Cardano, the Dutch-owned pensions manager, has been hired by the trustees of Pirelli's UK pension schemes to run their £600m of assets, displacing previous investment advisers Mercer. It is one of the biggest contracts of its kind to switch hands this year.

Pirelli has made Cardano its "fiduciary manager", meaning the firm will take a role akin to that of a chief investment officer, with responsibility for keeping the fund solvent, hedging its liabilities, and hiring and firing its fund managers.