Acquisition Underscores Commitment to Institutional Markets and Providing Members Stability Amidst Industry Consolidation
SEI Completes Acquisition of National Pensions Trust
LONDON, 21 Nov. 2023 – SEI® (NASDAQ:SEIC) today announced the completion of its acquisition of the National Pensions Trust (NPT), reinforcing its commitment to the institutional markets, including the UK defined contribution (DC) market. The addition of NPT to the SEI Master Trust strengthens SEI’s continued delivery of best-of-breed services at scale with better member outcomes through retirement and beyond. SEI Investments (Europe) Limited entered into an option agreement with XPS Pensions Group PLC (XPS) in July.
Steve Charlton, Managing Director of Defined Contribution, EMEA and Asia, for SEI’s Institutional business, said:
“Two years ago we shared our ambition for the SEI Master Trust to become the market-leading master trust with the size and scale to deliver stability and help members be more confident that their financial futures are secure. We believe our acquisitions of the National Pensions Trust and the Atlas Master Trust in 2021 bring us closer to those goals.
“Industry consolidation, supported by the Pensions Regulator, reduces the number of smaller and sometimes less resilient schemes, bringing greater stability to the pensions landscape. Greater stability can strengthen propositions, and we believe our proposition has gone from strength to strength. Employers choosing the SEI Master Trust and their employees will benefit from this greater stability.
“We’re thrilled to welcome the NPT colleagues and a trustee to the SEI team. We also look forward to working with XPS in serving our collective clients and delivering high-quality administration, improved investment outcomes, and confidence for members that we are here to stay.”
Paul Cuff, Co-CEO of XPS, said:
“Everything we do is centred around helping members of pension schemes receive the best outcomes and security in retirement. This goal has underpinned the operation of National Pensions Trust for many years, and it is a high-quality master trust that serves our clients, and most importantly, the members, very well.
“Against the backdrop of an evolving and consolidating market, we have sought a long-term strategic partner with whom we can each bring the best of what we do. We’re excited to continue supporting members with pensions administration and consultancy through our strategic partnership with SEI—reinforcing our shared commitment to ensuring continuity of service and stability for members.”
SEI recently announced the appointment of Ian Love as head of its Asset Management business for the UK, EMEA, and Asian regions following a strategic alignment of the company’s asset management expertise to drive growth in the UK and global markets.
SEI (NASDAQ:SEIC) delivers technology and investment solutions that connect the financial services industry. With capabilities across investment processing, operations, and asset management, SEI works with corporations, financial institutions and professionals, and ultra-high-net-worth families to help drive growth, make confident decisions, and protect futures. As of Sept. 30, 2023, SEI manages, advises, or administers approximately $1.3 trillion in assets. For more information, visit seic.com.
The SEI Master Trust provides an end-to-end solution for employers delivering defined contribution (DC) schemes. An independently-assured DC provision, the SEI Master Trust encompasses investment management, member communications, and administration. It also utilises a manager-of-managers program established more than 25 years ago and overseen by more than 125 in-house investment experts. With its global scale and more than 15-year heritage as one of the first commercial U.K. master trust providers, the SEI Master Trust offers customised solutions and a complete member journey, guiding members through retirement and beyond.
XPS Pensions Group is a leading pension consulting and administration business focussed on UK pension schemes. XPS combines expertise, insight and technology to address the needs of over 1,500 pension schemes and their sponsoring employers on an ongoing and project basis. We undertake pensions administration for over 1 million members and provide advisory services to schemes and corporate sponsors in respect of schemes of all sizes, including 81 with assets over £1bn.
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