Bank of New York Mellon has agreed to acquire Insight Investment Management from Lloyds Banking Group for £235 million. The bank has claimed that Insight Investment will join the other investment boutiques at BNY Mellon Asset Management. Following this acquisition, Bank of New York Mellon will have more than $1 trillion in assets under management.
Reportedly, London-based Insight Investment’s clients include some of the UK’s pension schemes, corporates, insurance companies and local authorities, along with non-UK clients and some of the financial services and intermediary companies. Insight Investment’s assets under management, net of identified internal assets that will be retained by another part of the Lloyds Banking Group, are approximately £80 billion.
Ronald O’Hanley, president and CEO of BNY Mellon Asset Management, said: “LDI is a critical tool for meeting the needs of current and future retirees, while improving the stability of plan sponsors. Not only is this acquisition financially compelling from our shareholders’ perspective, but it deepens our global capabilities and is consistent with our ongoing strategy to create broad-based solutions for our clients and address key issues facing the investment industry.”
Abdallah Nauphal, CEO and CIO of Insight Investment, said: Their multi-boutique approach to asset management offers us the attractive combination of continued autonomy, together with the backing of a very strong Aaa/AA-rated global financial institution, for which asset management is a core strategic priority. We are confident that we can realise Insight’s full potential by partnering with BNY Mellon Asset Management.
