NETHERLANDS - Payment processing firm Interpay has outsourced its entire €265m pension fund to SEI Investments, resulting in losses for incumbent managers ABN Amro and ING.

SEI said it had been awarded a global balanced mandate by Stichting Pensioenfonds Interpay Nederland.

Sales director Jeroen van Rooij told IPE that the fund previously had global balanced briefs split between ABN Amro Asset Management and ING Investment Management.

"Money is now being transferred as of today," said van Rooij. The fund, SEI's first Dutch client, was advised by Frans Badart of investment consultant Institutional Management Services.

SEI will provide asset management and advice including Asset Liability Modelling. SEI will also provide custody, van Rooij said. Aon provides administration.

He added SEI had been up against the "leading manager of managers in the world" for the mandate".

He said SEI would next look at the liability structure of the fund, looking to improve the asset allocation.

"This exactly the type of business we'd like to win," he added.

Last month SEI hit the headlines when it issued a critical study of the UK pension accounting standard FRS17.

SEI Investments manages $130.7bn in assets.