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Bronze AHA Winner in Strategic Investment

Aiming for Lower Volatility: Covidien

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Covidien, a $10.4 billion manufacturer of medical devices and supplies, inherited multiple U.S. pension plans with about $455 million in assets when it was spun off from Tyco International in 2007. Covidien wanted to limit the volatility in the plans’ funded status and its impact on the company’s financials and cash contributions.

Covidien decided to outsource the pension plans’ investment management and choose SEI Investments, in part because of its experience with liability-driven investment, to handle the selection and monitoring of managers.

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