Insight Investment Management, the fund manager owned by HBOS, has bought Rothschild Asset Management for £61m (€95.7m), a figure far below what the company was originally expected to fetch.

Douglas Ferrans, Insight's chief executive, said: "Insight has ambitious plans for the future and this acquisition significantly accelerates our organic growth strategy. This transaction enhances our proposition in two key areas; fixed income and fund of funds."