UK - Cardano has been appointed as fiduciary manager for Pirelli's UK pension funds.
The £600m ($967m) mandate will see the Dutch firm will take fully delegated responsibility for managing the overall relationship between the assets and liabilities for all of the tyre manufacturer's UK defined benefit funds.
Pirelli scheme trustees said they selected Cardon because they focused on improving the schemes' funding ratios with much less volatility than the current investment strategy. This aligned closely with the trustees' main objective, they added.
Cardano UK head of clients Richard Dowell said: "We are very pleased to have been selected by the Trustees of Pirelli's UK pension funds, for what is probably the largest fully delegated fiduciary mandate this year in the UK. This followed a very thorough selection process. Pirelli is a household name and we are proud to be working with them."
Flavio Cateni, trustee of the Pirelli Common Investment Fund and UK Finance Director of Pirelli UK Tyres, added: "Cardano were prepared to accept fully delegated responsibility within agreed parameters for asset allocation, liability hedging and manager selection decisions and to be rewarded based on results. The trustees were also impressed by the strength and depth of the Cardano team."
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