SEI Investments, the institutional asset manager, has won its third mandate since setting up its offices in the UK.
This new mandate, worth potentially over £50m from MAN B & W Diesel Ltd, follows the £20m mandate SEI won from the AES Drax Power Group and the £18m mandate won from Meconic Trustees Limited earlier this month.
The new funds will be split between 60% UK equities, 40% World ex UK equities and the rest in fixed income for members’ AVCs.
MAN B & W Diesel Ltd, formerly ALSTOM Engines Ltd, design and manufacture diesel engines for power generation, marine and traction applications. The company was acquired last year by MAN B&W Diesel AG, Germany. MAN B&W Diesel AG is a subsidiary of MAN AG.
Following the takeover, the MAN B&W Diesel Ltd management team established a defined benefit pensions scheme and selected SEI to manage the pension fund on a manager-of-managers basis.
MAN B & W Diesel Ltd is advised by Tony Osborn-Barker of Deloitte and Touche Investment Services.
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