BNY Mellon has announced a number of mergers of Insight Investment funds to better position the boutique for the post-RDR world.
A raft of smaller funds are being merged, including the £105m Diversified Target Return fund into a new Global Absolute Return fund, managed by Steve Waddington.
The Insight Investment Diversified High Income, Insight Investment Wealth Builder Balanced and Insight Investment Diversified Dynamic Return funds will be merged to create the Insight Global Multi-Strategy fund,also to be managed by Waddington.
The Insight Investment Monthly Income Bond fund will be merged into the new Insight Strategic Bond fun managed by Adam Mossakowski with support from Peter Bentley.
The Insight Investment Sterling Corporate Bond fund will be merged into the new Insight Inflation-Linked Corporate Bond fund and be managed by David Hooker and Adam Mossakowski. The Insight Investment UK Equity Income Booster and Insight Investment Monthly Income funds will be merged into the new Insight Equity Income Booster Fund, managed by Tim Rees.
The Insight Investment UK Dynamic Managed and Insight Investment Equity High Income funds will be merged to create the Insight Equity Income fund, managed by Tim Rees.
If approved by shareholders at an extraordinary general meetings on 21 December 2012, the mergers will take place on 9 February 2013.
Chelsea Financial Services managing director Darius McDermott says: “Tidying up its ranges seems sensible and it has managed not to make any managers redundant in the process which is good for the team. I’m fully supportive of the move.”