Scandinavian Airlines System (Investments) Ltd. Pension and Assurance Scheme, London, hired SEI Investments (Europe) to run the plan's £27 million ($48.8 million) in pension assets as a manager of managers, said Marie Lunden, SAS business controller for the U.K. and Ireland. She said it is "part of (SAS') normal process to re-evaluate the fund management from time to time." The plan's previous manager did not use a manager-of-managers strategy, Ms. Lunden said. She declined to identify the prior manager, saying the "change of company is no reflection on the previous company." Fund officials "found that SEI's manager-of-managers program best fulfilled and matched our present and future needs," Ms. Lunden said.
Patrick Disney, head of institutional business for SEI Investments Europe, also would not identify the previous manager and referred questions to Ms. Lunden. Further information on the pension scheme was not immediately available.