GlaxoSmithKline (GSK) has appointed Cardano as investment adviser for its £10bn pension schemes.
GSK trustee chairman Mark Ashworth said the appointment, made after a competitive tender process, was to help stabilise the schemes’ funding ratio through the effective management of the assets against the liabilities.
Ashworth added: “We were extremely impressed with Cardano’s confident approach and their focus on helping us improve. Their strong track-record, insight and depth of experience will be an excellent addition to our existing team.”
Cardano UK head of clients Richard Dowell said: “We are very pleased to be working with the trustees of one of the UK’s leading FTSE companies. Our focus will be on helping the trustees – and the scheme’s sponsors – to develop their planned and controlled path to improving the funding ratio.”
In the UK GSK currently operates a defined contribution plan and legacy final salary plans, which are closed to new entrants.
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