UK – Manager of managers firm SEI Investments has picked up its third UK mandate win with an appointment from the pension fund of MAN B&W Diesel to manage a potentially £50m (e81m) plus multi-manager portfolio.

MAN B&W Diesel set up the defined benefit (DB) plan after acquiring ALSTOM Engines last year.
Alan Marsh, managing director at MAN B&W Diesel, comments:
“Following the completion of the acquisition last year we needed to establish our own pension scheme and the trustees subsequently decided to opt for a manager of managers solution for pension fund investment. SEI, in partnership with Deloitte & Touche, was chosen because of their compelling business proposition and because their outsourced solution meets the investment policies adopted by the trustees.”

SEI will have overall discretion for the running of the fund, carrying out asset allocation within strategic guidelines set by consultant Deloitte and Touche.

The fund will be split between 60% UK assets, and 40% rest of the world and fixed income for members’ additional voluntary contributions (AVCs).

Tony Osborn-Barker, chief investment officer and head of investment services at Deloitte & Touche Investment Services, advised the fund.
Osborne says the initial strategy for the fund will encompass emerging sources of return such as private equity, within a risk-controlled framework.