Insight Investment, the asset management arm of UK banking group HBOS, is to outsource its middle and back office investment operations to Chicago-based Northern Trust.
Under the proposed deal, between 85 and 90 Insight sight are expected to transfer to Northern Trust.
Northern Trust will provide Insight with trade matching, confirmation and settlement, investment record keeping, entitlement processing, pricing, asset set-up, reconciliation, client reporting, valuations and performance analysis.
Commenting on the decision to outsource, Insight COO, Atul Manek, says: "After our initial feasibility study it became clear that there was a sound and compelling case for moving to an outsource business model with clear benefits."
The deal is expected to complete in the second quarter of 2005.