The Pensions Trust, Leeds, England, hired Cardano to provide investment advisory services for the fund's £800 million ($1.26 billion) Growth Plan, said Phil Page, client manager at Cardano.
Cardano is replacing Mercer, which remains investment consultant for the remainder of the £4.61 billion fund, according to a Pensions Trust spokeswoman. The Growth Plan is an occupational pension plan within The Pensions Trust.
According to Mr. Page, Cardano will provide liabilities hedging, asset allocation and manager selection advice. “What we've been brought in to do is to improve the funding level in a risk-controlled way,” Mr. Page added.