Meconic Pension Trustees Ltd., Edinburgh, hired SEI as manager of managers to run the pension fund’s £18 million ($25.7 million) in assets. SEI replaces Legal & General Investment Management, which ran an indexed mandate, and Glasgow Investment Managers, which managed an active balanced portfolio, said Peter Welch, chairman of Meconic Pension Trustees. He could not detail the allocations to the former managers.
Mr. Welch said the trustees had been happy with each manager’s performance but felt SEI would be better able to monitor manager performance and optimize the asset mix.