Irish Life Parent Company Forms €153.4 Billion Asset Manager, Keyridge

Great-West Lifeco, the Canadian parent of Irish Life, is merging its European asset management units to create Keyridge Asset Management, a new firm positioned to expand its presence in the United Kingdom’s competitive investment market.

The newly formed Keyridge will combine Canada Life Asset Management’s European divisions with Dublin-based Irish Life Investment Managers (ILIM) and Setanta Asset Management. Headquartered in Dublin, the company will manage over €153.4 billion in assets, serving institutional and wholesale clients with multi-asset, fundamental equities, and systematic quant funds. Irish Life Investment Management Limited recently officially changed its name to Keyridge Asset Management, as filed with the Companies Registration Office in Dublin. This consolidation reflects a broader trend of firms seeking scale to compete in a rapidly evolving financial landscape.

Patrick Burke, formerly managing director of ILIM, will lead the wider Keyridge group as CEO. “There’s been a lot of turnover in UK asset management,” Burke said. “Not every business is in a growth mode – and we’re very much in a growth mode.” Keyridge will continue to operate under the ILIM and Setanta brands in the Republic of Ireland and will remain regulated by the Central Bank of Ireland, also operating as a branch in the UK. The move will not impact the 300 employees currently working at ILIM and Setanta in Dublin.

Great-West Lifeco, backed by the Desmarais family, is strategically shifting towards higher-growth financial service areas while streamlining legacy assets. The UK represents the world’s second-largest investment management hub, after the US, and Keyridge aims to capitalize on opportunities amidst challenges faced by traditional asset managers, as detailed in a recent Investment Management Consultants Association report.

Officials stated that Keyridge will focus on driving growth and expanding its offerings in the UK and European markets.