…While Insight Talks Outsourcing with Northern Trust

Custodian Northern Trust is in exclusive negotiations with Insight Investment, the U.K. asset management arm of U.S. banking group HBOS, to take on Insight’s investment administration on an outsourced basis. The decision has come after a feasibility study that established a “sound and compelling case for moving to an outsource business model with clear benefits,” said Insight’s chief operating officer Atul Manek. The deal, which should complete in the second quarter of this year, would cover pricing, reconciliations, record keeping, trade matching, settlement, client reporting and performance capabilities. Insight currently uses a combination of data management platforms from Citadel Associates (Reference Data Review, August 2004) and Xenomorph.