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BNY Mellon to merge raft of funds in major reshuffle
by Emma Dunkley on Nov 26, 2012 at 10:19
The proposed mergers, which remain subject to shareholder approval, include combining the Insight Investment Diversified High Income, the Wealth Builder Balanced and Diversified Dynamic Return funds into the new Insight Global Multi-Strategy fund, for manager Steve Waddington.
Meanwhile, the UK Equity Income Booster and Monthly Income Funds will be merged into the new Insight Equity Income Booster Fund, managed by Tim Rees.
Lastly, the UK Dynamic Managed and Insight Investment Equity High Income Funds will merge into a new fund, the Insight Equity Income Fund, which will also be run by Rees.
Scott Goodsir, BNY Mellon’s Head of UK wholesale, said: ‘These proposed changes are designed to capitalise on Insight’s core investment expertise and provide our intermediary clients with strategies that help investors through the investment lifecycle.
‘With the onset of changes as a result of the retail distribution review, we believe these enhancements are key to providing investors continued access to the capabilities of a world-leading investment management firm.’
These new funds will be sub-funds of BNY Mellon Investment Funds. The firm’s authorised corporate director - Absolute Insight (NURS) – will also be changed from Insight Investment Funds Management Limited to BNY Mellon Fund Managers Limited.
Subject to shareholder approval on 21 December 2012, the mergers will take place on 9 February 2013.
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