SEI's California, New Jersey municipal funds add Standish Mellon

By Toni Weeks

San Luis Obispo, Calif., Dec. 20 - SEI Tax Exempt Trust announced in a 497 filing with the Securities and Exchange Commission a change in portfolio management for SEI's California Municipal Bond Fund and New Jersey Municipal Bond Fund.

The funds recently added Standish Mellon Asset Management Co. LLC.

The Standish Mellon portfolio management team for the California fund includes Jeffrey Burger and Thomas Casey, whereas the team for the New Jersey fund includes Burger and Daniel Barton.

The California fund seeks the highest level of current income exempt from federal and California state income taxes as is consistent with the preservation of capital. Under normal circumstances, it invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment-grade municipal securities that pay interest that is exempt from federal and California state income taxes. The principal issuers of these securities are state and local governments and their agencies located in California, Puerto Rico and other U.S. territories and possessions.

The investment objective and strategy for the New Jersey fund focuses on securities that are exempt from federal and New Jersey state income taxes and otherwise is identical to that of the California fund.

McDonnell Investment Management, LLC is no longer a subadviser for the funds.

Oaks, Pa.-based SEI Investments Management Corp. is the investment adviser to the funds.

© 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.