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November 22, 2021

SEI acquires master trust from Capita to boost trust services

By Verdict Staff

Turnkey asset management provider SEI has acquired defined contribution (DC) master trust Atlas from Capita Pensions Solutions for an undisclosed sum.

Founded by Capita in 2015, UK-based Atlas Master Trust has over 110,000 members.

The deal, which expands long-term strategic partnership between SEI and Capita, bolsters SEI Master Trust’s service offerings.

SEI Master Trust offers solutions for employers who provide defined contribution (DC) schemes.

The combined trusts will have approximately £2bn in assets under management.

As part of the deal, Atlas’ three employees will join SEI’s institutional group. Additionally, one of the Atlas trustees will join SEI Trustee group.

SEI Institutional Group head Paul Klauder said: “As we continue to identify strategic opportunities to expand our global footprint and boost our offerings, we believe this acquisition supports SEI’s growth.

“Investing in our people and technology has been at SEI’s core for more than a half-century, and adding the Atlas Master Trust will reinforce that foundation while significantly increasing our competitive presence in the UK.”

Capita Pensions Solutions managing director Stuart Heatley said: “The decision to simplify Capita Pension Solutions and sell our Atlas Master Trust enables us to focus on our market-leading pensions administration and consulting offering, and it positions us for further growth as the market continues to expand.

“It supports our commitment to working as a partner to key providers of UK defined contribution and defined benefit pensions.”

Recently, SEI acquired portfolio intelligence platform company Novus Partners to bolster its capabilities for the institutional investor and investment management markets.

In October this year, the firm acquired Finomial, an investor lifecycle management firm specialising in cloud-native financial technology.

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