Draka appoints SEI as fiduciary manager

Draka UK Pension Plan has appointed SEI as fiduciary manager for its defined benefit plan.

Draka's trustees chose SEI after a formal review by KPMG Investment Advisory of fiduciary managers.

The £60m fund said SEI was chosen because of the company's track record in fiduciary management and their focus on client service and ongoing training for trustees.

Draka trustee & finance director Alex Carter said: "The trustees of Draka's pension decided to appoint a fiduciary manager because we were keen to find a governance approach which would allow us to de-risk the pension plan and more effectively manage the assets against the liabilities.

"KPMG provided us with a detailed review and significant advice around the evaluation of fiduciary managers.

"We chose SEI because of its track record in delivering fiduciary management globally over a significant time period and the strength of their proposition in the UK."

The fund hopes that SEI will help improve management by providing "more fluid" changes to the portfolio and helping to protect improvements in Draka's funded status.

SEI managing director institutional group for EMEA Patrick Disney said: "Draka's decision to appoint a fiduciary manager shows that its trustees are at the forefront of the industry when it comes to management of the pension plan.

"Additionally, hiring a reputable partner such as KPMG, to assist in the search process is a demonstration of Draka's trustees' commitment to improving the plan management process."