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BNY Mellon nears Insight deal

Bank of New York Mellon is in late-stage talks to buy the lion’s share of Insight, the fund manager inherited by Lloyds Banking Group from HBOS, in a deal worth up to £235m. BNY is understood to have beaten off competition from US private equity house Hellman & Friedman and asset manager Schroders. Abdullah Nauphal, the chief executive of Insight, is thought to favour bidders who plan to keep the unit intact.