Datacard Group, Minnetonka, Minn., hired SEI as outsourced CIO for its $73 million defined benefit plan, said Chris Hammerstrand, assistant treasurer.
SEI will have full discretion on investment manager hires and terminations, but final asset allocation decisions will remain with Datacard's investment advisory committee, Mr. Hammerstrand said in a telephone interview.
SEI replaces Jeffrey Slocum & Associates, which will still provide investment advisory services for Datacard's $145 million 401(k) plan.
Mr. Hammerstrand said SEI was selected because of its track record with liability-driven investment strategies. Datacard and SEI will develop the LDI glidepath in the next couple of months, he added.