Montgomery County, Pa., picks 2 to serve as outsourced fiduciary managers

Montgomery County Employees' Retirement System, Norristown, Pa., hired SEI Investments (SEIC) and Vanguard Group as outsourced investment managers, confirmed Uri Monson, county CFO.

A new investment policy will allow the firms to operate as outsourced investment managers with fiduciary responsibilities. The timetable for a transition has yet to be determined.

The $430 million pension fund issued an RFP in August, and incumbent Cornerstone Advisors Asset Management was a finalist along with Wells Fargo, according to Mr. Monson.

Vanguard will manage 90% of the fund in passive strategies, and SEI will manage the remainder in active and/or passive strategies.