WINNIPEG - Great-West Lifeco Inc. has signed a deal to acquire a strategic investment in Invesco Ltd. (Ireland), an employee benefit consulting and private wealth management firm.

Financial terms of the deal done by Great-West's subsidiary Irish Life Group Ltd. were not immediately available.

Invesco is expected to continue to operate independently under its existing brand and with the same senior leadership team.

Established in 1991, Invesco has more than 125 employees and manages the corporate pension plans of over 275 large corporations in Ireland, along with over 500 small and medium companies.

The acquisition is subject to regulatory approval and customary closing conditions. It's expected to close in the third quarter of this year.

Great-West says the deal is expected to be accretive to earnings, although not material to its financial results.