It was announced today that Irish Life Group Limited has reached an agreement to acquire a strategic shareholding in Invesco Limited, Ireland’s largest Irish-owned independent financial consultancy. Terms of the transaction were not disclosed.

Invesco specialises in employee benefit consultancy and private wealth management. Based in Sandyford, Dublin and Lapp’s Quay, Cork, Invesco employs 125 people and has €4.8 billion in assets under administration.

Invesco will continue to operate as an independent consultancy firm under its existing brand and with the same senior leadership team. In line with other recent advisory business acquisitions by Great-West Lifeco, Irish Life’s parent company, the acquired business will be run as an independent entity within the group. Given current growth plans, no job losses are expected on completion of the transaction.

The transaction is expected to close in the third quarter of 2018, subject to regulatory approvals.

Commenting on the investment, Managing Director at Invesco, Des McGarry said, "This is an exciting development for Invesco, and one which presents great opportunities for the business. As part of our growth ambitions, we have been exploring options to bring the firm to the next level as a leading independent consultancy."

Chief Executive of Irish Life Group, David Harney added, "We are delighted to have this opportunity to make a strategic investment in Invesco, a company with a strong track record of providing expert advisory and consultancy services to the Irish pensions and investment market. This new strategic investment means that Invesco will be backed by the strength of Great-West Lifeco as it continues to successfully execute its growth plans."

Source: www.businessworld.ie