BAA scheme appoints Cardano to pilot investment strategy

The solvency manger will assist the BAA scheme on asset allocation, liability hedging and manager selection.

BAA trustee chairman Gordon Dewar said the scheme wanted to focus on the big picture.

He explained: "We need to manage our funding level and we were impressed with Cardano's insights into how we could improve and stabilise our funding position. We are looking to achieve good investment returns, but also to control the risks relative to our liabilities."

Cardano head of clients Richard Dowell said: "The BAA Pension Scheme is a large and long established fund. Our solvency based approach means that we will focus the trustees on the factors that most influence the funding level."