Pirelli Common Investment Fund, Burton-on-Trent, England, hired Buck Global Investment Advisors to monitor and evaluate fiduciary manager services provided by Cardano, confirmed a spokeswoman for Buck Consultants.
BGIA will provide independent objective monitoring and evaluation of the £643 million ($1.1 billion) fund's fiduciary management arrangements. The fund appointed Cardano in 2011 to manage Pirelli's defined benefit assets and liabilities.
The spokeswoman confirmed Buck already provides investment consulting services on the defined contribution section of the Pirelli retirement program.
“In addition to Buck Global Investment Advisors' existing investment consulting capabilities, we were impressed by the efforts of the fiduciary management evaluation team to go the extra mile when researching our provider,” said Flavio Cateni, head of Pirelli Group Pension Funds, in a news release.
Anthony Peacock, spokesman for Pirelli, did not respond to requests for comment by press time.