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SEI targeting UK retail market in link with Selestia

US multi-manager SEI Investments has added retail share classes to its UK manager of managers range, which IFAs can access through the Selestia platform.

In response to the growth in multi-management, 11 institutional funds have been opened up to the retail market through SEI Investments’ strategic alliance with Selestia.

The funds have an initial charge of up to 5 per cent, which includes commission of up to 4 per cent. The eight equity funds have an annual management charge of 1.6 per cent while the three fixed-interest funds charge 1 per cent.

SEI Investments is keen to boost UK distribution and regards Selestia as one of the fastest growing providers of technology-based investment solutions to IFAs.

SEI Investments (Europe) sales director Ryan Hicke says: “The institutional funds have been available in the UK for four years but we have added retail share classes because of the rule changes about distribution share classes.

“The link with Selestia already existed but the enhancements we have made are a reengineering of that link. Outsourcing of investment management through multi-manager funds is increasing in the UK and we want to satisfy the demand from IFAs.”

Selestia head of investment marketing Graham Bentley says: “Manager of managers is a good option for IFAs and, for us to make that offering, the question was who to use.

“SEI is a huge company and is a success story in the US. It has demonstrated that it has the technology to monitor how the fund managers work, it can monitor every trade and tell the fund manager to reverse it if it against the mandate. We found the risk management of this very appealing.”


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