GlaxoSmithKline, Brentford, England, hired Cardano as investment adviser to the trustees of its £10 billion ($16.4 billion) pension funds, confirmed a spokesman for the pharmaceuticals firm.
The spokesman said the hire covers all four of GSK's pension funds. Cardano will help the trustees to improve and stabilize the funding ratio.
“GSK and the pension plan trustees regularly review the relationships with advisers across all business areas,” said the spokesman in an e-mailed comment. “This appointment by the plan trustees followed a scheduled review and a competitive tender process.”
The spokesman said the previous adviser was Aon Hewitt.