Trustees of the Brakes Final Salary Pension Scheme have hired Cardano as a fiduciary manager for the scheme.

According to Brake Bros' latest annual report, the fund's sponsor, the scheme has approximately £155m assets.

Brakes Final Salary Pension Schemes trustee Giles Payne said: "Cardano's approach of controlling and improving our funding position stood out as being a key differentiator and attraction, as well as the clarity they bring to many of the 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). Our decision to appoint Cardano has therefore given us, the Sponsor and, importantly, the members greater confidence and certainty."

Cardano was selected after a competitive tender process, and the trustees were supported by PricewaterhouseCooper as an independent advisor.

Richard Dowell, Cardano UK head of clients, said: "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."

First published 19.02.2014

monique_simpson@wilmington.co.uk