UK –Alfred McAlpine Pension Trustees has awarded SEI Investments a £45.6m (€66.3m) global developed markets equity mandate.
The pension scheme of the building and facilities management firm was advised by Mercer Investment Consulting.
Gordon Beaumont, a trustee at Alfred McAlpine, was quoted in a statement issued by SEI as saying: “When reviewing our investment strategy we decided to place our overseas portfolio with a manager of managers fund because we believe that this optimises return and minimises risk.”
“We selected SEI on the strength of its manager monitoring and research capabilities and its commitment to continually looking for innovative ways to meet the needs of clients.”
The pension fund declined to comment. SEI said that total UK institutional assets under management have totalled £1.85bn since March 2001, when its London office was set up.
Separately, the £840m (€1.2bn) Lincolnshire County Council has replaced Deutsche Asset Management after seven years.
It was running an £80m UK equities brief but has been replaced by Martin Currie Investment Management, which will take over on July 1.
The change has been prompted by “a performance target issue” an officer told IPE.
The fund now requires a 2% performance above the FTSE Alls Share index, net of fees for a period of three years. DeAM declined to comment.
The fund, which received 30 tenders and short-listed four of them, was assisted by Bfinance and Hymans Robertson.
The fund also employs Bank of Ireland Asset Management for a global active equity mandate brief, Morley Fund Management for global fixed income and Invesco Asset management.
Invesco, which so far has managed US equities, has had its brief extended to global equity. The fund’s allocation, currently 70:30 equity and bonds will be changed to 50:50. Its allocation to alternative consists to private equity exposure through the equity mandates.