Aetna Capital Management hired SEI Investments as administrator of its $622 million hedge-fund-of-funds business, said Scott Trimble, managing director of business development at ACM. The firm is using an outside administrator for the first time because ACM opened its hedge fund of funds to outside investors Jan. 1; ACM has managed hedge fund-of-fund assets for Aetna Inc.'s $20 billion general account since December 2001.
"We needed a service provider with the market and product knowledge, the technology, and the capacity to let us hit the ground running," said Mark Garber, president of ACM. ACM issued an RFP in the first half of 2004.
