SEI added Acadian Asset Management as one of the subadvisers of its SEI Institutional InvestmentsTrust Large Cap Fund and SEI Institutional Investments Trust Large Cap Disciplined Equity Fund, spokesman Robert Tacey confirmed.
Acadian replaces AJO, which had been on SEI's watch list since June for organizational concerns, Mr. Tacey said. SEI had been actively considering a replacement, and when AJO announced its impending closure, SEI made the change to the funds, he said.
Theodore R. Aronson, founder, managing principal and co-CEO of active value specialist manager AJO, announced in an Oct. 14 memo to investors that the firm will cease trading Nov. 30 and close Dec. 31 after a steep decline in assets under management from investment losses and client redemptions.
Mr. Tacey could not provide further information on the SEI funds' current asset sizes.
The SEI Institutional Investments Trust Large Cap Fund's other subadvisers are Coho Partners, Fred Alger Management, LSV Asset Management, Mar Vista Investment Partners and Schafer Cullen Capital Management.
The SEI Institutional Investments Trust Large Cap Disciplined Equity Fund's other subadvisers are Ceredex Value Advisors, Coho Partners, Mackenzie Investments and QMA.