The trustees of Grant Thornton Pensions Fund have appointed pension advisory and investment management specialist Cardano as fiduciary manager.
Grant Thornton UK LPP is a leading provider of professional services to businesses, public sector and not-for-profit organisations.
It said the appointment of Cardano was made following a competitive tender process.
Cardano, as the Fund’s fiduciary manager, will provide services including investment advice, investment management and risk management for the scheme’s £250m of assets.
There will be a particular focus on accurately matching liabilities through a segregated liability driven investment (LDI) mandate, while delivering steady returns through a dynamically managed growth portfolio.
Cardano, which was founded in 2000, is a specialist provider of pensions advisory services that work with pension schemes and other long-term savings organisations in the United Kingdom and the Netherlands.
Its scheme clients have aggregated assets of over £400bn.
Grant Thornton Pensions Fund chair of trustees, Carl Williams, said: “We undertook the market tender as, based on previous experience, we were not sure if fiduciary management was right for us. However, after meeting the Cardano team, it was clear that fiduciary management was what we needed and they were the right team for us.
“They were effective in engaging with our Trustee Board, and it’s already clear that we’ll be getting first-class advice and service, alongside their investment capabilities. Their client references were very impressive, and the smooth and cost-effective onboarding has been an early validation of our decision to appoint them.”
Cardano client director Steve Berkovi added: “We’re delighted to have been appointed by the Trustee Board. We can already see this will be a great fit and are very pleased with the relationship built so far. With the assets successfully transitioned, we look forward to working with the Trustee, the Principal Employer and other advisors to help secure members’ benefits.”
