Electrical Union Selects SEI To Manage $35 Million In Pensions

International Brotherhood of Electrical Workers Local 246 signed SEI to manage $35 million in pension plan assets, marking a continued shift in the multi employer space, as unions move away from fragmented investment consultant models to more integrated investment providers.

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International Brotherhood of Electrical Workers Local 246 signed SEI to manage $35 million in pension plan assets, marking a continued shift in the multi-employer space, as unions move away from fragmented investment consultant models to more integrated investment providers.

SEI will be responsible for the unions portfolio structure, manager selection, manager evaluation and replacement for the Steubenville-OH based union. The trustees of local 246 selected SEI in an open bid process.

“Like many union plans, the IBEW is looking for a true investment partner that will not only provide increased flexibility, but also share accountability for a plan’s performance,” said Michael Cagnina, SEI’s managing director, Taft-Hartley Plans. “At SEI, we’ve developed a model that’s been proven to deliver more consistent performance while providing clients with access to asset classes and diversification they often can’t achieve on their own. We look forward to working with local 246 for years to come.”

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