Insurance giant Irish Life is reportedly in talks to acquire local wealth manager Harvest Financial Services.

The move comes after two deals that involved the sale of the Irish wealth manager ended in failure.

According to The Times report, the discussions are currently in advantaged stages. However, Irish Life did not confirm the move.

Established in 1993, Harvest Financial Services provides retirement planning, financial planning and investment advisory services to around 1,500 clients.

The report added that the company had €1bn under administration at the end of last year.

In January this year, St James’s Place (SJP) abandoned its plan to acquire Harvest Financial Services.

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The deal, the financial details of which were not disclosed, got terminated nearly a year after it was announced.

Following the termination, a SJP spokesperson said: “The decision to terminate the deal “does not reflect in any way upon Harvest Financial Services”.

In 2016, another attempt to sell the company to Cantor Fitzgerald Ireland fell through.

Harvest Financial Services is one of the largest wealth managers in Ireland. With a workforce of around 50 people, it primarily focuses on pensions and tax-based investments.

In the recent years, Irish Life made a series of acquisitions to bolster its presence.

In 2018, Irish Life acquired Invesco Ireland, a financial consultancy firm with almost €5bn under administration.

Last year, the insurer acquired another financial adviser Acumen & Trust. Earlier this year, it purchased Conexim Advisors.