SEI Institutional Investments Trust hired Lazard Asset Management as subadviser of its SIIT World Equity Ex-U.S. Fund and SIIT Screened World Equity Ex-U.S. Fund, and hired Delaware Investments Fund Advisers as subadviser to the World Equity Ex-U.S. Fund, the company disclosed Tuesday in an SEC filing.
The filing also noted the removal of Baillie Gifford as subadviser to the two funds. An SEI spokeswoman confirmed that the change was made because the firm was looking to allocate the assets to a higher-conviction strategy.
SIIT World Equity ex-U.S. had $10 billion in assets as of Jan. 31. SIIT Screened World Equity ex-U.S. had $117 million.
Other subadvisers in the SIIT World Equity ex-U.S. Fund are JO Hambro Capital Management, Wells Capital Management, AllianceBernstein, Acadian Asset Management and McKinley Capital Management. Other subadvisers in the SIIT Screened World Equity ex-U.S. Fund include Acadian, McKinley and Wells Capital.