Pension Funds Insider

Pension Funds Insider brings the latest pensions news and industry insights; from investment and governance updates to new mandate appointments and pensions regulatory information.

The Pensions Trust appoints Cardano for Growth Plan

15 November 2011

Image for The Pensions Trust appoints Cardano for Growth Plan

Fiduciary manager Cardano has been appointed by The Pensions Trust as the investment adviser for its £800 million multi-employer hybrid scheme.

The scheme, called the Growth Plan, is currently invested in corporate bonds, cash, property and pensioner annuities, but The Pensions Trust expects the allocation strategy to change with Cardano on board.

The Growth Plan, which up to now would have fallen under Mercer's remit (the not-for-profit organisation's main investment adviser), will now be steered by a fiduciary manager for the first time, but the Trust will have a right of veto on new investments if it does not agree with them.

Keith Nunn, chair of the investment committee at The Pensions Trust, said that Cardano was chosen to bring "fresh ideas" and "to implement them in a dynamic and timely way".

Phil Page, client manager at Cardano UK (pictured), said that the firm was looking forward to helping the organisation's trustees to "address complex market investment challenges, and have a considerable and positive impact on the Growth Plan."

The Pensions Trust is one of the UK's leading multi-employer occupational pension schemes and serves over 4,300 employer organisations in the charitable, social, educational, voluntary and not-for-profit sectors. It has over £4.6 billion worth of assets under management. 

mhandzel@wilmington.co.uk