NETHERLANDS – Cardano Risk Management has appointed KPMG’s Roel Menken as commercial director and member of the board.

The Rotterdam-based firm said Menken joins from KPMG, where he was the responsible partner for the Financial Risk Management services in the Netherlands and one of the founders of KPMG's global Financial Risk Management practice.

A KPMG spokesman said Menken was replaced by Jeroen van Nek.

Cardano made waves last year with its participation in an academic study which said options can be used to make defined benefit pension schemes more sustainable.

The study was co-authored by Cardano director Huub van Capelleveen and chief executive Theo Kocken along with City University professor Harry Kat.

Cardano was launched in 2000 by Dutch consulting firm ORTEC and derivatives market maker IMC and is named after 16th century Italian mathematician Girolamo Cardano.