Besting rival bidders such as Schroders and private equity firm Hellman & Friedman, Bank of New York Mellon is in the advanced stages of discussions to acquire most of UK-based Insight Investment Management, the Financial Times reports.

Insight is one of the UK's biggest fund managers. The price tag for the deal could come in at around 235 million pounds.

BNY, whose empire includes New York-based Dreyfus Corp., is looking to purchase Insight Investment's third-party business, which has about 74 billion pounds in AUM, accounting for two-thirds of Insight's total AUM.

Insight became part of Lloyds Banking Group when the latter merged with HBOS last year. 

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