UK - US asset management firm SEI Investments is planning to launch a defined contribution (DC) offering in the UK, IPE has learnt.

Spokeswoman Caroline Deutsch confirmed the company is currently recruiting staff for the initiative.

"The DC solution is something we are working towards and hence we are building up a team in that area," she said - adding SEI would present further details within the next couple of weeks.

She declined to give more details about the solution itself but said: "There are still various part that have not yet been signed off."

Last month SEI appointed two new directors to its UK institutional sales team. John Simpson and Ian Love would work alongside Kate Finch to drive new business in the UK.

SEI's European arm has around €5bn in assets under management for European institutional clients, according to IPE's Top 400 asset managers survey.

In total SEI's assets under management worldwide now stand at $181.5bn (€138bn) with an additional $366.6bn in SEI administered mutual funds and pooled assets.