As part of Financial News 20th anniversary celebrations they are looking back over the last two decades and identifying the key people and institutions who have helped contribute to the UK’s excellent reputation in finance.
On the Financial News Roll of Honour are the names of more than 150 executives and firms who are still active in finance after two demanding decades, listed in 32 categories. To select them FN’s team of specialist reporters has spent hundreds of hours talking to people in the industry, asking for recommendations.
Listed below are the awards we have been nominated for.
20 years of individual excellence
Kerrin Rosenberg, UK Chief Executive, Cardano
Cardano has been named fiduciary manager of the year in Financial News’s Asset Management awards for each of the past seven years, often by large margins over its rivals, marking a sustained vote of confidence in Cardano and admiration for Kerrin Rosenberg by his industry peers. Rosenberg has an easy way with clients, cultivated since he began work as an investment consultant at Bacon & Woodrow 30 years ago, plus a rare skill in making complicated things seem simple. This approach is important for Cardano, which employs derivatives and financial engineering to meet its targets. Keith Nunn, trustee director of one of his clients, Pensions Trust, says: “We are very happy with our performance, as well as our relationship with Kerrin.” Rosenberg, father to five children, and UK head of the fiduciary consultancy, packs an extraordinary amount of work into his day, which ranges from advice to some of the UK’s largest pension schemes to complex investment strategies. Years ago, Rosenberg says, he promised himself he would quit consulting if he became bored: “But that’s never happened.”
New Growth Firm of the last 20 years
Founded in the Netherlands by Theo Kocken in 2000, Cardano’s roster of advisory and fiduciary clients have beaten their benchmarks by 3.6 percentage points, on average, in the three years to December 3, 2015, helped by timely calls on hedging liabilities via swaps. Since entering the UK market in 2007, led by Cardano UK head, Kerrin Rosenberg, its UK client assets have climbed to £50 billion. The business is gearing up for its next phase of growth, driven by the arrival in April 2015 of Michaël De Lathauwer, from Goldman Sachs, as co-chief executive alongside Kocken. Cardano is on the point of targeting defined contribution schemes and smaller pension funds. It is also planning the launch of pooled funds, and in August 2015 recruited Phil Redding as its first dedicated head of business development in the UK. Cardano has been voted fiduciary manager of the year in the Financial News Asset Management Awards for Excellence for the last seven years, and is also thoroughly respected for its use of hedge funds in client portfolios.
Allocator/investor of the last 20 years
Aiming to help institutional investors such as pension funds and insurance companies to become more resilient, Cardano has helped its clients successfully allocate to hedge funds at a time when others have been cutting their exposure. The firm has $12 billion of hedge fund assets under advice and management, an increase from $9 billion a year ago and just $3 billion five years ago. Christopher Parkinson, head of manager research, said his team adopted a rigorous selection approach because the average quality of a hedge fund was not high enough to warrant the fee structure. Cardano is a newcomer to the sector, with only seven years of allocating to hedge funds but so far their selectiveness has paid off. Its hedge fund allocation is up by 30% in the past three years, the latest for which data is available. Cardano has 20 clients which it has advised on its allocation to 20 hedge funds.
The results of the winners in each category will be announced at Financial News’ 20th anniversary awards for excellence in European Finance, at Old Billingsgate on Thursday, 26 May.
For more information on the full list please click here for the 28-page supplement featuring a Roll of Honour of the people and the institutions.