UK - The £100m University of Bristol Pension and Assurance Scheme has hired SEI Investments to run all of its assets.
SEI won the multi-asset mandate – which is believed to be the first manager-of-managers brief from a university in the UK – against competition from Northern Trust Global Investments and Frank Russell.
University of Bristol finance director Ian Crawford said the scheme’s incumbent managers – Barclays Global Investors and Merrill Lynch Investment Managers – were dropped because it felt SEI was “better equipped” to deal with both fund manager research and hiring decisions than either the trustees or consultants.
He added: “We first started considering the manager-of-managers approach early in 2001 and, having learnt what it could do for our pension scheme, we carried out an extensive research process.”
The scheme’s current asset allocation is: UK equities, 31.1%; overseas equities, 13.1%; UK fixed interest, 8%; index-linked gilts, 6%; property, 1.6%; cash, 1.7% and others, which stands at 38.5%.
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