Delaware Community Foundation, Wilmington, hired SEI as outsourced chief investment officer for approximately $180 million of the foundation's $281 million in assets.
The strategic partnership with SEI also created three distinct investment pools for the foundation to offer donors, the Flagship Long-Term Growth Pool, Intermediate-Term Index Pool and Socially Responsible Pool. The foundation also has a capital preservation pool.
How the assets were previously managed could not be learned by press time.
"Because SEI has taken on responsibility for risk management and full fiduciary accountability for the selection, oversight and replacement of money managers, the DCF investment committee is left free to focus on high-level strategy, such as asset allocation. The DCF board and investment committee believe this model will have great benefit," said a statement on the foundation's website.
"Delaware Community Foundation is a forward-thinking organization in how they accommodate the needs of their donors and have proactively taken steps to provide options based on their donors preferences," said Paul Klauder, SEI executive vice president and head of SEI institutional group, in a statement.
For the fiscal year ended June 30, DCF's return was 11.76%, compared to the SEI blended benchmark of 11.36%.
Officials at the foundation could not be reached for additional information by press time.