UK - The UK office of consulting firm Cardano has been appointed as the ‘solvency manager' to the trustees of the Express Newspapers 1988 Pension Fund.
Under this arrangement, Cardano will take full delegated responsibility for managing the relationship between the closed fund's liabilities and assets, in much like other fiduciary management services, so dynamic asset allocation, risk management and manager selection is all managed by one consulting house.
Paul Rudd, chairman of the trustees at Express Newspapers, said Cardano will have full delegated responsibility as "recent times have illustrated the need to maintain a diversified portfolio" and confirmed Cardano will be "paid based on results".
The £270m (€m) Express Fund closed to new members in October 1996 and recently proposed changes closing the scheme to future accrual. (See earlier IPE story: Express scheme to close to future accrual)
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