“Given the evolution of wealth in Ireland over the past number of decades, and that Ireland only started to materially grow in the late 1990s, there is a historic, generational transfer of wealth under way,” said Miċeál Gunning, head of private clients at Unio, who previously held the same role at Invesco.
“Combine this with the fact that Ireland, as Europe’s fastest growing economy, has the same average wealth per adult as France and Germany, tens of thousands of people require advice and support to optimally manage their wealth.” Now is the right and opportune time to establish a wealth management and advisory business of significant scale to guide and coach investors in Ireland on wealth preservation and growth in an open, bespoke manner. Essentially, we are seeking to demystify wealth and investment by educating on the drivers of wealth, markets and investments in a long-term context.”
Invesco, Acumen & Trust and APT are among a number of businesses acquired by Irish Life in the past five years as the group seeks to compete with stockbrokers Davy and Goodbody for a slice of the Republic’s growing wealth management sector. Irish Life, led by chief executive Declan Bolger, was bought by Canada’s Great-West Lifeco from the Government a decade ago for €1.3 billion as the State sought to recover some of the €4 billion bailout of the group’s former sister company, Permanent TSB.