Irish Life Group Limited announced that it 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 and has over 27 years’ experience advising companies and personal investors. Based in Sandyford, Dublin and Lapp’s Quay, Cork, Invesco employs 125 people and has €4.8 billion in assets under administration.
Following Irish Life’s investment, 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.
“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,” said David Harney, Chief Executive of Irish Life Group. “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.”
Commenting on the investment, Des McGarry, Managing Director, Invesco 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. In Irish Life we will have a shareholder that understands the value of our independence, and that will support our growth through access to resources, technology and expertise on a global scale. This will support us in meeting the evolving needs of our clients as well as expanding the range of services we offer them.”
The transaction is expected to close in the third quarter of 2018, subject to regulatory approvals.
Media coverage:
https://www.thetimes.co.uk/article/irish-life-to-take-control-of-invesco-h98ntf3mx
https://www.rte.ie/news/business/2018/0420/955973-irish-life-invesco-deal/
