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State Street Global Advisors forms partnership with SEI Master Trust

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State Street Global Advisors (SSgA), the investment management business of State Street Corporation, has formed a new partnership with the SEI Master Trust.

 
SEI is now using SSgA’s index fund components to help power its investment offering within the SEI Master Trust. The SEI Master Trust is a fully bundled multi-employer occupational pension scheme, which can be used to meet auto-enrolment requirements and to buy-out DC benefits.
 
SEI will be using a number of SSgA DC funds to help participating employees design appropriate and competitively priced default funds.
 
Traditional DC product providers face a number of new challenges in the market, including offering suitable default options and managing deferred members, who now make up to one third of UK money purchase schemes, imposing a significant demand on cost, time and resources for employers who want to offer a high quality DC offering.
 
Ashish Kapur, head of European institutional solutions, SEI Institutional Group, says: “We are extremely pleased to be working in partnership with SSgA. We form part of a growing breed that provides innovative solutions for an ever-evolving DC world.”
 
Nigel Aston, head of UK DC, SSgA, says: “SSgA’s DC business in the UK is founded on building solid partnerships with key industry participants and platforms. This new partnership strengthens our existing relationship with SEI and demonstrates how we continue to evolve to meet what is required from the next generation of DC solutions. We are delighted to be working with SEI to support its innovative proposition.”

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