LONDON, 09 May 2016 – SEI (NASDAQ: SEIC) reported today on the operation of its governance and control procedures over the SEI Master Trust for the 12-month period ended 31 January 2016 under the Master Trust Assurance Framework. The SEI Master Trust has obtained independent assurance of scheme quality for a second year running.

This voluntary assurance framework is a quality standard for employers looking for comfort that their Master Trust solution is managed to the highest standards of governance and with a commitment to deliver better outcomes for members. It was developed by the Institute of Chartered Accountants in England and Wales (ICAEW) in partnership with the Pensions Regulator.

There are two ‘Types’ of independent assurance that Master Trusts report on under the voluntary framework:  

The ‘Type 1’ report describes the procedures and controls that have been specifically designed by SEI and put in place to meet each of the control objectives set out in the Master Trust Assurance Framework. SEI reported on its independently assessed ‘Type 1’ report on 31 March 2015.  

The ‘Type 2’ assurance report, announced today, goes a step further as it describes not just the design, but the operating effectiveness of the SEI Master Trust’s independently assessed procedures and controls over the audited period from 1 February 2015 to 31 January 2016.

Commenting on the announcement David Snowdon, Director of Institutional DC Solutions, SEI’s Institutional Group, said:

“This announcement reaffirms SEI’s commitment to apply the highest levels of rigor to the governance and controls that have been designed to benefit and protect those who rely on us to manage their retirement savings.

“SEI was pleased to be one of the first Master Trusts to have our controls independently assessed under the Master Trust Assurance Framework. We are therefore delighted to be the first to reveal an unqualified ‘Type 2’ assurance report, demonstrating that the SEI Master Trust’s governance and controls have operated effectively over the period.”   

About the SEI Master Trust

The SEI Master Trust provides a fully-bundled solution for employers delivering Defined Contribution (DC) schemes. The Master Trust offers a range of flexible options for employers, including the ability to outsource management of deferred members as an alternative to DC scheme buy-outs and the capacity to design customised default investment strategies. The Master Trust can also offer assistance in meeting auto-enrolment obligations. Key benefits to employers include in-house investment management and oversight, organisation of member communications, flexible scheme administration, and independent trustee oversight. 

About SEI’s Institutional Group

SEI’s Institutional Group is one of the first and largest global providers of outsourced investment management services. The company delivers integrated retirement, healthcare and non-profit solutions to more than 470 clients in eight countries. Our solutions are designed to help clients meet financial objectives, reduce business risk and fulfil their due diligence requirements through implemented strategies for the management of defined benefit plans, defined contribution plans, endowments, foundations and board designated funds. 

About SEI

SEI (NASDAQ:SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of March 31, 2016, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $684 billion in mutual fund and pooled or separately managed assets, including $265 billion in assets under management and $419 billion in client assets under administration.

Legal Note

This information is issued by SEI Investments (Europe) Ltd, 1st Floor, Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, which is authorised and regulated by the Financial Conduct Authority.