Tuesday 25 June 2019

Irish Life lines up deal to buy financial consultants Invesco

Traders work on the floor of the New York Stock Exchange. Photo: Reuters
Traders work on the floor of the New York Stock Exchange. Photo: Reuters

Louise Kelly and Reuters

Irish Life is set to acquire a strategic shareholding in Invesco, the largest Irish-owned independent financial consultancy.

Invesco employs 125 people at its sites at Sandyford, Dublin, and Lapp's Quay, Cork, and has €4.8bn in assets under administration.

It will continue to operate under its existing brand and with the same senior leadership team following Irish Life's investment.

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.

Des McGarry, Invesco's managing director, said the firm had been "exploring options" as part of its 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.

Meanwhile, European shares held steady on Friday at the end of a strong week as a rally in commodities softened, although strong earnings updates boosted shares in Ericsson and Telia.

The pan-European Stoxx 600 index ended the session flat in percentage terms but remained up 0.7pc on the week, its fourth straight week of gains, as global markets recovered from a turbulent first quarter.

Jitters over possible trade wars, faster rate hikes in the United States and a regulatory crackdown on big tech groups sent the Stoxx to 14-month lows in March.

But since April, the index has been on a recovery path as those worries receded.

In Dublin, the Iseq closed up .66pc on the day, at 6,827.72 compared to 6,638.13 a week earlier.

In London, shares in Shire were the worst FTSE performers, after Botox maker Allergan walked away from a bid for the rare-disease drugs specialist.

Irish Independent

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