SEI today announced the acquisition of Atlas, Capita’s defined contribution (DC) master trust.
The transaction, which is subject to regulatory approval, extends SEI and Capita’s long-term strategic partnership. As it has done since 2007, Capita Pension Solutions will continue to provide pension administration services to the expanded SEI Master Trust. The Atlas Master Trust will be managed by the Trustee of the SEI Master Trust.
SEI will welcome three new employees to its Institutional Group and one of Atlas’ trustees to the SEI Trustee group. As of September 30, 2021, the combined assets managed by the SEI and Atlas Master Trusts totalled approximately £2 billion.
According to SEI, the acquisition will improve the service they provide to their members and increase SEI’s competitive presence in the UK.
SEI head of institutional group Paul Klauder says: “As we continue to identify strategic opportunities to expand our global footprint and boost our offerings, we believe this acquisition supports SEI’s growth. Investing in our people and technology has been at SEI’s core for more than a half-century, and adding the Atlas Master Trust will reinforce that foundation while significantly increasing our competitive presence in the UK.”
Capita Pensions Solutions managing director Stuart Heatley says: “We are delighted to extend our long-standing relationship with SEI. Over the last year, we have been carrying out a strategic review of our pensions business to ensure we are delivering best-in-class products and services to our clients. The decision to simplify Capita Pension Solutions and sell our Atlas Master Trust enables us to focus on our market-leading pensions administration and consulting offering, and it positions us for further growth as the market continues to expand. It supports our commitment to working as a partner to key providers of UK defined contribution and defined benefit pensions. We feel this is the right strategic decision for our business, as well as the best outcome for our members and clients.”
SEI Institutional Group managing director of defined contribution EMEA and Asia Steve Charlton says: “This acquisition is an important step for SEI’s Master Trust, and we believe it will enable us to enhance the service we deliver to members. By bringing together Capita’s expertise in pension administration and ours in delivering improved member outcomes through our investment and technology solutions, we intend to offer members and employers the best of all worlds.”