in technology, process improvements and proposition development for the Advance platform.
In October, Embark announced it was buying the Alliance Trust Savings advised and partnership businesses, representing £6bn, from Interactive Investor for an undisclosed sum.
