UK - Jeyes has appointed SEI as fiduciary manager for both of its pension funds, with combined assets of £24.6m.

SEI will help both Jayes Pension Fund and the smaller Jeyes Supplementary Pension Scheme by implementing asset and liability matching strategies, assisting with construction of the investment portfolio as well as the selection of investment managers through its manager-of-managers scheme.

Tim Cave, chairman of the trustees at both funds, said the move was motivated by an interest in enhancing the governance of the scheme, without increasing costs or the time trustees needed to devote to the issue.

He said: "We were attracted by the potential to make the assets of the scheme work harder and the improved alignment of assets and liabilities in the Fiduciary Management approach."

Cave added that SEI was selected because it offered "full accountability" for manager research and selection through its manager-of-managers scheme.

Patrick Disney, the company's managing director for EMEA institutional business, said the move showed an increased interest in fiduciary management.

"UK pension schemes are beginning to see the benefits of a model that can help to achieve the company's key goal of reducing the funding gap by outsourcing strategic advice, implementation and oversight to one provider," he said.