JLT Ireland to acquire Liberty Asset Management

Jardine Lloyd Thompson Ireland (JLT Ireland) is to acquire Liberty Asset Management from Friends First.

The deal will give JLT, which is a provider of insurance, reinsurance and employee-benefits-related advice, a platform to expand and develop its employee-benefits service in the Irish market.

Freedom Trust Services (FTS) is also being acquired as part of the transaction. FTS provides trusteeship services to a range of corporate and individual pension funds.

JLT Ireland chief executive Patrick Howett said the deal will make JLT a "significant force" in the Irish employee-benefits sector.

“With the move from defined-benefit to defined-contribution schemes we are confident this is the perfect time, and Liberty provides the perfect vehicle, to bring our comprehensive suite of services to a new client base,” he said.

With over 5,000 clients with more than 4 million pension scheme members, JLT is already the UK market leader in the provision of employee-benefit services.

Liberty Asset Management was established in 1996 and has 38 employees.