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Insight’s SRI team faces redundancy after break-up

SWIP unlikely to take on team post BoNY sell-off.

Insight Investment’s three-strong SRI team looks set to be made redundant, following the decision by its parent, Lloyds Banking Group, to break up the fund manager. It is understood that the SRI team based in London, led by Rory Sullivan, head of responsible investment, and comprised of Rachel Crossley, director and Jennifer Kozak, research manager, is unlikely to be kept on by Edinburgh-based Scottish Widows Investment Partners (SWIP), the Lloyds fund management business, which is integrating £5bn of Insight’s equity business. The team is definitely not moving to Bank of New York Mellon, which bought the remaining £75bn of Insight’s fixed income and liability-driven investment business from Lloyds in August this year for £235 million ($375 million). Market sources said the SRI team would almostcertainly be made redundant in the next two months unless talks change about their future within SWIP. They said the team was believed to be considering other options in the SRI field outside of the Lloyds Group. Neither Lloyds nor Bank of New York Mellon have yet made any formal announcements as to whether there will be further fund management redundancies as a result of the Insight deals. A spokeswoman for Insight Investment, said: “We have confirmed the new organisational structure for Insight and have communicated to our colleagues any potential impact on their role. During this consultation phase we cannot publish further detail.”
Lloyds inherited Insight as a result of its shotgun merger with troubled Halifax Bank of Scotland (HBoS), at the height of the banking crisis.