UK- The UK arm of Millennium Chemicals has appointed multi manager SEI Investments to run a £40m global equities portfolio. The mandate represents 70% of the total pension fund and is the sixth appointment for SEI’s UK outlet since it opened in May 2000.

David Evans, chair of the trustees at Millennium Chemicals says: “we considered all the options available for our UK pension plan and found the concept of outsourcing the selection and monitoring of fund managers attractive.”

Millennium Chemicals used Towers Perrin and SEI beat other multi manager providers including Frank Russell and Northern Trust.

Last year it won five mandates from, among others, MAN B&W Diesel, Davis Service Group and Rockwood and the Millennium appointment takes new business to £200m since May 2000.

Under the multi manager approach, those appointed to oversee money are responsible for selecting, hiring, firing, monitoring and replacing the underlying investment managers.