The acquisition was made an undisclosed amount, which will further increase Emark’s UK presence in the investment savings sector.

The transaction will bring more than £6bn of Assets under Administration (AuA) along with 30,000 new clients to Embark, taking the total scale of the Embark Group to over £22bn AuA on behalf of over 180,000 consumer clients.

Embark will also gain the benefit of a highly skilled specialist team.

The deal also includes the purchase of the iconic Alliance Trust Savings building in Dundee, which will become Embark’s platform operation centre and Group headquarters.

Platform service partner FNZ will also occupy space in the building.

Phil Smith, Embark Group chief executive, said: “This acquisition presents a perfect opportunity to accelerate our growth strategy by acquiring a book of platform assets with high SIPP penetration, as well as complementary distribution relationships.

“This takes our group AuA to well in excess of £22bn and reinforces our position as one of the fastest-growing disruptors in the UK investment savings and platform market. It also offers an excellent opportunity to establish a centre for our operations and growth in Scotland, enabling us to access local talent and FinTech capabilities, assisted by cross-government support.”

Richard Wilson, chief executive officer of Interactive Investor, added: “I am delighted with this outcome. It is a good result for all concerned.  Embark is the right partner to take the advisory and partnership business forward, with Dundee remaining an important platform and employment centre. The ATS jobs have been protected which was a key consideration and I have no doubt they will take the business from strength to strength.

“The divestment will allow II to focus on its single purpose: to serve the self-directed retail investor, and the increased scale means we can continue to invest in providing a class-leading customer experience, excellent value and a wealth of impartial information to help customers make better-informed investment decisions.”

Jamie Hepburn MSP, minister for business, fair work and skills said: “Embark’s plans to retain the site in Dundee is good news for employees and for the economy of the city. The Scottish Government, Scottish Enterprise and Scottish Development International have been working closely with the company and will continue to provide support going forward.”