UK - The newly-opened London office of Rotterdam-based consultant Cardano has won its first mandate, from the AstraZeneca pension fund.

The consultancy specialising in derivatives and risk will replace Hewitt Associates as investment advisers to the £3bn (€4.3bn) UK pension scheme of the pharmaceutical group.

"It is the first mandate win for the UK office but Cardano as a whole had other UK clients before," Richard Dowell, head of client management at Cardano in London, confirmed to IPE.

Cardano will provide advice on strategy, risk management and fund manager selection, it noted in a statement.

"This large mandate win shortly after opening the London office [in July] confirms we have chosen the right strategy," Dowell said.

A spokesperson for the fund refused to comment on whether the new appointment will lead to an overhaul of the fund's portfolio which is currently invested in equities and bonds.

"The UK market is ready to embrace new models to guide them through the increasing complexity of pension fund investment," commented Kerrin Rosenberg, CEO of Cardano in the UK, on the firm's appointment.

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