United States
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. We look forward to working in partnership to support the delivery of your investment outcomes.
| Transition overview | |
|---|---|
| AUM transitioned: | ~$105bn [total Insight AUM: ~$1.1tn1] |
| Additional fixed income capabilities: | Stable Value, Efficient Beta, Municipal Bonds |
| Colleagues transferred: | 72, including 46 investment professionals [total Insight staff: 1,0472] |
| 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.