New bidders circle Insight

BANK of New York Mellon and Northern Trust have made a late entry into the race to buy the majority of Insight, the asset manager that Lloyds Banking Group inherited from HBOS, sources said yesterday.<br /><br />Both US banks are understood to have presented binding offers for the unit, valued at between &pound;230m and &pound;250m, with Lloyds expected to identify its preferred bidder within weeks.<br /><br />Hellman &amp; Friedman, the private equity owner of fund manager Gartmore, has also submitted a bid but sources said that it had offered less than &pound;200m and was effectively out of the chase.<br /><br />Insight, which has some &pound;75bn in third-party assets under management, was acquired with the takeover of HBOS last year.<br /><br />The business is considered ripe for sale due to an overlap with Lloyds&rsquo; existing asset management business Scottish Widows Investment Partnership, which had &pound;77.25bn assets under management as of the end of March.<br /><br />The sale process is being managed by Insight&rsquo;s chief executive Abdallah Nauphal, who is said to be keen that the unit does not fall into the hands of a large fund management group.<br /><br />Fund manager Schroders is also understood to have ditched initial plans to table a bid for the business.