Part-nationalised Lloyds Banking Group has made its first disposal since the takeover of ailing HBOS after agreeing the £235 million sale of the bank’s asset manager Insight.
The agreed sale to the Bank of New York Mellon came amid a wider review which will see the management of funds generated from bancassurance businesses such as Clerical Medical switch from Insight to Scottish Widows.
The consolidation will boost Edinburgh-based Scottish Widows’ assets under management from £83 billion to £125 billion – although Lloyds admitted some jobs will be lost.
Insight has about 500 staff. Some will transfer to the asset manager’s new owners, while others will go to Scottish Widows under the overhaul.
Lloyds said was consulting the unions about the sale and the transfer but expected some “role reductions”.