Great-West makes deal for Irish firm
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Hey there, time traveller!
This article was published 19/04/2018 (2189 days ago), so information in it may no longer be current.
Winnipeg’s Great-West Lifeco Inc. announced Friday that its Irish subsidiary, Irish Life Group Limited, has a deal to acquire a strategic holding in Ireland’s largest independent financial consultancy, Invesco.
Invesco, which specializes in employee benefit consultancy and private wealth management, will continue to operate as an independent consultancy firm under its existing brand and with the same senior leadership team, a Great-West Lifeco news release said.
Invesco has more than 125 employees and manages the pension plans of more than 275 large corporations in Ireland, as well as 500 small- and medium-sized companies.
There are no plans to shake up management at Invesco, Irish Life Group chief executive David Harney said in the release.
“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,” Harney said. “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.”
Invesco has almost 55,000 members in corporate pension schemes and has $7.5 billion in assets under administration. It advises more than 2,000 private clients in relation to wealth management.
“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,” Paul Mahon, Great-West Lifeco’s president and chief executive officer, said in the news release.
The acquisition is subject to regulatory approval and is expected to be completed in the third quarter of 2018.
— staff