The acquisition will enable Willis Ireland to develop its existing pensions business, as well as its financial and wealth planning services.
Willis is set to acquire pension business IFG Pensco, financial advisory firms Retirement Strategies and IFG Private Clients, trustee company Planlife Trustee Services and broking business Trade Credit Brokers.
The transaction, which is still subject to regulatory approval, reflects Willis’ commitment to its global human capital and benefits practice.
Tim Wright (pictured), chief executive officer (CEO) of Willis International, said: “This is the latest addition to our expanding global practice and reflects our commitment to this exciting area and to the Irish market.
”We see the potential for strong growth in the Irish human capital and benefits sector, boosted by changing demographics and a rising awareness of the need to save for retirement. These acquisitions have an excellent pedigree and will help broaden and deepen our existing presence both in Ireland and worldwide.”
Alberto Gallego, regional CEO of Willis Western Europe, added: “We are widely recognised in Ireland as being a market leader in pension solutions, and our existing offering around defined contribution pensions will get a boost from IFG’s added expertise. Our clients and prospects are increasingly looking at how they can help employees with their retirement savings.”