UK Power Networks and Cardano

July 2013

Cardano, the leading investment adviser and fiduciary manager, today announced their appointment by the Trustees of the £2.7bn UK Power Networks Group (UKPN) of the Electricity Supply Pension Scheme (ESPS). Cardano will act as their investment adviser. This means that Cardano now advises on around 30% of the £30bn ESPS assets, advising the trustees of three of the largest ESPS schemes.

Richard Dowell, Head of Clients for Cardano UK, said: “We are extremely pleased to be able to work with a group of forward looking trustees like UKPN. We have demonstrated our ability to achieve stable growth in our other clients’ funding positions, and we will focus on doing the same for UKPN.”

Michele Hirons-Wood, the Head of Pensions for the UKPN Scheme, commented: “We went through a rigorous and challenging selection process. Throughout the process Cardano had a clear focus – to ensure that all investment decisions aim to improve and stabilise our funding ratio. They bring with them a strong team with a great deal of experience and specialist knowledge. It was important for us to continue to be innovative in our investment decisions and we feel Cardano will become a valuable partner in this.”

Release date 16 July 2013