UK Power Networks Group, London, hired Cardano as investment consultant for its £2.7 billion ($4.1 billion) pension fund, confirmed spokeswoman Niamh Arnett.
Cardano replaces Mercer.
“We went through a rigorous and challenging selection process,” said Michele Hirons-Wood, head of pensions, in a news release. “Throughout the process, Cardano had a clear focus — to ensure that all investment decisions aim to improve and stabilize our funding ratio. … It was important for us to continue to be innovative in our investment decisions, and we feel Cardano will become a valuable partner in this.”