Addenda Capital Launches Collective Investment Trust to Capture US Market
Montréal (Québec), Canada – June 27, 2017. Addenda Capital Inc. and SEI Trust Company today announced a partnership to launch a collective investment trust (CIT) fund in the United States. The Montréal-based, SEC-registered investment management firm with more than USD$20 billion in assets under management will act as an advisor for the CIT.
The fund was created by the SEI Trust Company, a subsidiary of SEI, a leading supplier of customized operating infrastructure and services to investment organizations worldwide. Addenda Capital chose to work with SEI in order to cater to investors of all sizes.
Addenda Capital is a strong proponent of sustainable investment. In addition to promoting sustainable financial markets, the Company performs deep fundamental research which integrates ESG (environmental, social and governance) factors into its investment processes in an effort to deliver consistently superior long-term returns while maintaining a low turnover.
“Building on our success in Canada, we want to intensify our business development activities in the United States,” said Roger Beauchemin, President and Chief Executive Officer of Addenda Capital. “Our International Equity strategy has performed well above industry average and we are confident that we can deliver superior results to investors thanks to our 20+ years of experience, our innovative approach and the CIT’s low-cost structure. We now have dedicated resources to build relationships with institutional investors and consultants across the U.S.”
CITs: Flexible, Efficient and Effectively-Priced
CITs, also known as collective investment funds (CIFs), are pooled funds operated by a bank or trust company. They are available to qualified retirement plans, such as 401(k) plans and other retirement and employee retirement benefit plans. Economies of scale allow for generally lower marketing, overhead and no Board of Directors or SEC filing expenses. Thus, investors benefit from enhanced profits. Unlike mutual funds, collective trusts are regulated by either the Office of the Comptroller of the Currency (OCC) or a state banking authority or agency.
A pioneer in the CIT arena, the SEI Trust Company has successfully partnered with CIT advisors for more than 25 years. It currently provides services to more than 170 CITs representing $45 billion in assets under management, making it one of the leading providers of CITs. “Addenda Capital’s expertise with its International Equity Strategy coupled with SEI’s scalable, flexible infrastructure is an appealing combination for investors and consultants,” said John Alshefski, Senior Vice President and Managing Director of SEI’s Investment Manager Services division.
About Addenda Capital
Addenda Capital is a solution-driven privately-owned investment management firm with more than USD$20 billion in assets under management. The Firm offers a broad range of strategies that can be customized to meet the evolving needs of its clients, which include institutional clients such as pension funds, corporations, insurance companies and not-for-profit organizations, as well as high net worth clients. Addenda Capital aims to add value through deep fundamental research, active management, innovation, discipline and integrity. It prides itself on exceptional client relationships built on open and transparent communications. Its approach to sustainable investment focuses on integrating environmental, social and governance issues into all of its investment processes to deliver higher-quality portfolios.
Headquartered in Montréal (Québec), Canada, Addenda Capital has offices in Toronto, Guelph and Regina. It is co-owned by Co-operators Financial Services, a subsidiary of Canadian insurance co-operative The Co-operators Group Limited, by labour-sponsored firm Fonds de Solidarité FTQ, and by Management Shareholders. Addenda Capital is a Sustaining Member of the Responsible Investment Association (RIA), an Investor Member of the Green Bond Principles, and a signatory of the United Nations’ Principles for Responsible Investment (UN PRI) and of the Montréal Carbon Pledge. Thanks to exceptional employee engagement, Addenda Capital was awarded Aon Hewitt’s highest recognition in its 2017 Canadian Small and Medium Enterprise ranking as a Platinum-level Employer of Choice. To learn more, visit www.addendacapital.com.
SEI (NASDAQ:SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of March 31, 2017, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $779 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $297 billion in assets under management and $478 billion in client assets under administration. For more information, visit seic.com.
About SEI's Investment Manager Services Division
SEI’s Investment Manager Services supplies investment organizations of all types with advanced operating infrastructure they must have to evolve and compete in a landscape of escalating business challenges. SEI’s award-winning global operating platform provides asset managers with customized and integrated capabilities across a wide range of investment vehicles, strategies and jurisdictions. Our services enable investment managers to gain scale and efficiency, keep pace with marketplace demands, and run their businesses more strategically. SEI presently partners with more than 300 traditional, alternative and sovereign wealth managers representing over $15.5 trillion in assets, including 35 of the top 100 managers worldwide. For more information, visit seic.com/ims.
About SEI Trust Company
SEI Trust Company (the “Trustee”) serves as the Trustee of the Fund and maintains ultimate fiduciary authority over the management of, and the investments made in, the Fund. The Trustee is a trust company organized under the laws of the Commonwealth of Pennsylvania and is a wholly owned subsidiary of SEI Investments Company (SEI).
SOURCE Addenda Capital Inc.
Head of Business Development – United States
T. +1 514-908-7896
Michel Jalbert, CFA, FCIA, FSA
Senior Vice-President, Business Development & Client Partnerships