Brakes Group, Kent, England, chose Cardano as fiduciary manager for its £170 million ($283.5 million) final salary pension scheme, confirmed a spokesman for the pension fund.
Cardano was appointed by scheme trustees, who worked with PricewaterhouseCoopers as an independent adviser.
“Having seen the analysis of the marketplace carried out by the Brakes Pension Group Trustees, we are really pleased with and supportive of the choice to appoint Cardano as the fiduciary manager of the Brakes Final Salary Pension Scheme,” said the spokesman in an e-mail.
“In a short time we have already seen the difference Cardano can make to our results, as our portfolio risk has reduced whilst maintaining the same expected return (net of all fees),” said Giles Payne, trustee to the fund, in a news release by Cardano.
