Philadelphia Bakery Employers & Food Driver Salesmen's Local 463 and the Teamsters Local 676 Pension Plan, Valley Forge, Pa., hired SEI Investments as its first outsourced investment manager, confirmed Joseph Ryder, vice president, Teamsters Local 463, and trustee for the pension fund.
The $175 million pension fund issued an RFP last year when it decided to take a manager-of-managers approach to the investment management of the fund, according to Mr. Ryder.
Previously, the fund used the general investment consulting services of NEPC, which was not eligible to bid for the services.
Mr. Ryder said the Teamsters, Local 463, Dairy Industry pension fund, for which he is also a trustee, had hired SEI for similar services about six years ago and the bakery fund, after reviewing proposals, decided at its December meeting to hire the manager. There were no other finalists.