Lloyds Banking Group is keeping £42bn (€47bn) of assets from Insight Investment, the UK asset manager it sold yesterday, but is keeping only a tiny fraction of the group’s total headcount - suggesting that Insight had become overstaffed in the seven years since its launch.

Lloyds unveiled the plans for its asset management division yesterday when it announced the sale of Insight Investment to BNY Mellon for £235m in cash and shares. As expected, Lloyds' other funds arm, Scottish Widows Investment Partnership, will take on £42bn of internal assets that Insight managed for the banking group's other subsidiaries. BNY Mellon will take on £83bn of assets managed for third-party clients.