The trustees of GlaxoSmithKline's (GSK) pension fund have appointed Cardano as the investment advisor for the scheme.

The pharmaceutical company's pension fund has approximately £10bn assets.

Cardano, an investment adviser and fiduciary manager was appointed after a competitive tender process.

GSK chair of trustees Mark Ashworth said: "We were extremely impressed with Cardano's confident approach and their focus on helping us improve, whilst further stabilising our funding ratio through the effective management of the assets against the liabilities.

"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 please 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 controlled path to improving the funding ratio."

First published 14.01.2013

monique_simpson@wilmington.co.uk