multi-manager to distribute three dublin-based oeic ranges through top-end intermediaries
North American multi-manager business SEI has been given FSA approval and distributor status for three Dublin-based Oeic fund ranges with which it is to target the UK retail market.
The three umbrellas have 17 sub-funds between them. SEI has already launched four UK-based unit trusts, Growth, Balanced, Income and Global Growth, which will invest in the sub-funds.
SEI plans largely to develop its business through a limited number of top end intermediaries and discretionary managers.
As from 19 November seven of the 17 sub-funds and three of the unit trusts, Growth, Income and Balanced, will be available via Old Mutual's multi-manager platform, Selestia.
This distribution deal will make the SEI products available to the wider intermediary market via Selestia's website at www.selestia.com.
Selestia will provide access to SEI's Europe ex-UK, UK Fixed Interest, Euro Core Fixed Interest, Global Developed Markets Equity, Japan Equity, US Large Cap Growth, and US Large Cap Value funds.
Selestia has not yet decided whether it will also carry SEI's Emerging Markets Equity, Emerging Markets Debt, Pacific Basin ex-Japan and US Small Cap Oeic sub-funds.
The SEI Oeic sub-funds not being carried include UK Growth, UK Value, and UK Core.
The other funds Selestia will not carry at launch will be the US fixed interest, non-US Developed Fixed Interest, and UK Index-linked Fixed Interest.
SEI's process differs to fund of funds products from groups such as Rothschild Asset Management, Jupiter, Lazards, Friends Ivory & Sime and Hendersons in that it hires asset managers to run its assets under mandates that it dictates.
It will also specify the fund manager teams within an organisation that it wants to manage its portfolios and can split mandates, using one manager to asset allocate between sectors, if he has demonstrated a superior track record, and another to stock pick.
This approach is backed up by a large team of SEI analysts, in excess of 100, who monitor funds globally and are split into geographic teams. The group monitors around 55,000 funds including retail and institutional offerings.
The product line will be an extension of the US offering from the group using the same management teams.
Simon Ewan, director of the European adviser market at SEI, said: 'This deal with Selestia really accommodates intermediaries with which we would not seek to have a direct relationship.'
Selestia is holding a series of launch roadshows around the UK throughout November. The venues are: 5 November at Bristol, 7 November at Birmingham, 9 November at Manchester, 12 November at Leeds, 14 November at Glasgow and Edinburgh, and 16 November in London.
At launch there will be funds from Aberdeen, ABN Amro, Barings, First State, Credit Suisse, Deutsche, Dresdner, Framlington, Friends Provident, Gerrards, Invesco Perpetual, Investec, JP Morgan Fleming, Liontrust, Martin Currie, Merrill Lynch, Newton, Old Mutual, Sarasin, Schroders, and SG Asset Management.
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