UK - Private equity firms battle for Lloyds' fund management arm

Insight has £116bn of assets under management, but the sale would only include £70bn worth of assets managed for third parties such as Marks & Spencer and energy company Eon.

The rest of the assets would stay within Lloyds and transfer to Scottish Widows. Both Hellman and TA are expected to leave Insight intact, which is reported to be appealing to the current management.

Lloyds acquired Insight when it bought HBOS, and has been looking to offload it as part of a reorganisation that has seen more than 4,000 job losses and the planned closure of the Cheltenham & Gloucester branch network.

The sale is being arranged by Deutsche Bank.

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