SEI Investments has won a mandate to manage the North Dakota Retirement and Investment Office's (NDRIO) entire $280m US small cap equity portfolio.
The NDRIO, set up in 1989, runs the state's $1.4bn Teachers' Fund for Retirement, the $1.23bn Public Employees' Retirement System, $23.5m Bismarck City Employee Pension Plan and $11.7m Bismarck City Police Pension Plan. The $280m US small-cap portfolio, which includes pension fund and insurance trust assets, will be managed using SEI's manager-of-managers approach.
Edward Loughlin, SEI's executive vice president, said: Rather than hiring and monitoring multiple managers for their small-cap portfolio, the State of North Dakota found they could get the same level of diversification, oversight, and risk control more cost-effectively with a single provider - SEI.
Earlier this month, SEI won the right to manage fibre products manufacturer Ahlstrom's entire $90m US-based defined benefit pension plan.
SEI won the Ahlstrom mandate after the fund decided to move its entire portfolio to a single manager following an asset liability study (ALS). Ahlstrom declined to say how many managers and what mandates they had prior to SEI's appointment.
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