Allen & Overy (A&O) has landed the lead role for Lloyds Banking Group on the sale of its Insight Investment Management subsidiary to Bank of New York Mellon for £235m.

The magic circle firm was drafted in to advise Lloyds on the deal, which comprises Insight's external fund management operation, fielding a team led by corporate partner Alistair Asher.

The A&O team also includes intellectual property partner Jane Finlayson-Brown, regulatory partner Damian Carolan, employment partner Stefan Martin, incentives partner Sylvie Watts and pensions partner Dana Burstow.