Shell South Africa Pension Fund has hired multi-manager SEI Investments to run a new equity mandate, bringing the fund manager's new South African assets for 2000 to $600m (€637m).

SEI, who opened its office in Johannesburg in 1997, also won business from Denel, the South African government-owned engineering and manufacturing group. SEI will handle portfolios in the two Denel schemes, Denel Pension and Retirement fund, the Provident fund and Cape Municipal Pension fund. Apart from the Shell business, SEI has been appointed for balanced mandates.