Irish Life Group has agreed a deal to buy a strategic shareholding in Invesco Limited, the country's largest Irish-owned independent financial consultancy.
Terms of the transaction were not disclosed and no job losss are expected as a result of the deal.
With offices in Dublin and Cork, Invesco employs 125 people and has €4.8 billion in assets under administration.
It specialises in employee benefit consultancy and private wealth management.
Following the deal, Invesco will continue to operate as an independent consultancy firm under its existing brand and with the same senior leadership team.
In line with other recent deals by Irish Life's parent company - Great-West Lifeco - the acquired business will be run as an independent entity within the group.
"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," commented Irish Life Group's chief executive David Harney.
Des McGarry, Managing Director of Invesco, said that as part of the company's growth ambitions, it had have been exploring options to bring the firm to the next level.
"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.
"This will support us in meeting the evolving needs of our clients as well as expanding the range of services we offer them," he added.
