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US firm seeks second distribution partner

US manager of managers specialist SEI Investments says it is making progress in its search for a second UK distribution partner as it looks to target high-net-worth clients.

The company’s manager of manager offerings are already available through the Selestia platform but another UK distribution link would broaden adviser access.

SEI says its proposition is a full outsourcing model for IFAs although the funds can be used as stand-alone products. It is attracting particular interest from IFAs with self-invested personal pension money to invest.

SEI’s latest fund, SEI enhanced income, was launched in January in response to adviser demand for an absolute return income fund. It targets a return of 2 per cent above Libor and the three underlying managers will be able to use derivatives to boost liquidity.

US-based fixed-income specialist Smith Breeden runs 60 per cent of the portfolio and fellow US firm Highland will run 30 per cent by investing in secured bank loans, with currency hedged back from dollars to sterling. UK-based Record Currency Management will make currency pair trades within its mandate which comprises 10 per cent of the portfolio.

SEI Investments (Europe) head of business solutions Ryan Hicke says: “We have been in discussions with a portal distributing products in the UK. The Selestia partnership has been very successful and we are combining its platform with our investment philosophy.

“We have a slightly different distribution strategy in that we are trying to integrate our proposition alongside a platform to create an end-to-end process. We are not used to going out there and just selling funds.”

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