Lloyds is set to choose a buyer for its Insight Investments operations within weeks, having reportedly received five binding offers from firms including Schroders and Gartmore owners Hellman & Friedman.
The Times reports BNY Mellon has also made an bid for the former HBOS-owned fund manager, alongside an unnamed bank and a private asset manager. Insight Investment chief executive Abdallah Nauphal is believed to favour private equity firm Hellman & Friedman, a group more likely to retain him in a senior position. Nauphal was promoted to oversee Lloyds' Swip arm in March, prompting rumours a merger of the two businesses was on the cards. However, it is understood a sale of the company is now the most likely outcome.
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