SEI has been appointed as fiduciary manager by the trustees of the Avery Dennison UK pension plan.
SEI will act as fiduciary manager for the total assets of Avery Dennison’s £90 million defined benefit scheme in the UK Avery Dennison is a global leader in labelling and packaging materials and solutions.
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Avery Dennison undertook a thorough selection process before appointing SEI, initially reviewing five providers before short-listing three to go to a final stage.
SEI will provide the Avery Dennison plan with a bespoke offering, which includes the design and implementation of a de-risking strategy, ongoing monitoring of the Plan’s funding level, strategic investment consulting services, as well as day-to-day management of the Plan’s investment strategy.
Avery Dennison’s trustees decided to engage a fiduciary manager specifically to implement a dynamic de-risking strategy. The trustees wanted to implement a process that would enable nimble investment decisions and allow them to delegate the day-to-day management of the scheme so that they could focus more directly on strategic decisions.
Paul Newman, trustee director at the Avery Dennison UK pension scheme, said: "We decided to appoint a fiduciary manager because we were keen to find a solution that would give us the best chance of both fixing and protecting our funding level."
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By GlobalDataPatrick Disney, managing director of SEI’s Institutional Group in the EMEA region, said: "SEI has had a strong start to 2013 as demand for more accountable and proactive investment consulting and de-risking solutions continues to grow in popularity in the UK. This appointment supports the view held by many trustees that partnering with a fiduciary manager can help them achieve their funding objectives."
