2/11/2009
By Francesca Fabrizi
Insight Investment has been bought by BNY Mellon for a total sum of £235 million, comprising a cash consideration of £200 million and an equity consideration of £35 million.
The investment house, previously owned by the Lloyds Banking Group, specialises in Liability Driven Investment (LDI) solutions, active Fixed Income and Absolute Return, and boasts some of the UK's largest pension schemes as its clients, as well as corporates, insurance companies and local authorities, and a growing number of non-UK clients.
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 $133 billion (£83 billion).
With this acquisition, BNY Mellon will have more than $1 trillion (£630 billion) in assets under management.
Jon Little, vice chairman of BNY Mellon Asset Management, said: "We are very pleased to acquire an organisation with such an impressive management team and capabilities in an area of growing UK and international demand. In addition BNY Mellon Asset Management will become one of the largest managers of UK pension funds and UK mutual funds."
