The trustees of Pirelli’s UK pension schemes have appointed Cardano to manage all Pirelli’s defined benefit UK funds.
The £600 million fiduciary mandate will see Cardano take fully delegated responsibility for managing the relationship between the assets and liabilities for the schemes.
Flavio Cateni, trustee of the Pirelli Common Investment Fund and UK finance director of Pirelli UK Tyres, said: “Cardano has been chosen because its focus is on improving our funding ratio with much less volatility than the current investment strategy, which aligns very closely with the trustees’ main objective.
Cardano was prepared to accept fully delegated responsibility within agreed parameters for asset allocation, liability hedging and manager selection decisions and to be rewarded based on results.”
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