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The Actuary The magazine of the Institute & Faculty of Actuaries
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Cardano gets to grips with £600m Pirelli fiduciary task

"We are very pleased to have been selected by the Trustees of Pirelli's UK pension funds, for what is probably the largest fully delegated fiduciary mandate this year in the UK," said Richard Dowell, head of clients for Cardano. "This followed a very thorough selection process. Pirelli is a household name and we are proud to be working with them."

Flavio Cateni, trustee of the Pirelli Common Investment Fund and UK Finance Director of Pirelli UK Tyres Ltd, added: "Cardano has been chosen because their 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 were 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. The trustees were also impressed by the strength and depth of the Cardano team."