BNY Mellon announces Insight range restructure

BNY Mellon has announced a number of mergers of Insight Investment funds to better position the boutique for the post-RDR world.

BNY Mellon head of UK wholesale Scott Goodsir says: “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 RDR, we believe these enhancements are key to providing investors continued access to the capabilities of a world-leading investment management firm.”

  • The Insight Investment Diversified High Income, Insight Investment Wealth Builder Balanced and Insight Investment Diversified Dynamic Return funds will be merged to create the Insight Global Multi-Strategy fund, to be managed by Steve Waddington.
  • The Insight Investment Diversified Target Return fund will be merged into the new Insight Global Absolute Return fund, also managed by Waddington.
  • The Insight Investment Monthly Income Bond fund will be merged into the new Insight Strategic Bond fund managed by Adam Mossakowski with support from Peter Bentley.
  • The Insight Investment Sterling Corporate Bond fund will be merged into the new Insight Inflation-Linked Corporate Bond fund and 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, managed by Tim Rees.
  • The Insight Investment UK Dynamic Managed and Insight Investment Equity High Income funds will be merged to create the Insight Equity Income fund, managed by Tim Rees.

If approved by shareholders at an extraordinary general meetings on 21 December 2012, the mergers will take place on 9 February 2013.

Chelsea Financial Services managing director Darius McDermott says: “I think this is a positive step by Insight. Tidying up their ranges seems a sensible step and they’ve managed not to make any managers redundant in the process which is good for the team. I’m fully supportive of the move.”