The Canadian parent company of Irish Life Investment Managers (ILIM), Great-West Lifeco, has consolidated ILIM into a new UK-based asset management entity, Keyridge Asset Management.

The restructure also brings Setanta Asset Management and Canada Life Asset Management (CLAM) under the same umbrella, creating a combined business with more than £135bn in assets under management.

Under the new structure, the ILIM and Setanta brands will continue to operate in Ireland, while Canada Life Asset Management will remain active in the UK for balance sheet and fixed income mandates. Keyridge will act as the central platform for Lifeco’s European asset management operations.

Great-West Lifeco said the move combines the European asset management businesses of CLAM, Setanta and ILIM to create a larger presence in the UK market. The company said the combined firms will have greater capacity to deliver investment solutions, with existing brands continuing in their current roles in Ireland and the UK.

Keyridge will be led by chief executive, Patrick Burke, and supported by a team of around 300 staff. The firm said it is continuing to invest in its operational platform and is adding senior industry hires as part of plans to expand its asset management capabilities in the UK.

In its announcement, the company said the combined investment expertise, supported by Keyridge’s operating platform, is intended to offer a broader range of strategies to advisers and clients. It added that the firm aims to use its scale and resources to deliver solutions aligned with client priorities across the UK market.

Burke said the launch of Keyridge reflects the Canadian firm’s “confidence” in the UK market.

“Keyridge will provide UK wealth advisers and customers with the focus and expertise of our specialist investment management teams, combined with the scale, support and efficiency that goes with being part of a CAD 3trn global financial services group.

In addition, Great West Lifeco CEO Europe, Lindsey Rix-Broom, added: “By bringing together the strengths of ILIM, Setanta, and CLAM, we are creating a business with the scale, expertise and agility needed to thrive in the UK’s dynamic market.”

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