OAKS, Pa., (HedgeWorld.com)–SEI Investments Management Corp. began the process for selling at least two registered hedge funds of funds by registering with the Securities and Exchange Commission.

SEI registered two feeder funds planned to be sold publicly, SEI Absolute Return Fund LLC and the SEI Opportunity Fund LLC, as well as matching master funds for those strategies. Pacific Alternative Asset Management Co. LLC, Irvine, Calif., was selected as sub-adviser for both of the funds.

The strategies and goals of the two funds are not discreetly explained in the filings. Both will use a multi-strategy approach, including convertible arbitrage, credit hedging, distressed securities investing, equity market neutral, equity long/short, merger arbitrage, short-biased and sovereign debt and mortgage hedging, according to the filing.

The Absolute Return apparently will be more conservative, with the aim of beating the returns of money market instruments without taking on broad market exposure to the bond and stock markets, according to its filing. The Opportunity fund, though, will seek to achieve attractive risk-adjusted returns with moderate volatility and moderate directional market exposure over a full market cycle, its filing states.

An SEI spokesman declined comment because the filing is in its quiet period.

Fees for the funds were not included in the federal filing. The funds will be offered to accredited investors and qualified clients of investment advisers, as defined in the Investment Advisers Act. The minimum investment is US$25,000.

Ernst & Young LLP, New York, is the fund auditor, and Ropes & Gray LLP, New York, is the legal counsel.

PBarr@HedgeWorld.com