US custody bank BNY Mellon has agreed to allow Insight Investment Management, one of its asset management affiliates, acquire sister company Pareto, a currency specialist.

The deal will lead to the integration of Pareto's investment team into Insight. It will provide Insight with new skills to integrate into its own products and market in their own right. Pareto will also provide Insight with a springboard to market its expertise in liability-driven investment in the US.