SEI has been appointed by Edward-Elmhurst Healthcare to provide outsourced investment management services for the organisation's balance sheet and defined benefit plan, worth USD900 million in combined assets.
SEI's outsourced fiduciary management model and advisory solution for healthcare organisations delivers an integrated and holistic approach for designing and implementing asset allocation strategies for various investment pools through an Enterprise Risk Management (ERM) framework.
"During a time of complex operational challenges in the sector, many healthcare organisations are focusing on implementing bigger and broader strategic initiatives, and are benefiting from the value in delegating certain investment management functions to outside fiduciaries," says Craig Standen, healthcare director, advisory team, SEI's institutional group. "Edward-Elmhurst Healthcare is an innovative and forward-thinking organisation. We look forward to a successful strategic partnership in helping them to meet their goals."
Edward-Elmhurst Healthcare was formed through a merger between Edward Hospital & Health Services and Elmhurst Memorial Healthcare in July 2013. Both organisations had previously used investment consultants as part of their investment management programmes. Among the reasons Edward-Elmhurst hired SEI is the company's ability to help integrate various asset pools into one cohesive investment strategy that helps better manage organisational risk.
SEI will provide discretionary oversight for manager research, selection, and monitoring. In addition, SEI's dedicated healthcare advisory team will work with management to develop and implement an ERM framework that closely links organisational goals, operations, finance, and treasury. SEI's ERM process is designed to identify potential events or risks that may impact the organisation, and helps prioritise and appropriately manage identified risks within a defined "risk appetite”.