SEI Investments has been awarded a $48m mandate from the pension fund of US-based aluminium producer BPU Reynolds.
SEI will provide 401(k) and defined benefit services to BPU, including investment management, recordkeeping, administration and education.
According to Edward Loughlin, president of asset management services at SEI, the company’s manager-of-managers approach could add value to BPU’s assets by providing a level of oversight and risk management focus. “SEI has experienced rapid growth in the defined benefit and defined contribution areas over the last 18 months,” he said. “The pensions marketplace is sending us a clear message that SEI's manager of managers investment process -powered by our advanced StyleScan technology - truly delivers in line with their business needs.” The pension fund’s assets include defined contribution $28m and defined benefit $20m.
By Janet Du Chenne
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.