Coast Capital Savings, Canada’s second largest credit union, has selected SEI Investments Co. to provide investment management services for their new investment offering, the companies announced Tuesday.

As part of the agreement, SEI will be responsible for the investment management of the new program, which includes six asset allocation mutual funds, each designed to meet an individual investors’ goals, timeframe and risk tolerance.

Services will be provided by SEI Investments Canada Co., a wholly owned subsidiary of SEI Investments Co.

“SEI is very pleased with this new strategic partnership. By outsourcing investment management to SEI, Coast Capital Savings is now well-positioned to focus on their core business and client service functions,” says Jim Morris, senior vp of SEI’s private banks segment.

“Outsourcing investment management to SEI allows us to focus on expanding our strong and well-established brand,” says Coast Capital Savings CEO Lloyd Craig. “Until now we have only been able to offer traditional third-party mutual funds. We are now able to offer our clients more choices and access to an industry leader like SEI.”

SEI is a global investment management company which specializes in providing investment solutions that include asset allocation research and a manager-of-managers implementation. SEI oversees the selection and performance of each specialist manager and also conducts continuous portfolio monitoring to ensure adherence to the funds’ investment style and objectives.

For over 10 years, SEI has offered a diverse range of investment programs to investment advisors across Canada that focus on the principles of asset allocation and utilize a manager-of-managers investment strategy.

Coast Capital Savings is Canada’s second largest credit union with total assets under administration of $12.3 billion, 404,000 members and 51 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia.

IE