Irish Life Group set to acquire strategic shareholding in Invesco
Irish Life Group are set to acquire a strategic shareholding in Ireland’s largest Irish-owned independent financial consultancy, Invesco.
The terms of the transaction have not been disclosed but no job losses are expected on its completion, expected in the third quarter of 2018, subject to regulatory approvals.
Invesco employs 125 people at its sites at Sandyford, Dublin and Lapp’s Quay, Cork, and has €4.8bn in assets under administration.
The independent consultancy firm will continue to operate under its existing brand and with the same senior leadership team following Irish Life’s investment.
"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," David Harney, Chief Executive of Irish Life Group said.
Des McGarry, Managing Director, Invesco said the firm had been "exploring options" as part of their growth ambitions.
"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," he said.