The trustee of the Grant Thornton Pensions Fund has appointed Cardano as its new fiduciary manager, following a competitive tender process.

In its role as fiduciary manager, Cardano will provide services including investment advice, investment management and risk management for the scheme’s £250m of assets.

This will include a particular focus on accurately matching liabilities through a segregated liability-driven investment (LDI) mandate, while delivering steady returns through a "dynamically managed" growth portfolio.

Commenting on the appointment, Grant Thornton Pensions Fund chair of trustees, Carl Williams, said that while previous experiences had left the trustee unsure if fiduciary management was right for them, "after meeting the Cardano team, it was clear that fiduciary management was what we needed and they were the right team for us".

“They were effective in engaging with our trustee board, and it’s already clear that we’ll be getting first class advice and service, alongside their investment capabilities,” he stated.

“Their client references were very impressive, and the smooth and cost-effective onboarding has been an early validation of our decision to appoint them.”

Adding to this, Cardano client director, Steve Berkovi, said: “We’re delighted to have been appointed by the trustee board.

“We can already see this will be a great fit and are very pleased with the relationship built so far.

“With the assets successfully transitioned, we look forward to working with the trustee, the principal employer and other advisors to help secure members’ benefits.”

The principal employer for the scheme, Grant Thornton UK LLP, specialises in providing professional services to businesses, public sector and not-for-profit organisations.

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