SEI picks up three UK mandates
UK – Manager of manager investment firm SEI Investments says it has been awarded mandates totalling 26 million pounds in the last month.
One of the briefs, a 17.5 million pound global equity mandate, was awarded by the pension scheme of UK packaging company Printpack.
The pension scheme was advised on manager selection by Mellon.
The consultant said that the fund’s previous manager, Deutsche Asset Management, had been replaced due to performance issues after a “complete review” of the scheme’s investments.
Deutsche Asset Management declined to comment on the loss of business.
SEI was awarded the mandate “because of their demonstrable experience in pension fund management and the team’s track record globally in Manager-of-Managers” said David Kenny, chairman of the board of trustees at Printpack.
A further four million pound mandate was awarded to SEI by St Paul’s Schools via consultant Barnett Waddingham, the independent consultant that selected SEI as their preferred multi-manager in 2002.
The third mandate, worth 4.5 million pounds, was awarded by global provider of educational products and services TQ. The company was advised by Professional Assurance Services Ltd.
“One of our main aims when entering the UK market was to join up with selected partners in order to expand our distribution channels and these mandates are testament to the growing success of these partnerships” says Patrick Disney, head of UK institutional business at SEI.