Netherlands - Cardano has recruited ex-Hewitt senior investment consultant Kerrin Rosenberg to head its push into the UK.
Cardano commercial director Roel Menken said: “We are hoping to open our central London office in the summer and start building a team made up of specialists in investment banking, consulting and asset management from the UK. It is an important step into the European market.”
Netherlands-based Cardano models, implements and manages tailor-made derivative overlay strategies. Menkon said that overlay management services were typical in the Netherlands, but in the UK Cardano wanted to expand on that and develop a broad range of advisory services.
Menkon said: “UK pension funds ask for a broader range of services than the Dutch market. UK pension funds like a service-based company and rely more on their consultants.”
Cardano already serve a client base in the UK including Lloyds TSB and also have some clients in the Nordic market. The firm will recruit around 20 additional staff for the UK office.
Rosenberg will take up the post of CEO for London on completion of his notice with Hewitt Associates, where he has been a senior investment consultant for the past 15 years, as well as chairing the Investment Policy Group, which used to set Hewitt's policy on investment advice to clients.
Cardano Group CEO Theo Kocken said: “Our UK venture will combine the experience, technological expertise and financial strength of Cardano in the Netherlands with Rosenberg's knowledge of UK pension schemes and reputation as a thought leader in investment consulting.
"We will expand our business, with the objective of becoming the leading provider of investment consulting, asset liability management (ALM) and overlay management services across Europe.”
In 2006, Cardano transacted around €25bn of derivatives for its clients. Cardano strategically cooperates with ORTEC, market leader in Europe on ALM software and consultancy.
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