Charity awards first fiduciary contract

Institutional fund manager SEI has picked up what it claims to be the first fiduciary mandate to manage a European charity's assets, potentially opening up the £300bn (€336bn) sector to others.

Dutch charity, Prins Bernhard Cultuurfonds, has appointed global manager SEI to manage 90% of its €120m ($172m) of assets and coordinate the investment of the remaining 10%, it announced today.

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