SEI has announced new business wins of more than £100m for the first half of the year.
The latest mandate to be awarded to SEI is a £15m specialist multi-asset mandate from Rockwood Specialties that will be managed in accordance with strategic asset allocation recommendations from Deloitte & Touche Investment Services. In addition, SEI will be managing the new money purchase arrangement designed by Deloitte & Touche for Rockwood.
Rockwood, the company formed as a result of a $1.2bn leveraged buyout with management participation from Laporte in September 2000, represented 60% of Laporte’s business.
Commenting on the mandate wins Patrick Disney, head of institutional business development for SEI in the UK said:
We are delighted to have made such a positive impact in 2001. The success of manager-of-managers can be attributed to two main factors, firstly the desire to outsource fund management and secondly the Myners review, which has called into question the present system of decision making for pension funds.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.