Legacy Foundation, Merrillville, Ind., hired SEI Investments as its outsourced investment manager, confirmed Harry Vande Velde III, president and CEO.
SEI replaces Fund Evaluation Group, which rebid on the RFP, Mr. Vande Velde said in a telephone interview. The $50 million foundation issues an RFP every four to five years, he added.
SEI has investment discretion within the parameters of the foundation's investment policy.
“I think SEI presented us with a number of features,” Mr. Vande Velde said. “Most important was the true gravitas SEI can bring to the table, both in size and expertise.”