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US multi-manager SEI opening with Fof trio

US multi-manager giant SEI Investments is to begin its assault on the IFA market in July with the launch of three UK-based funds of funds.

The SEI growth, balanced and income unit trusts will invest in a range of actively managed funds from managers across the globe, including smaller UK houses such as SG Asset Management and Liontrust, through two Dublin-based Oeic funds of funds.

SEI is currently waiting for regulatory approval of its two Dublin-based Oeics, which will hold its 19 funds of funds. The three onshore unit trusts will then invest in varying combinations of the 19 funds.

The unit trusts will have an initial charge of 1 per cent, with initial commission of up to 4 per cent. The annual charges are 1.95 per cent for the growth fund, 1.85 per cent for the balanced fund and 1.75 per cent for the income fund, with trail commission of up to 1 per cent. Minimum investment is £25,000.

The Pennsylvania-based fund manager has around £20bn under management through intermediaries in the US and is the country&#39s biggest funds of funds manager.

It aims to target a similar market in the UK – IFAs with high-net-worth clients. As well as its investment products, it will also offer white-labelled portfolio management platforms for IFAs. Several of the UK&#39s bigger IFAs, including Hargreaves Lansdown, have already signed up for the service.

SEI director of the European adviser market Simon Ewan says the goal is to give IFAs more time to deal with their clients by allowing them to outsource day-to-day portfolio management. He says: “We are offering a proposition for the more entrepreneurial intermediary.”

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