The Bank of New York Mellon (BNY Mellon) has agreed to acquire London-based firm Insight Investment Management for up to £235 million.
The Bank of New York Mellon (BNY Mellon) has agreed to acquire London-based firm Insight Investment Management from Lloyds Banking Group for up to £235 million.
Founded in 2002, Insight Investment is a specialist investment firm for the pension and insurance industry and has £119.2 billion under management. The deal is expected to complete in the fourth quarter of 2009.
Ronald P. O’Hanley, president and CEO of BNY Mellon Asset Management, commented: ‘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.’
In the six months to June 2009, Insight Investment reported an increase in pre-tax profits of 31 per cent to £21.3 million.