Foster Denovo today (9 April) said it had appointed State Street Global Advisors (SSGA), the asset management business of State Street Corporation to manage two additional Sequel funds, doubling the number of funds the global asset manager oversees since its initial mandate in 2023.
The wealth and employee benefit advisory group’s OEIC (Open Ended Investment Company) investment division, which has taken the Sequel range to over £250m, selected SSGA to oversee Sequel Cautious and Balanced Target Return Funds in addition to the two Smart Diversification funds, World Equity and Real Assets Diversified funds, it has run since 2023.
Sequel’s funds are part of a wider portfolio within Foster Denovo, which manages £1.7bn of assets. It serves the group’s private wealth and corporate advisory clients.
Foster Denovo head of investments Chris Thomas said: “State Street Global Advisors has been managing two funds for us, and this is the logical next step. Clients will benefit from the global reach and institutional sophistication their team can draw on. We look forward to them delivering on this latest mandate.”
State Street Global Advisor’s head of the portfolio management team for the Investment Solutions Group in EMEA, Frédéric Dodard, said: “With our broad multi-asset expertise, across tactical asset allocation and fund selection, SSGA has been supporting our clients to achieve their investment goals for decades.
“We are pleased to expand our collaboration with Foster Denovo and Sequel, as this underpins our commitment to delivering innovative client-specific solutions and strategies to the wealth sector in the UK.”
The asset manager’s Investment Solutions Group runs $56.06bn as of the end of Q4 24 in tactical asset allocation strategies, and the team servicing Sequel includes portfolio managers, traders, investment research and manager research specialists.
This latest news comes after Foster Denovo continues to expand its national adviser footprint, buying Verum Wealth in Glasgow at the start of 2025, after acquiring Brian Mole and 80Twenty in the Midlands last autumn and Rosemount – also in Glasgow – last summer.
Earlier in 2024, the group doubled the size of its employee benefits division with Punter Southall’s corporate advisory arm and acquired wealth managers Wade Financial in Newcastle and Creative Financial Solutions in Hampshire to establish 14 offices across the UK.
