Europe - US-based SEI Investments experienced a significant business growth in Europe during 2001. The firms’ manager-of-managers investment solutions attracted a total of $1.7bn (€1.9bn) from European investors last year, mainly from UK-based clients. The total assets under management for SEI in Europe amount now to $4.5bn.

“Two years of disappointing markets and declining interest rates have prompted plan sponsors of all sizes to look at new solutions for managing retirement plans,” says Edward Loughling, executive vice president of SEI Investments. “Adoption of our single source, outsourced approach, which combines advice, manager selection and administration, continued its growth in the US and abroad.”

SEI’s new mandates during last year represented a total of $2.58bn from new and existing clients worldwide. From the $1.7bn new assets that the company received from European investors around $400m came from UK institutions and the rest from distributions arrangements predominantly via investment management firm Bipiemme in Italy.

Major mandates wins during 2001 included agreements with AES Drax Power and Davis Service groups in the UK and MAAF Insurance in France.

SEI investment was ranked the largest global manager-of-managers by Cerulli Associates in December 2001, with a total of $77bn under management.