UK - SEI, the US multi-manager firm has picked up its first UK institutional investment mandate since setting up its London operations - a UK equities and fixed income brief, valued at around 20m from the trustees of the Electricity Supply Pensions Scheme-AES Drax Power Group.
The Yorkshire based power station company last year completed a buyout from National Power and the management team set up a defined benefit pensions scheme – having opted out of the Electricity Supply pension Scheme pooled arrangement.
SEI will manage both the equity and bond portfolios on a manager-of-managers basis, carrying out asset allocation within guidelines set by the scheme’s investment consultant Deloitte and Touche.
Patrick Disney, head of institutional business development for SEI in the UK, comments: “ We are delighted to be able to announce that we have secured our first mandate since launching our outsource pension offering in Europe in September 2000.
“ I expect this win to be the first in a series we will be announcing for SEI in he United Kingdom, building on the growth we are achieving in other markets.”