Irish Life Group, a subsidiary of Great-West Lifeco, has signed an agreement to buy a strategic holding in Invesco Ltd (Ireland), an independent financial consultancy in Ireland, for an undisclosed sum.
The acquired Irish company specialises in employee benefit consultancy and private wealth management. It employs more than 125 people.
The company manages the corporate pension plans of over 275 large institutions in Ireland, along with over 500 small and medium sized firms.
Invesco will continue to operate as an independent consultancy firm under its existing brand even after the Irish Life’s investment. The deal will also not lead to any changes in the company’s senior leadership team.
Great-West Lifeco president and CEO Paul Mahon said: “Irish Life is the leading provider of life insurance, pensions and investments in Ireland and we are pleased to extend our position further with this strategic investment in Invesco.”
Irish Life Group chief executive David Harney added: “Invesco is a company with a strong track record of providing expert advisory and consultancy services to the Irish pensions and investment market and we are delighted to enter into this strategic partnership.
“We value Invesco’s independence and the strength of its leadership team and look forward to supporting the firm as it continues to successfully execute on its growth plans.”
Subject to receipt of regulatory nod, the deal is expected to be completed in the third quarter of this year.