Electricity Supply Pensions Scheme–AES Drax Power Group Pension Plan hired SEI Investments as manager of managers for a £20 million ($29.4 million) U.K. equity and fixed-income portfolio. The pension plan for staff of AES Drax Power Ltd., Selby, England, was formed last year when the company was bought out from U.K. electricity supplier National Power. The plan will have assets of £40 million to £50 million once the transfer of assets for AES Drax plan members from the Electricity Supply Pensions Scheme is complete, said Tony Osborn-Barker, of the plan’s adviser, Deloitte & Touche Investment.
Legal & General Investment Management was hired to run the balance of the plan’s assets in U.K. and global equities, said Mr. Osborn-Barker.