Lloyds sells bulk of Insight unit for £235m

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Lloyds is to sell the majority of its Insight Investment business to the Bank of New York Mellon for £235m as part of a shake-up of its asset management divisions.

Bank of New York Mellon will pay £200m cash and £35m in equity for third-party fund management business of Insight, which manages about £80bn of assets for pension schemes, intermediaries and other businesses.