UK – Multi-manager SEI Investments (Europe) has scooped a £70m (€101.8m) mandate with a provider of helicopter services company, which dismissed Legal & General Investment Management and Deutsche Asset Management for “poor performance”.

George Marshall, chairman of the trustees of CHC Scotia pension scheme, told IPE that Deutsche Asset Management, which managed 70% of the fund’s final salary scheme, and Legal & General, which managed 30%, had failed to deliver.

“The returns have been below benchmark, never mind the target” Marshall said. “The decision to appoint a manager of managers follows consultation with the sponsor. So, we are able to take quicker action if managers under-perform for any reason” he added.

Trustees, aided by Mercer Investment Consulting, have considered two multi-managers, in the selection process, he said.

SEI has been chosen because trustees thought the firm’s approach was “best placed to achieve our objectives.”

“The continuous monitoring and control of asset managers is an essential responsibility for pension funds. Individual pension funds cannot match the strength and breadth of the monitoring and research capabilities of the Manager-of-Managers approach” Marshall also said.

Both Deutsche Asset Management and Legal & General were unavailable for comment.

Nigel Down, head of client services at SEI, said: “We look forward to working alongside CHC Scotia to meet the investment objectives of the Scheme.”

In addition, SEI said that its UK institutional team has won 20 new accounts in 2004, bringing total new assets for the year to over £600m.