Castrol Inc., Wayne, N.J., a division of Burmah Castrol PLC, hired SEI as consultant to its $75 million in defined benefit funds, said James Pierson, director of compensation and benefits. SEI is assisting fund executives with an asset/liability study, and will make a recommendation on whether Castrol should merge its three U.S. pension funds, Mr. Pierson said. Although the three funds are run separately, each has similar asset allocations - about 60% in U.S. equities and 40% U.S. fixed income, including short-term securities, he said. SEI should be ready to make recommendations by the end of the second quarter, he said. London Pacific Life & Annuity Co. selected six firms as subadvisers for a broker-sold variable annuity product that will be launched Feb. 1, according to Mark Prillaman, executive vice president and chief marketing officer. The subadvisers will run clones of their existing mutual funds as follows: Lexington Corporate Leaders, a blue-chip stock fund; Miller, Anderson and Sherrerd, MAS Value; MFS, MFS Total Return; Strong Capital, the Strong Growth and Strong International; Berkeley Smaller Cos. Fund, a clone of Govett Smaller Cos. Fund; and Salomon Brothers U.S. Quality Bond and Salomon Brothers Money Market.