The trustees of the £170m Brakes Final Salary Pension Scheme have appointed Cardano as fiduciary manager.
The scheme trustees worked together with the sponsor to conduct a thorough search of the market and were supported by PwC as an independent adviser.
Brakes trustee Giles Payne said Cardano’s approach of controlling and improving its funding position stood out as being a key differentiator and attraction, as well as the clarity it brought to decisions and processes.
“In a short time we have already seen the difference Cardano can make to our results, as our portfolio risk has reduced whilst maintaining the same expected return (net of all fees),” said Payne. “Our decision to appoint Cardano has therefore given us, the sponsor and, importantly, the members greater confidence and certainty.”
Cardano UK head of clients Richard Dowell (pictured) added: “We are seeing an increasing interest from schemes of a similar size to Brakes who are now looking at the benefits that appointing a fiduciary manager can bring to the funding of their scheme – with a particular focus on a steady and stable growth in the funding ratio. We are very pleased to have been appointed and are enjoying working with such an engaged team.”
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