SEI is liquidating two of its institutional funds. Trustees for the Large Cap Diversified Alpha (SPAAX) and Small/Mid Cap Diversified Alpha Funds (SAPAX) voted to liquidated the two funds at a meeting held a week ago.

Shareholders are expected to be paid out from the funds on October 5.

The two funds are a part of the SEI Institutional Managed Trust. The trustees made the decision based on The decision to liquidate the Funds was based on SEI Investments Management Corporation's conclusion that the diversified alpha strategies contained in these Funds no longer fit in the global asset allocation portfolios within which SEI generally recommends or expects investors to use the funds, according to an SEC filing.

According to data collected by Morningstar, the Large Cap Diversified Alpha holds roughly $1 billion in assets and has a one-star rating. The Small/Mid Cap Diversified Alpha Fund has $93 million in assets.

The filing covers the Class A, I and G shareclasses.  

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