EUROPE - Insight Investment has awarded the Bank of New York a fund accounting, depositary and custody brief for its eight billion-pound (12 billion-euro) UK and European mutual fund business.

"This latest move reflects Insight's determination to achieve a scaleable platform to support its strategic objectives and to deliver better service to investors and their advisers, at a lower cost," Insight, the asset management arm of HBOS, said.

The bank was appointed after a competitive tender, with the transfer expected to be completed by the end of 2004.

"We constantly review the cost and service quality of all our outsource arrangements so that we can deliver better service at lower cost to our investors," said David Norman, Insight's managing director of business partnerships.

"We chose the Bank of New York for their service quality and because they can provide the cost effective scaleable operational platform and functionality we need to help us achieve our ambitious targets as the new force in asset management."

The deal consolidates Insight's services in the UK, Ireland, Luxembourg and Guernsey onto a single BoNY platform.

"Insight is an important new relationship for the Bank of New York," commented Tim Keaney, executive vice president and head of Europe at the bank.

"This partnership highlights our dedication to providing unrivalled multi-product support to help clients address their business demands. We look forward to helping Insight achieve its goals."

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