SEI Investments Canada of Toronto is getting out of the pension fund consulting and data business because it wants to focus on its asset management business, the company has announced.
SEI Investments Canada is currently negotiating to sell its Funds Evaluation Service to Royal Trust also of Toronto, the largest custodian in Canada and part of the Royal Bank Financial Group, also of Toronto.
SEI's Funds Evaluation Service assesses the performance of investment management firms that over 300 pension plan sponsors use.
SEI has more than $70 billion in assets under management, said Hartland McKeown, president of SEI Investments Canada. SEI Investments Canada is a subsidiary of SEI Investments of Oaks, Pa. SEI Investments sold its U.S. pension consulting business in 1996.