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BNY Mellon Builds Insight Investment Presence in UK Wholesale Marketplace

Nov 26, 2012

Repositioning Fund Range In Light of Market Developments

LONDON, 26 November 2012 — BNY Mellon and Insight Investment today announced proposals to enhance the existing Insight-managed fund range available to UK wholesale investors. Subject to shareholder approval later this year, the proposals aim to reinforce BNY Mellon’s on-going commitment to providing the highest quality and broadest range of investment strategies to UK intermediaries.

Insight is recognised as an innovator of investment solutions as well as a market leader in institutional fixed income, multi-asset and absolute return solutions. In light of forthcoming industry and regulatory changes, and in recognition of the types of strategies wholesale clients will require going forward, Insight is refocusing its offering to leverage the key areas of investment excellence appropriate to the changing marketplace.

Scott Goodsir, BNY Mellon’s Head of UK Wholesale, comments: “These proposed changes are designed to capitalise on Insight’s core investment expertise and provide our intermediary clients with strategies that help investors through the investment lifecycle. With the onset of changes as a result of the Retail Distribution Review, we believe these enhancements are key to providing investors continued access to the capabilities of a world-leading investment management firm.”

BNY Mellon and Insight believe the proposals are vital to provide investors with access to appropriate investment products in the new world post RDR. The proposed new range of Insight-managed funds are expected to provide investors with a best-of-breed offering across key investment strategies, aiming to complement BNY Mellon’s existing range of funds targeted at the UK Wholesale market.

Sarah Aitken, Insight Investment’s Head of Distribution, added: “We have a strong track record in managing institutional diversified multi-asset, absolute return and fixed income strategies and our aim is to align our investment approach more closely across these new offerings. We are excited by the improvements that these proposed fund mergers will enable us to make and by the opportunity for the new funds to be offered to the widest possible audience utilising BNY Mellon’s highly regarded distribution capabilities.”

The proposals, which remain subject to shareholder approval, are as follows:

  • The Insight Investment Diversified High Income, Insight Investment Wealth Builder Balanced and Insight Investment Diversified Dynamic Return Funds will be merged into the new Insight Global Multi-Strategy Fund. The new fund will be managed by Steve Waddington.
  • The Insight Investment Diversified Target Return Fund will be merged into the new Insight Global Absolute Return Fund. The new fund will be managed by Steve Waddington.
  • The Insight Investment Monthly Income Bond Fund will be merged into the new Insight Strategic Bond Fund which will be managed by Adam Mossakowski, with active support from Peter Bentley.
  • The Insight Investment Sterling Corporate Bond Fund will be merged into the new Insight Inflation-Linked Corporate Bond Fund and will be managed by David Hooker and Adam Mossakowski.
  • The Insight Investment UK Equity Income Booster and Insight Investment Monthly Income Funds will be merged into the new Insight Equity Income Booster Fund. The fund will be managed by Tim Rees.
  • The Insight Investment UK Dynamic Managed and Insight Investment Equity High Income Funds will merge into a new fund, the Insight Equity Income Fund. The fund will be managed by Tim Rees.

These new funds will all be sub-funds of BNY Mellon Investment Funds.

In addition, for Absolute Insight (NURS), the authorised corporate director (ACD) will be changed from Insight Investment Funds Management Limited to BNY Mellon Fund Managers Limited (who is also the ACD for the BNY Mellon Investment Funds range). The track record of Absolute Insight will remain.

Subject to shareholder approval being received at the Extraordinary General Meetings on 21 December 2012, the mergers will take place on 9 February 2013. There is no approval required for the change of ACD of Absolute Insight and this will also take place on 9 February.

BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.4 trillion in assets under management. It encompasses BNY Mellon’s affiliated investment management firms, wealth management services and global distribution companies. More information can be found at www.bnymellon.com.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering investment management and investment services through a worldwide client-focused team. It has $27.9 trillion in assets under custody and administration and $1.4 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.

Insight Investment is a leading asset manager focused on designing investment solutions to meet our clients’ needs. Launched in 2002, Insight is responsible for assets under management of over £187bn ($302bn) across absolute return, fixed income, liability-driven investment, cash management, multi-asset and specialist equity strategies. Insight’s assets under management are represented by the value cash securities, liability benchmarks, and other economic exposure managed for clients. More information about Insight Investment can be found at www.insightinvestment.com.

All other information source BNY Mellon as of 30 September, 2012. This press release is qualified for issuance in the UK and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. This press release is issued by BNY Mellon Asset Management International Limited (ex-US) to members of the financial press and media and the information contained herein should not be construed as investment advice. Past performance is not a guide to future performance. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Registered office of BNY Mellon Asset Management International Limited: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorized and regulated by the Financial Services Authority. A BNY Mellon Company.