Xylem Inc., Colwick, England, hired Cardano as fiduciary manager for the company’s U.K. pension plan, confirmed Barbara West, Xylem’s U.K. benefits manager.
It is the first time the £180 million ($292 million) plan has sought a fiduciary manager to improve its funded status without taking larger risks, Ms. West said.
“It seemed to be the best thing to do at the time,” Ms. West said in an interview.
Mercer is the plan’s investment consultant and will work with Cardano.
