Business Irish

Sunday 18 March 2018

Invesco aims to innovate to stay ahead of the curve

Company Focus: Invesco Limited

Des McGarry of Ivesco
Des McGarry of Ivesco
Joe Carr
Frank Greene
Mairead Divilly

Established in 1991 by Des McGarry, Invesco Limited is the largest Irish-owned firm of employee benefits consultants and wealth management advisors with 120 staff, providing services to a range of multinational and indigenous companies and private individuals.

Invesco has continued to grow its share of the corporate employee benefits market in Ireland over the past 5 years, a period during which the overall market contracted sharply.

They achieved this growth due to the excellence of their consulting and administration staff, the strength of their reputation in the market and an ability to respond quickly to clients' changing circumstances and requirements.

Invesco administers the corporate pension plans of 10pc of the largest 2,000 companies in Ireland, through which they look after the financial needs of over 75,000 people.

Invesco has developed a number of innovative investment solutions for pension investors which are unique in the marketplace and which have attracted significant funds approaching €1bn since their launch two years ago.

Frank Greene, Tax Partner, Mazars

The increasing frequency with which employers are beginning to relocate employees to different jurisdictions, creates an opportunity for Invesco.

While it is a member of a global alliance of professional advisors, particulary "busy" countries may encourage Invesco to consider establishing its own local presence. This could be achieved by acquiring a local competitor.

Often the acquisition of a local established competitor will involve purchasing its issued share capital. The challenge will be how to effectively integrate the acquisition into the existing group structure. Some initial homework can manifest itself in an overall structure which is fit for purpose from a day to day perspective, while also accommodating a potential exit strategy. Trying to achieve the "best" structure later date is likely to prove more expensive in the long run.

Mairead Divilly Outsourcing Partner, Mazars

A typical challenge faced by growing firms is focusing heavily on non-core activities. Outsourcing non-core activities can bring a host of advantages to businesses including providing a cost effective approach to completing non-core activities and enabling the business to leverage off best practice knowledge and know-how.

While outsourcing can yield many benefits, it can lead to a loss of control for the business. Therefore, having a trusting relationship with an outsourcing partner is crucial.

Before Invesco could consider outsourcing any of their non-core activities they would need to ensure that outsourcing non-core activities would benefit their business and yield results in the long-term.

They would also need to select the right partner, ensuring that they source as much information as possible about a potential partner before going into business.

Joe Carr, Business Advisory Partner, Mazars

Private companies like Invesco should focus on being innovative in the long-term in order to compete and succeed into the future. Invesco could be innovative in their product offering, business models and technology.

However, companies cannot be innovative in the long-term without having measures in place to identify and develop innovation. Developing a clear strategy that includes reshaping the organisational culture and implementing a process for managing innovations is a good place to start. Identifying an innovation taskforce and putting a budget in place is also important.

Some of the mechanisms that can be used by Invesco to help identify innovation include gathering feedback from clients to identify their changing needs and engaging in alliances with companies involved in scientific and technological research

Sunday Indo Business

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