SEI has removed BlackRock as a subadvisor on four funds totaling $7.3 billion, according to a filing with the Securities and Exchange Commission (SEC).
The funds BlackRock has been dropped from are as follows:
- The $3.6 billion SEI Tax-Managed Large Cap fund;
- the $2.2 billion SEI Large Cap fund;
- the $1.3 billion SEI Large Cap Growth fund;
- and the $239.4 million SEI Catholic Values Equity fund.
BlackRock has been replaced by Fred Alger Management on three of the four funds: the Catholic Values Equity fund, the Large Cap Growth fund and the Large Cap fund.
On the Tax-Managed Large Cap fund no new subadvisor has been added to replace BlackRock.
BlackRock was not the sole subadvisor on any of the funds, all of which have at least two other subadvisors.
On the SEI Large Cap fund, Fiera Capital has also been removed from the roster of subadvisors, leaving McKinley Capital Management, Parametric Portfolio Associates and other managers on the roster.
BlackRock's Lawrence Kemp was the lead manager on the firm's sleeves of all four funds. Kemp is head of BlackRock's US growth team within the firm's fundamental active equity business.
‘Alger’s investment philosophy focuses on positive dynamic change through developing a differentiated view. Alger’s portfolio management team demonstrates a passion for investing and reinforces the rigor and depth of analysis undertaken at Alger,’ said Kevin Barr, head of SEI’s investment management unit.
A spokeswoman for BlackRock confirmed the changes but declined to provide an additional comment.
To find out more about how SEI picks portfolio managers for its funds, read our profile with Stephen Beinhacker, global head of manager research at the firm.