New Covenant Funds picks SEI as new adviser; One Compass bows out

By Toni Weeks

San Diego, Nov. 28 - The board of trustees of New Covenant Funds said that at a Nov. 19 board meeting it selected SEI Investments Management Corp. as investment adviser to the funds, subject to shareholder approval.

According to a 497 filing with the Securities and Exchange Commission, the funds' current investment adviser, One Compass Advisors, will no longer provide mutual fund advisory services and notified the board of its decision to cease serving as investment adviser.

SEI will begin serving as investment adviser before the end of the first quarter of 2012 if the agreement is approved by the shareholders. In the filing, SEI said that it will continue to manage the funds in a manner consistent with the social-witness principles of the General Assembly of the Presbyterian Church (USA).

Milwaukee-based New Covenant Funds is part of the Presbyterian Foundation Group.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.