Jeyes Group hired SEI as fiduciary manager for the company's two U.K. pension funds, which have a combined £24.6 million ($36.1 million) in assets, confirmed Tim Cave, chairman of the trustees of the two funds.
SEI will handle all of the assets of the £22 million Jeyes Pension Fund and the £2.6 million Jeyes Supplementary Pension Scheme, both of Thetford, England. SEI will perform asset-liability matching studies for the plans, and run the assets using its manager-of-managers program, confirmed SEI spokeswoman Caroline Deutsch.
SEI replaces Hewitt Associates as investment consultant and Legal & General Investment Management, which ran all of the assets passively, Mr. Cave said in an e-mail response to questions. About 55% of assets were in bonds, with the rest in equities. Hewitt remains the fund’s actuary.