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.
By Geoffrey Ho
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.