SEI has retained Fiera Capital’s US registered investment advisor subsidiary as a sub-advisor for the newly created international equity collective investment trust (CIT) implemented via the SEI Trust Company.
SEI Trust Company currently offers CIT services to over 130 CITs representing over $25bn in assets.
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Under the deal, SEI Trust Company will act as trustee, and will provide fiduciary management along with accounting and administration functions for the CIT.
SEI said that the CIT was initially funded with a mandate of $540m from a 401(k) plan sponsor with over $20bn in assets.
Fiera Capital executive vice president, institutional markets Richard Nino said: "With its market leadership and expertise in CITs, SEI was the natural partner to help us leverage that vehicle’s advantages. Its execution of the CIT due diligence, launch, and initial client on boarding processes has been outstanding every step of the way.
"The launch of the CIT is an important milestone in Fiera Capital’s overall strategy for significantly expanding its presence and distribution in the U.S.," added Nino.
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By GlobalDataSEI investment manager services division senior vice president and managing director John Alshefski said: "Plan sponsors are increasingly taking advantage of CITs’ efficiency and flexibility to offer customized, effectively priced solutions for retirement investors."
