UK - SEI says it has won a 32 million-pounds (46.8 million-euro) global equity mandate from Yorkshire Copper Tube.

The manufacturing company, which was sold by IMI Plc in October 2002 to Germany’s KM Europa Metal AG for 12.8 million pounds, was advised by Deloitte & Touche.

John Dodd at Yorkshire Copper Tube said: “We were impressed with SEI’s innovative approach to asset management and in particular to the depth of their research. We believe that outsourcing the management of our pension fund to a company with SEI’s expertise in portfolio construction and asset allocation will benefit our employees.”

Commenting on the appointment, Nigel Down, head of institutional client service at asset manager SEI said: “Manager-of-manager is now a well established solution within the global investment management sector and is continuing to gain acceptance among pension funds as an alternative method of investing.

“We are very pleased to have been appointed by Yorkshire Copper and look forward to working with them.”

In November SEI was selected by Commerzbank to provide its German clients with access to the SEI manager of managers product. Commerzbank decided to move into the multi-manager arena “because of its ability to manage risk and deliver consistent returns.”

SEI also recently appointed a local sales director for Germany, Nadine Fugert, to focus on the management of the SEI-Commerzbank relationship. Fugert, who is based in Munich, previously worked for Morgan Stanley.