Financial services companies agree to amalgamate

Financial services companies Independent Trustee Company (ITC) and Lower Hatch Holdings have agreed to merge, subject to regulatory approval.

The merger will result in a merged group employing 100 employees in eight locations in the Republic.

ITC, which was founded in 1994, is the largest independent provider of self-administered pensions in the Republic, while Lower Hatch Holdings (LHH) is the parent company of three businesses. They are: Financial Engineering Network (Fen), Astons Wealth Management and Bespoke Savings and Investments (BSI).

Under the new group structure, each of the companies will continue to operate as separate businesses under their existing names.

Jack O'Keeffe, the executive chairman of ITC, will become chairman of the new group, while Dave Gribben, LHH managing director, will become the managing director of the new group.

NCB Corporate Finance advised both parties on the merger.

The financial details of the merger were not disclosed, but it is thought that the new entity will have a combined value of around €20 million.

According to information held at the Companies Registration Office, Aidan McLoughlin is a shareholder and director of both ITC and LHH.

The other ITC directors listed are Jack O'Keeffe, Seán McLoughlin, Niamh McDonald and Paula Reilly.

The other LHH directors listed are Paul Overy, Dave Gribben, Colin O'Neill and Conor Turvey.