Ireland Archives | International Adviser https://international-adviser.com/tag/ireland/ The leading website for IFAs who distribute international fund, life & banking products to high net worth individuals Thu, 03 Aug 2023 10:11:05 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://international-adviser.com/wp-content/uploads/2022/11/ia-favicon-96x96.png Ireland Archives | International Adviser https://international-adviser.com/tag/ireland/ 32 32 Axa boosts European health operation with €650m acquisition https://international-adviser.com/axa-boosts-european-health-operation-with-e650m-acquisition/ Thu, 03 Aug 2023 10:11:05 +0000 https://international-adviser.com/?p=44147 Insurance giant Axa has entered into an agreement to acquire Laya Healthcare Limited (“Laya”) from AIG subsidiary Corebridge Financial for €650m (£559m, $710m)

Laya is an Ireland-based health insurance provider and serves close to 700,000 policyholders.

With the transaction, Axa affirms its ambition to grow its European franchise, by expanding its operations in the health insurance market. Axa is already present in Ireland.

The completion of the deal is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to take place by the end of 2023.

Patrick Cohen, chief executive of Axa Europe and Health, said: “We are very pleased to join forces with Laya Healthcare, a company recognized in Ireland for its unwavering customer service, its strong brand, and its technical expertise.

“This transaction provides a unique opportunity to strengthen our presence in one of our key European markets through the acquisition of a leading player offering a perfect cultural fit with Axa. Through its relentless focus on innovation and customer experience, Laya will bring invaluable assets to our broader health franchise, notably in terms of digitalization of the healthcare journey and provision of health-related services.”

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What advisers need to know about the Irish life industry https://international-adviser.com/what-advisers-need-to-know-about-the-irish-life-industry/ Thu, 22 Jun 2023 16:39:38 +0000 https://international-adviser.com/?p=43831 Continuing our focus on jurisdictions where Association for International Life Offices (AILO) membership is increasing, this time we’re shining the spotlight on the Republic of Ireland, writes AILO chief executive Bob Pain.

Ireland may be comparatively small on a global scale, but it has a very strong financial services sector.

There are many USPs which underpin its success. It’s an important hub for global tech firms, an influential player in the EU, and a trusted international banking centre. But its abundance of employees with excellent people skills and customer service experience are equally important in the context of understanding Ireland’s status in the offshore insurance sector.

The quality of employees in customer service roles really stands out. That’s not just because of a friendly, positive attitude, but also a high level of knowledge combined with a willingness to take responsibility and use their initiative to solve problems. An added benefit for UK customers is that Ireland doesn’t have the language barrier which may exist with some other jurisdictions.

International bonds

Many providers set up in Ireland specifically to offer international bonds. For life companies this is a lucrative market which is focused mainly on mass affluent/HNWI clients in the UK looking for tax advantages.

However, there are some interesting future opportunities too, said Sanjeev Kopan, head of proposition for Europe at Standard Life. While international vonds are often viewed as being only for the super wealthy, there is potential for it to become a mainstream, long-term savings solution.

Kopan added: “We need to dispel the myth that international bonds are only for HNWIs with sophisticated financial needs.”

For many individuals, the international bond is the next logical step for long-term savings for customers after topping up their personal pension and opening an ISA. It can also prove to be a simple and tax-efficient way to provide income post-retirement alongside a pension.

The Central Bank of Ireland (CBI) regulates all financial services in the Republic of Ireland and, generally speaking, is quite consistent with the UK’s Financial Conduct Authority (FCA) when it comes to setting regulations and guidance.

The CBI also works closely with the European Insurance & Occupational Pensions Authority (EIOPA) to comply with relevant guidelines.

While regulation, as in all jurisdictions, provides challenges, in Ireland there are clear benefits to businesses and consumers which stem from the role it plays in establishing its reputation as a respected and trusted business centre.

How AILO helps Ireland’s life sector

AILO has more members in Ireland than anywhere else. There are many benefits of membership, but Sanjeev highlights two proof points as examples of why AILO is so strong in the Republic:

  • AILO’s eLearning modules: Particularly important in the context of helping businesses support training for employees, especially in the induction process for workers who have been recruited from outside the life sector.
  • Working successfully with other representative organisations: One example is the work Ailo’s Legal and Regulatory Committee did in 2022 regarding UK trustees and the EU5AMLD directive.

In the latter example, AILO’s work in conjunction with Insurance Ireland was instrumental in prompting Revenue (Ireland’s tax and customs agency) to publish FAQs which proved to be very helpful for UK trustees holding an Irish offshore bond provided by Irish insurance companies.

Many life companies are members of AILO and insurance Ireland – so the willingness of both organisations to work together towards common goals that benefit members, and the industry is very important.

Summing up, despite its relatively small size in economic terms, Ireland writes a significant amount of business in the life sector, and financial services generally.

Just as very few small nations are able to attract so many US presidents on official visits, Ireland continues to punch above its weight in the life sector too.

This article was written for International Adviser by AILO chief executive Bob Pain.

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Canada Life parent group creates Irish wealth business https://international-adviser.com/canada-life-parent-group-creates-irish-wealth-business/ Wed, 19 Apr 2023 13:54:59 +0000 https://international-adviser.com/?p=43342 Great-West Lifeco has unified its Ireland-based wealth businesses to create Unio, which is part of Irish Life Group.

The Irish wealth arm has created by merging Invesco, Acumen and Trust, and APT into a single entity with advisory, investment and client solutions.

Unio employs 250 people in Dublin, Cork and Limerick, with 130 focused on personal clients.

The business currently oversees around €14bn of assets on behalf of personal and corporate clients and plans to grow this position to €20bn (£17.6bn, $21.9bn) by 2027.

Unio is led by Des McGarry, the former managing director and founder of Invesco. The rest of the team is made up of Miċeál Gunning, head of private clients, Ger Fitzgerald, head of investment Strategy. Alex Kinsella, head of investment solutions and Mike O’Sullivan, board director and strategic adviser on investment solutions.

Tackle Irish market

Gunning added: “Unio has a deep understanding of our clients and their specific needs. 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 an historic, generational transfer of wealth underway. 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.

“This is not about luring clients away from other wealth management firms. The fact is, there are so few people taking financial advice in Ireland. It is the nature of the market currently, which presents an opportunity for a new advisory-led player like Unio.

“We believe wealth management should be open, inclusive, not closed and exclusive. This is about servicing individuals who need advice on the management of their wealth, particularly when you see almost a trillion euro sitting on deposit in Ireland, when you see the growth of people with assets in excess of €1m, households with annual income in excess of €200,000 and the transfer of wealth to the next generation.

“By limiting the vulnerabilities of clients’ portfolios to risk cycles, by strategic thinking and risk framing of international markets, Unio will avoid the historic boom/bust outcomes for our clients.”

Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. It operates in Canada, the US and Europe under the brands Canada Life, Empower, Putnam Investments, and Irish Life.

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Financial services group buys Irish advice firm https://international-adviser.com/financial-services-group-buys-irish-advice-firm/ Mon, 06 Mar 2023 15:10:29 +0000 https://international-adviser.com/?p=43033 Nenagh-headquartered financial services group SYS Group has acquired Dublin-based Donald P McKenna & Associates for an undisclosed sum.

The acquisition will bring overall assets under management by SYS Group to over €315m (£280m, $335m) and further builds upon SYS Group’s position in the Irish financial planning sector.

Donald P McKenna & Associates specialises in financial and retirement planning and has approximately €15m of funds under management, which is now combined with SYS Group. The company was founded in 1986 by Don McKenna, who will continue in his role as a financial planner with the business.

Tony Delaney, chief executive of SYS Group, said: “I am delighted to announce SYS Group’s acquisition of Donald P McKenna & Associates. This will enable us to continue to build upon our position as one of the leading advisory firms in the Irish market and significantly enhance our presence in Dublin. Don’s expertise and his reputation in the industry is of the highest calibre and he will make an excellent addition to our team.”

This acquisition comes following SYS Group’s strategic partnership with Dublin-based PGM Financial Services announced at the end of 2022.

Originally called SYS Wealth & Financial Planners, the company was founded by Delaney in 2015 and became SYS Group in 2020. With expertise across a wide array of financial specialist areas, the company provides an advisory offering across retirement planning, investments and savings, inheritance and succession planning and in particular tax-efficient structures.

As well as Nenagh, SYS Group has offices in Dublin, Cork and Waterford. It incorporates SYS Private, SYS Financial Planning, SYS Mortgages, SYS Millennial Money Coach, in addition to its business partnership with SYS Tax.

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Ireland to scrap ‘golden visa’ scheme https://international-adviser.com/ireland-to-scrap-golden-visa-scheme/ Wed, 15 Feb 2023 15:15:36 +0000 https://international-adviser.com/?p=42896 The Irish government has approved the closure of its immigrant investor programme (IIP) to further applications from close of business on 15 February 2023.

The closure of the IIP will not affect existing projects or individuals already approved under the programme. The Irish Department of Justice will continue to monitor existing approved projects in relation to the delivery and compliance with the terms of the programme. Current applications on hand at the time of closure will continue to be considered.

The IIP was a pathway for non-EEA nationals to obtain a visa in Ireland and was introduced by the Irish government in 2012.

Applicants to the IIP were required to be high net worth individuals with a personal wealth of at least €2m (£1.8m, $2.2m). The IIP required applicants to invest a minimum of €1m for a minimum of three years or €500,000 as part of an endowment, or €400,000 as part of joint endowment. The funds used for an investment had to be from the applicant’s own resources and not financed through a loan or other such facility.

The IIP offered four investment options for potential investors:

  • Enterprise investment: A minimum of €1m invested in an Irish enterprise for a period of at least three years;
  • Investment fund: A minimum of €1m invested in an approved investment fund for a period of at least three years. Such funds must be approved and regulated by the Central Bank;
  • Real estate investment trusts: A minimum investment of €2m in any Irish Reit that is listed on the Irish Stock Exchange, for a period of at least three years; and
  • Endowment: A minimum €500,000, or €400,000 where five or more applications are received, philanthropic donation to a project which is of public benefit to the arts, sports, health, culture or education in Ireland.

Government bond and mixed investment options were suspended in 2016.

‘Appropriateness and suitability’

Simon Harris, Ireland’s minister for justice, said: “The immigrant investor programme was established over a decade ago during a time of unprecedented economic difficulty to stimulate investment in Ireland that would be of strategic and public benefit to the state.

“Since its inception, the programme has brought significant investment to Ireland and has been operated by my department to the highest professional standards.

“However, it is important that we keep all programmes under review including any implications for wider public policy, such as the continuing appropriateness and suitability of this programme for cultural, social and economic use.

“We have also taken on board a number of reports and findings from international bodies such as the EU Commission, Council of Europe and Organisation for Economic Co-operation and Development on similar investment programmes.

“Taking all of this into account, and informed by both internal and external reviews, I have recommended that it is now timely to close this programme to new applications.”

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