GKN Group Pension Scheme, Redditch, England, hired Cardano as manager of managers for £300 million ($597.3 million) in active equities, confirmed Phil Page, client manager at Cardano. The portfolio had been actively managed by another manager but was recently put into an index fund while the board decided on management options, Mr. Page said. He would not say who had managed the portfolio.
“Generating superior returns from equities is very important to the trustees,” John Hughes, chairman of trustees at GKN, said in a news release issued by Cardano. “We want an active approach to managing this specific part of our investments and decided that it makes sense to appoint a full-time professional team suitably motivated to deliver targeted results.” Mr. Hughes could not be reached for further comment.