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SEI wins £95m fiduciary management deal
08 August 2013
Firm to provide full pension scheme management services to UK's Sembcorp
Asset manager SEI has announced it will provide fiduciary management services to the £95m ($147.4m) Sembcorp Utilities UK pension scheme.
SEI will take over the day-to-day investment decision-making for the defined benefit scheme.
Sembcorp, which provides utilities to international process-industry companies based in the Teesside area, has authorised the firm to have full discretion over scheme de-risking based on predetermined trigger points.
SEI will also provide ongoing monitoring of the scheme's funding level and strategic investment consulting services.
Stephen Hands, chair of trustees at Sembcorp, said the scheme decided to opt for a fiduciary manager as it wanted “an active approach to managing the funding level”.
“We recognise the benefits of delegating and have already spent considerable time with SEI designing our journey plan and agreeing to trigger points, in order to have the best chance of meeting our funding objectives through de-risking,” he said.
Sembcorp added it appointed SEI based on a strong recommendation from one of SEI's existing fiduciary management clients.
Ian Love, managing director of SEI's UK institutional business development, said: “It is particularly pleasing that this appointment came about as the result of a referral from a trustee on an existing client trustee body.
The referral and SEI’s resulting appointment by Sembcorp reflect the value felt by clients who engage in a fiduciary management relationship with SEI.
"This appointment is one of a number of new appointments secured by SEI over the last six months and indicates the growing demand for more proactive governance models.”