SEI added Robeco Institutional Asset Management as one of the subadvisers of its $1.7 billion SEI Institutional International Trust Emerging Markets Equity Fund.
Robeco replaced Lazard Asset Management, a spokesman confirmed. He said that based on the fund's current manager lineup and the current market environment, SEI decided to replace Lazard with a more value-oriented manager to "help provide consistent value exposure over time."
While Lazard's strategy provided various degrees of exposure to factors depending on market conditions, using Robeco's Emerging Markets Stars strategy "will allow us to better manage exposures to factors related to excess returns and risk management," the spokesman said.
SEI Institutional International Trust Emerging Markets Equity Fund's other subadvisers are JO Hambro Capital Management, KBI Global Investors, Neuberger Berman, Qtron Investments and RWC Partners.