Greater Washington Community Foundation hired SEI to serve as outsourced CIO for $197 million of the foundation's assets.
SEI will manage the $197 million in the foundation's Combined Investment Fund and provide oversight and integration of data and reporting across all of the foundation's $300 million in investment assets.
SEI said in a joint news release Monday that the two organizations will collaborate on considering new asset classes and incorporating environmental, social and diversity-related considerations across the portfolio. In addition to providing discretionary investment management services, including manager selection and oversight, SEI will help the foundation's investment committee strengthen overall stewardship of the foundation's assets.
Investment committee Chairwoman Lesley-Jane Dixon said in the news release that SEI was chosen because of a track record of providing technology-driven investment management solutions. "We have found a strategic partner in SEI, who has experience working with other leading community foundations, and the expertise and resources to provide the insight and guidance needed to enhance our investment program," Ms. Dixon said.