Bank of New York Mellon has sealed a deal to buy UK-based Insight Investment from Lloyds Banking Group for 235 million pounds ($328 million). The deal is expected to close in the fourth quarter.

Insight Investment, one of the the UK's biggest fund managers, will join other investment boutiques at Mellon Asset Management.

Insight Investment also reportedly attracted bids from Schroders and private equity firm Hellman & Friedman.  

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