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SEI wins fiduciary management mandate
29 July 2013
Firm to provide full scheme management services to Cooper-Avon Tyres pension fund
Cooper-Avon Tyres pension fund
SEI has been appointed fiduciary manager for the Cooper-Avon Tyres Limited Pension Plan.
The firm will provide full investment advice and strategic services to the £160m ($246m) defined benefit (DB) scheme, including designing and implementing a flight-plan to help the scheme meet its funding goals.
Gavin Champion, chair of trustees at the pension plan, said the scheme took the decision to hire a fiduciary manager in order to benefit from more responsive investment capabilities and to free up the trustees' time to focus on strategic issues, by delegating the day-to-day management of the scheme.
“We were also keen to proactively manage the scheme’s funding level to ensure we have the best chance of meeting our goals. Since appointing SEI, we have been very pleased with the relationship and are particularly impressed with SEI’s dedication to shouldering the day-to-day work load of the scheme,” he said.
As well as managing the process of de-risking and re-risking to improve the scheme's funding position, SEI will also take over major aspects of the scheme's day-to-day investment strategy, including the hiring and firing of managers, tactical asset allocation, monitoring the scheme's funding level monitoring, and reporting to the trsutees.
Ian Love, managing director, UK institutional business development, SEI said: “We are delighted that the Trustees of the Cooper Tyres scheme appointed SEI. This win comes on the heels of an extremely positive first half of the year for SEI, which clearly reflects the growing acceptance of solutions like fiduciary management that focus on managing pension scheme funding levels.
SEI recently announced half year results of £2.8bn of new institutional assets, with more than £1bn from UK schemes.