Great-West Lifeco Inc. announced April 20 that its subsidiary, Irish Life Group Limited, has reached an agreement to acquire a strategic holding in Invesco Ltd (Ireland). Terms of the transaction were not disclosed.

Invesco, Ireland specializes in employee benefit consultancy and private wealth management. It has more than 125 employees and manages the corporate pension plans of over 275 large corporations in Ireland, as well as 500 small and medium sized companies.

GWL says that following Irish Life's investment, Invesco will continue to operate as an independent consultancy firm under its existing brand and with the same senior leadership team.

Life insurance, pensions and investments

"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," said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco.

The acquisition, subject to regulatory approval and customary closing conditions, is expected to be completed in the third quarter of 2018.