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SEI wins UK fiduciary management mandate
10 April 2013
The firm will prove services for Metroline’s defined benefit schemes
SEI has won a mandate from Metroline to provide fiduciary management for its defined benefit schemes.
The firm will provide services for the £26m ($40m) Metroline London Northern Pension Scheme and the £25.6m Metroline Pension Scheme.
SEI’s fiduciary management service will include advice on asset and liability matching strategies and implementation of those strategies through efficient investment portfolios, said SEI.
According to the firm, this allows trustees of the two pension funds to focus on strategic issues instead of asset management.
John Brace, trustee on both schemes, said Metroline was keen to find a solution that would improve scheme governance and help it to actively manage its funding level to reduce volatility and close funding gaps.
Fiduciary management is where a third party takes primary responsibility for some or all of an institutional investor’s medium-term investment decisions. The business has grown significantly in Europe over the past couple of years.