Insight communication: An important update

Communication shared with UK/EUR contacts on 3 September 2021.

Dear Stakeholder

On 10 February 2021, we shared with you our intention to move several fixed income teams from Mellon Investments to Insight Investment. You can view that announcement here. At that time, we indicated to you that we expected to complete an important stage of this transition by September of this year.

We are pleased to confirm that clients, Mellon colleagues, related investment mandates and assets have been successfully moved to Insight. The vast majority of our conversations with clients and advisers and our new colleagues over the past six months have been very encouraging and we would like to take the opportunity to thank you for the positive engagement with us over this period.

Transition overview

AUM transitioned:

[total Insight AUM: c.£818bn1]

Additional fixed income capabilities:  Stable Value, Efficient Beta, Municipal Bonds
Colleagues transferred: 72, including 46 investment professionals
[total Insight staff: 1,047
Additional Insight offices:   Boston, San Franciso 

With regards to Insight’s investment team, Adrian Grey, Global Chief Investment Officer, has overall accountability for all investment activities. David Leduc, previously Head of Fixed Income at Mellon Investments, has been appointed Deputy Chief Executive of Insight North America. The Efficient Beta, Municipal Bond and Stable Value investment teams, based in Boston and San Francisco, are now part of Insight North America and continue to report to David.

Alex Veroude is Chief Investment Officer, Fixed Income at Insight. Investment professionals from Mellon’s taxable fixed income team have now joined Insight’s Fixed Income Group. Both David and Alex report to Adrian with regards to their investment responsibilities.

We believe Insight’s clients worldwide will benefit from the significant scale and depth of the Insight investment platform, a fixed income investment process proven capable of driving performance and innovation, the breadth of our specialized fixed income strategies (enhanced by the inclusion of complementary areas of US domestic fixed income) as well as the risk management expertise offered by one of the world’s largest institutional investment managers.

In terms of next steps in this transition, I would like to take this opportunity to reassure you that the orderly migration of Mellon’s technology, operational platform and investment systems to Insight is progressing as planned. BNY Mellon Investment Management and the investment businesses are coordinating through a single governance structure with appropriate focus on ensuring operational and service continuity during this aspect of the transition until the orderly migration of systems can be completed. A transition services agreement (TSA) is in place to track this aspect of the migration to successful completion and we will keep you updated as we make progress.

If you would like to discuss this in more detail, please do not hesitate to contact a member of the Insight team. We will be more than happy to assist you.

Important information

Risk Disclosures

Past performance is not indicative of future results. Investment in any strategy involves a risk of loss which may partly be due to exchange rate fluctuations.

Some products and services that Insight Investment has expertise in are only available to persons in certain named countries that meet certain criteria. Such products and services may be available through different members of the Insight Investment group.

1This reflects the assets transitioned to Insight on 1 September 2021, with asset data as at 30 June 2021. Assets under management (AUM) are represented by the value of cash securities and other economic exposure managed for clients. Includes Mellon strategies: taxable fixed income £34.6bn, efficient beta £8.0bn, municipal fixed income £17.4bn and stable value £16.4bn. Figures shown in GBP. Reflects the AUM of Insight, the corporate brand for certain companies operated by Insight Investment Management Limited (IIML). Insight includes, among others, Insight Investment Management (Global) Limited (IIMG), Insight Investment International Limited (IIIL), Insight Investment Management (Europe) Limited (IIMEL) and Insight North America LLC (INA), each of which provides asset management services.

2Global total including employees from all regions. Includes employees of Insight North America LLC (INA) which provides asset management services as part of Insight, the corporate brand for certain companies operated by Insight Investment Management Limited (IIML).