Financial services firm Invesco Ireland, which offers wealth management and pensions services, has agreed to acquire Cork-based multi-advisory business City Life.
Following completion, City Life will move into Invesco’s Cork office and retain its leadership team.
The acquired business will continue to trade as a multi-agency financial consultancy. City Life provides financial planning services to a private client base of over 1,100 clients and €215m (£188m, $246m) in assets under management.
“As part of our growth ambitions, we have been exploring options to bring the firm to the next level with a national footprint,” said Eamon Dwyer, managing director at City Life. “Invesco understands the value of our independence and that will support our growth through access to resources, technology and expertise.”
The financial terms of the deal were not disclosed. The transaction is expected to close early in the second quarter of 2019, subject to regulatory approval.
Invesco Ireland was established in 1991 by managing director Des McGarry.
It is wholly owned by 1939 ILIV Consulting, which is owned by Invesco Financial and Irish Life Group (Irish Life Group is the parent of Irish Life Assurance).