Irish Life has moved to acquire another large corporate pensions intermediary, Acumen & Trust, through its subsidiary Incesco.

Acumen & Trust employs 54 people and specialises in corporate pensions consultancy and private wealth management. Invesco said it will continue to operate independently of Invesco and with the same management team.

It was established in 1996 and provides corporate pensions services to over 350 clients, and has a private client division with c.1,500 clients.

Acumen & Trust managing director Colm Brennan 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.”

Irish Life chief executive David Harney described Acumen & Trust as a world class independent advisory firm.

In Association with

The proposed takeover is subject to Competition and Consumer Protection Commission approval. In 2018 the CCPC waved through Irish Life's takeover of Invesco, which manages corporate pension schemes on behalf of over 275 large corporates in Ireland, along with over 500 SMEs. In addition, Invesco advises c.2,000 private clients in relation to wealth management.

In its Invesco determination, the CCPC tackled the issue of Invesco channelling Irish Life pension products to the broker's clients as follows:

"The Parties state that post-transaction Invesco will be independently managed and operated. As an investment intermediary, regulated by the Central Bank of Ireland, Invesco is subject to the Central Bank’s Consumer Protection Code which stipulates that all investment intermediaries must provide services to clients on “a fair analysis of the market” basis. This means that Invesco must provide services on the basis of a number of products available to meet clients’ needs if it is to retain its designation as an independent intermediary."

Established in 1996 and based in Sandyford, Acumen & Trust is a very profitable business. In 2018 the company booked a pre-tax profit of €2.5m after six directors shared €1.4m in remuneration and pension contributions. In 2017, the directors were paid an aggregate of €2.2m.

Net worth in December 2018 was €5.2m, including €2.2m in cash and €1.5m in liquid investments. The Acumen & Trust parent company has four main shareholders: David Robb (28.3%), Colm Brennan (28.3%), Conor Crowley (28.3%) and Ciaran Martin (15.0%).

Acumen & Trust is being advised by Dillon Eustace lawyers Lorcan Tiernan and Philip Lea.