Invesco grows Cork business with City Life acquisition

Pension scheme manager Invesco has extended its presence in Cork by acquiring local wealth management firm City Life, for an undisclosed sum.

The deal, subject to regulatory approval, is expected to close early in the second quarter of the year.

City Life will move from its Blackrock base and amalgamate with Invesco in its Lapps Quay office in Cork city centre. However, it will continue to trade as a multi-agency financial consultancy.

"As part of our growth ambitions, we have been exploring options to bring the firm to the next level with a national footprint. Invesco understands the value of our independence and that will support our growth through access to resources, technology and expertise," said City Life managing director Eamon Dwyer.

"This will support us in meeting the evolving needs of our clients as well as expanding the range of services we offer them," he said.

City Life has grown, over the past 48 years, into a multi-advisory firm with assets under management of over €215m.

The firm has a private client base of over 1,100 clients. It provides financial planning and wealth management services.

Last year Irish Life acquired a strategic shareholding in Invesco, which manages occupational pension schemes on behalf of more than 275 large companies in Ireland as well as over 500 SMEs.

It has almost 55,000 members in corporate pension schemes and over €5.7bn in assets under administration.