Wed, 13/08/2014 - 06:00
SEI has appointed four independent board members for its recently-launched series trust, The Advisors’ Inner Circle Fund (AIC) III, which addresses the rising demand for alternative strategies packaged as mutual funds.
The board members, Jon Hunt, Terry Jones, Tom Lemke, and Randy Yanker, have hands-on experience in the financial services sector.
SEI’s Investment Manager Services division introduced its Advisors’ Inner Circle platform nearly 25 years ago. The platform, which now holds over USD35 billion in assets under management, launched its third series trust, AIC III, to provide managers with a turnkey solution for the operations of a variety of mutual funds.
AIC III accommodates sophisticated alternative strategies offered by US and non-US managers seeking to enter the regulated US market, but who don’t wish to set up their own infrastructure.
“A growing number of private fund managers have the desire, but not necessarily the operational expertise or distribution knowledge, to enter the registered liquid alternatives space. Our goal was to bring together independent board members with knowledge of the asset management industry as a whole while also having deep expertise working specifically with alts,” says John Alshefski, senior vice president of SEI’s Investment Manager Services division. “With the vast amount of resources available in this trust, along with this group of seasoned, diverse board members, we believe we’ve accomplished that goal. Managers looking to diversify their revenue streams and package their strategies for the retail marketplace should feel very confident that this series trust offers them an exceptional opportunity to hit the ground running.”
William M Doran serves as chairman of the board and is the sole interested trustee. Doran has extensive board experience including serving on the board of SEI. From 1976 to 2003, he was a partner at Morgan, Lewis & Bockius.
Jon C Hunt spent more than 15 years as the chief operating officer of Convergent Capital Management, a holding company overseeing boutique investment advisory firms, retiring from that position in 2013. For the previous seven years he was a senior vice president at Northern Trust Global Investments, a firm managing more than USD915 billion in assets.
Terrence O Jones was named to the board of directors for Highland Funds and NexPoint Credit Strategies Fund in January, and brings almost 30 years of varied financial experiences to AIC III. His career has included Goldman Sachs Hedge Fund Strategies, where he managed over USD7 billion as global head of the relative value and event driven sectors, Arden Asset Management, and Morgan Stanley Asset Management. Jones also founded Battersby Capital Management.
Thomas P Lemke is a former financial services executive who currently serves as an independent director for several mutual fund groups. Previously, he spent eight years as executive vice president and general counsel at Legg Mason, a financial services firm, where he focused on governance and regulatory issues. Prior to Legg Mason, Lemke was a partner at Morgan, Lewis & Bockius.
Randall S Yanker’s 30 years of financial experience includes roles as CEO of Lehman Brothers Alternative Investment Management, managing director of Swiss Bank Corporation (now part of UBS), and vice president at Salomon Brothers. While at Lehman Brothers, he developed the alternative investment management operation into a global hedge fund platform. Yanker is currently a senior partner and chief investment officer of Alternative Asset Managers, a private investment firm he co-founded in 2004.
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