SEI removed Blackcrane Capital as one of the subadvisers of its SEI Institutional Trust International Equity Fund, SEI announced in an SEC filing.
The removal of Blackcrane as a subadviser was effective immediately, according to the Monday filing.
SEI spokesman Robert Tacey said in an email this is the latest move in an ongoing effort to consolidate assets among managers in which SEI has the “highest conviction in each ‘alpha source’ category.”
“In addition, the active risk profile of Blackcrane’s portfolio had increased significantly in recent months, causing us to scale back the manager’s allocation within the fund to a low level (less than 10%),” Mr. Tacey said. “Taken together, we concluded that it would be more efficient from a portfolio construction perspective to reallocate the assets in Blackcrane’s strategy to the remaining managers within the fund.”
As of June 30, the SIT International Equity Fund had $3.8 billion in assets, Mr. Tacey said.
As of March 31, the SIT International Equity Fund had $3.3 billion in assets, according to its most recent semiannual report.
Other subadvisers in the fund as of that date were Acadian Asset Management, Causeway Capital Management, INTECH Investment Management, Lazard Asset Management, Neuberger Berman, NWQ Investment Management Co. and WCM Investment Management.
