The trustees of the Chartered Institute of Personnel and Development’s (CIPD) staff retirement scheme has appointed SEI as investment adviser for the CIPD’s the £29m defined benefit pension scheme.

The trustees chose SEI after a competitive process involving several providers. Peter Purdom, chairman of trustees at CIPD staff retirement scheme, said: “We were initially looking to appoint a traditional consultant. However, during the selection process it became apparent that SEI’s solution offers a greater diversification of asset classes, investment styles, and investment managers than would be possible using the more traditional approach. Furthermore, the trustees were attracted by SEI’s ability to provide a fully bespoke service encompassing investment strategy, implementation, and governance.”

SEI will provide strategic investment advice as well as full implementation of a bespoke investment strategy to meet the scheme’s long-term objectives. SEI will also manage the scheme’s day-to-day investment strategy including selection and replacement of managers, tactical asset allocation, changes to strategy, funding level monitoring, and reporting.

David Hickey, director, European Advice for SEI’s institutional group, said: “We are delighted that the trustees of the CIPD scheme have appointed SEI and look forward to partnering with them in the months and years ahead. Our appointment by CIPD underscores both our comprehensive advisory capabilities and our ability to provide and implement fully bespoke solutions.”

Patrick Disney, managing director of SEI’s institutional group for Emea, added: “It is a great start to the year and builds on SEI’s success in 2013, which marked our strongest year on record in which we secured 11 new clients and more than £1.04bn in new assets under management.”

CIPD is the professional body for human resources and people development.