SEI Corp. has launched a series of "fund of funds" for employer retirement plans.

Under the program, dubbed SEI Asset Allocation Trust, the Wayne, Pa.- based company is offering five mutual funds that invest in other mutual funds rather than individual stocks.

The funds, which are sub-advised by 24 independent institutional investment firms, cover a broad spectrum of investment objectives.

They provide access to as many as 40 global equity markets and 20 fixed- income markets.

"Whatever a person's risk tolerance or time horizon or resources, we believe there is a suitable investment in this family of funds," said Robert Ludwig, SEI Corp.'s chief investment officer.

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