Cardano, a Dutch investment consultancy that raided rival Hewitt Associates for a number of staff in order to set up in the UK this summer, has picked up its second advisory appointment at a UK pension scheme from Hewitt.

The £1bn (€1.4bn) Southern Electric pension scheme, part of the Electricity Supply Pension Scheme, has swapped Hewitt for Cardano as their investment adviser. It is understood that Hewitt will be retained as actuarial consultant.