In this episode, hosts Louise Farrand and Dave Whitehair chat to Steve Charlton, DC and solutions managing director for SEI across EMEA and Asia.

Steve takes us through SEI’s goals-based investment philosophy, explaining how the master trust starts with members’ retirement income needs and designs portfolios backwards from that objective. He outlines why SEI maintains a high-equity, factor-driven default through the early and mid-career stages, using tilts such as value, quality and momentum to manage risk while targeting long-term return drivers.

They discuss the impact of industry consolidation, including SEI’s acquisition of Atlas, and how increased scale strengthens investment capability, fund range and long-term sustainability. Steve shares SEI’s thinking on private markets and LTAFs, emphasising disciplined allocation decisions based on hurdle rates, timing, and a clear focus on improving outcomes rather than meeting political or market pressure.

Steve reflects on market concentration risks, the importance of robust governance, and the need for investment strategies that remain resilient across cycles.

It’s an in-depth and comprehensive conversation about SEI’s approach to evolving challenges in the master trust landscape, we hope you enjoy the episode!