Irish Life Group is to buy Irish wealth management advisory firm Harvest Financial Services for an undisclosed fee.

Set up in 1993, Harvest Financial Services manages in excess of €1billion in assets on behalf of 1,500 clients.

These include pension funds, private individuals, corporations and charities.

"We are delighted to have this opportunity to acquire Harvest Financial Services, an award-winning firm with specialist expertise in advising clients in the wealth management market," said Eunice Dreelan, Head of Intermediary Business, Irish Life Group.

Harvest will continue to operate as a separate entity and retain its brand after the transaction closes in the first quarter of next year.

Its areas of advice include investments, retirement planning, pension consultancy and professional trustee services.

"Irish Life provides access to increased resources, technology and expertise to facilitate Harvest Financial Services' next phase of growth," said Gerry Devitt, Chief Executive of Harvest Financial Services.