Irish Life Group is set to acquire independent financial services consultancy firm, Acumen & Trust.

The group said it had reached agreement through its independent intermediary subsidiary, Invesco Limited, to acquire the Irish-owned firm.

Terms of the transaction were not disclosed.

Acumen & Trust specialises in corporate pensions consultancy and private wealth management and has over 22 years' experience advising both companies and personal investors.

It is based in Sandyford, Dublin, employs 54 people and has €1.1 billion in assets under administration.

Following completion of the transaction, Acumen & Trust will continue to operate as an independent firm, under its existing brand and will continue with the same senior leadership team. In line with other recent advisory business acquisitions by Irish Life, the acquired business will be run as an independent entity within the group.

David Harney, Chief Executive of Irish Life Group, said, "We are delighted to have this opportunity to acquire Acumen & Trust, a company with an outstanding track record of providing specialised financial planning advice and employee benefits solutions. Irish Life is a strong advocate of the value of financial advice, and we believe there is a huge growth opportunity for world class independent advisory firms in the Irish market."
 
Colm Brennan, Managing Director of Acumen & Trust, said, "Irish Life and Invesco understand the value of our independence and have committed to support our growth by providing access to increased resources, technology and expertise. This will support us in meeting the evolving needs of our clients as well as expanding the range of services we offer."

Des McGarry, Managing Director, Invesco said it was an exciting development, as both firms have similar cultures and growth ambitions.  

The transaction is expected to close in quarter one 2020, subject to regulatory approvals.