Cardano chosen to manage Pirelli UK pension fund

The trustees of Pirelli’s UK pension fund have appointed Dutch company Cardano fiduciary manager of its £600 million assets. Cardano was selected due to its focus on improving the scheme’s funding ratio with less volatility that the current investment strategy implemented by Mercer. This approach is more closely aligned with the trustees’ main objective, they 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,” said Richard Dowell, head of client management for Cardano UK. “This followed a very thorough selection process. Pirelli is a household name and we are proud to be working with them.”

Pirelli Common Investment Fund trustee and Pirelli UK Tyres Ltd finance director Flavio Cateni added: “Cardano was 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.”