UK - Multi-manager SEI has won its biggest pension fund mandate with an £117m global equities brief from The Diamond Trading Company.
SEI won the brief after facing a beauty parade made up of “single” traditional fund managers.
SEI institutional client service director Nigel Down said: “This appointment is very important not only because of its size, but also because SEI has shown it is able to compete against the biggest traditional names in the industry.
“DTC decided to appoint SEI because it found the solution compelling and the one most likely to meet its objectives.
“It was also impressed with SEI’s superior research, portfolio construction and risk monitoring process.”
The £300m scheme has refused to confirm reports that it has dropped Cazenove Fund Management, F&C Management and Merrill Lynch Investment Management as part of a major reshuffle of its managers and hired Western Asset Management in their place to run a fixed income brief.
The scheme was advised by Hymans Robertson.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.