Insight announces 120 jobs to go

Insight Investments has announced around 120 jobs will be lost by March 2010, following the migration of its assets to SWIP and BNY Mellon.

BNY Mellon Asset Management has announced today it 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.

Meanwhile, Lloyds, through its Scottish Widows Investment Partnership (SWIP) subsidiary, will retain £42bn of internal assets under management.

The first tranche of 111 funds were 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.

The changes will result in the loss of 120 jobs, and affected staff have now been briefed by their line managers. In total, 331 employees will be moving to BNY Mellon and 12 to SWIP.