SEI Investments Canada, looking to concentrate on core asset management, entered negotiations to sell its Funds Evaluation Service unit to Royal Trust. Patrick Walsh, SEI senior vice president, said the firm did not need to own a performance measurement company to offer those services to its clients. He added that performance measurement accounts for less than 1% of SEIs global revenue.
Funds Evaluation Service serves more than 350 plan sponsors in Canada. Royal has 82 clients.
The deal is expected to be complete within a month, said Mr. Walsh, adding that no regulatory approval is needed.