The Pirelli Common Investment Fund (Pirelli CIF) has appointed Buck Global Investment Advisors (BGIA) to monitor and evaluate the performance of its fiduciary manager.
Under the arrangement BGIA will oversee and assess the services provided by Cardano, which has overseen the investment of Pirelli’s £600m UK pension fund assets since 2011.
The tyre manufacturer said BGIA’s appointment would help ensure the running of the fiduciary management mandate “remains consistent with the Pirelli CIF’s long term funding goals, that investment performance is measured against appropriate performance targets and that the objectives set out in the fiduciary management agreement are reviewed in the context of changes to the funding level, scheme circumstances, and investment environment”.
BGIA won the appointment following a competitive bid process and comes almost a year after the launch of its fiduciary management evaluation service in May 2013.
Pirelli Group Pension Funds head Flavio Cateni said: “In addition to Buck Global Investment Advisors’ existing investment consulting capabilities, we were impressed by the efforts of the fiduciary management evaluation team to go the extra mile when researching our provider. We are looking forward to working closely with the team there, to ensure the overall requirements of our scheme are met.”
BGIA head of fiduciary manager evaluation Brian McCauley said: “Fiduciary management is a complex area, with many moving parts, so it is crucial that schemes seek the advice of independent third parties to monitor and evaluate ongoing performance to ensure that their scheme’s objectives are being efficiently met.”
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