BNY Mellon completes Insight acquisition

BNY Mellon Asset Management has completed the acquisition of Insight Investment Management from Lloyds Banking Group for £235m.

The deal comprised the payment of £200m cash to Lloyds and an equity consideration of £35m. The purchase, which was first announced in August, will see BNY Mellon's assets under management boosted by £83bn to over £630bn worldwide. Lloyds, through its Scottish Widows Investment Partnership (Swip) subsidiary, will retain £42bn of internal assets under management. The first tranche of 111 funds successfully migrated from Insight to Swip at the end of October and the company expects to complete the migration by the end of March 2010. In addition, Lloyds says it expects to make 120 ...